```

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

                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY

  Investment Company Act file number 811-21823

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

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

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

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

Date of fiscal year end:   August 31

Date of reporting period:  November 30, 2015

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

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

<PAGE>
ITEM 1. Schedule of Investments.

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

```

```

|   |                 |        |         | Pioneer Absolute Return Bond Fund                                                               |                    |           |                    |           |      |       |
|--------|----------------------|-------------|--------------|-------------------------------------------------------------------------------------------------|-------------------------|----------------|-------------------------|----------------|-----------|------------|
|   |                 |        |         | Schedule of Investments 11/30/15 (unaudited)                                                    |                    |           |                    |           |      |       |
|   | Principal Amount ($) |        |         |                                                                                            |                    |           |                    |           | Value     |
|   |                 |        |         | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 74.0%                                                  |                    |           |                    |           |      |
|   | 2,260,000            |        |         | U.S. Treasury Bills, 1/7/16 (b)                                                                 |                    |           |                    |           | $         | 2,259,819  |
|   | 5,130,000            |        |         | U.S. Treasury Bills, 3/3/16 (b)                                                                 |                    |           |                    |           |      | 5,127,173  |
|   | 5,140,000            |        |         | U.S. Treasury Bills, 5/26/16 (b)                                                                |                    |           |                    |           |      | 5,130,271  |
|   | 2,570,000            |        |         | U.S. Treasury Bills, 9/15/16 (b)                                                                |                    |           |                    |           |      | 2,561,103  |
|   |                 |        |         |                                                                                            |                    |           |                    |           | $         | 15,078,366 |
|   |                 |        |         | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                    |                    |           |                    |           |      |
|   |                 |        |         | (Cost $15,082,277)                                                                              |                    |           |                    |           | $         | 15,078,366 |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | FOREIGN GOVERNMENT BONDS - 20.2%                                                                |                    |           |                    |           |      |       |
| EURO   | 162,432              |        |         | Deutsche Bundesrepublik Inflation Linked Bond, 0.1%, 4/15/46                                    |                    |           |                    | $              | 191,589   |
| EURO   | 399,000              |        |         | Ireland Government Bond, 2.4%, 5/15/30                                                          |                    |           |                    |           |      | 468,874    |
| EURO   | 563,366              |        |         | Italy Buoni Poliennali Del Tesoro, 2.35%, 9/15/19                                               |                    |           |                    |           |      | 658,707    |
| JPY    | 3,597,405            |        |         | Japanese Government CPI Linked Bond, 0.1%, 3/10/24                                              |                    |           |                    |           | 30,920    |
| JPY    | 49,632,000           |        |         | Japanese Government CPI Linked Bond, 0.1%, 9/10/23                                              |                    |           |                    |           | 426,586   |
| NOK    | 2,730,000            |        |         | Norway Government Bond, 1.75%, 3/13/25                                                          |                    |           |                    |           |      | 322,293    |
| EURO   | 1,900,000            |        |         | Spain Letras del Tesoro, 2/19/16 (b)                                                            |                    |           |                    |           |      | 2,009,486  |
|   |                 |        |         |                                                                                            |                    |           |                    |           | $         | 4,108,455  |
|   |                 |        |         | TOTAL FOREIGN GOVERNMENT BONDS                                                                  |                    |           |                    |           |      |       |
|   |                 |        |         | (Cost $4,429,265)                                                                               |                    |           |                    |           | $         | 4,108,455  |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | CURRENCY CALL OPTIONS PURCHASED - 0.1%                                                          |                    |           |                    |           |      |
|   | Principal Amount ($) |        | Description  | Counterparty                                                                                    | StrikePrice             | ExpirationDate |                    | Value          |
| GBP    | 110,000              |        |         | Call GBP/Put USD                                                                                |                    | 1.53           | 12/7/15                 |           | $         | 88         |
| USD    | 120,000              |        |         | Call USD/Put ZAR                                                                                |                    | 14.10          | 12/7/15                 |           |      | 204        |
| EURO   | 130,000              |        |         | Call EUR/Put USD                                                                                |                    | 1.08           | 12/10/15                |           |      | 395        |
| EURO   | 130,000              |        |         | Call EUR/Put CZK                                                                                |                    | 17.05          | 2/12/16                 |           |      | 1,006      |
|   | 230,000              |        |         | Call USD/Put CNY                                                                                | Barclays Plc            | 6.40           | 10/25/16                |           |      | 8,644      |
|   | 250,000              |        |         | Call USD/Put CNY                                                                                | Barclays Plc            | 6.40           | 10/25/16                |           |      | 9,396      |
|   | 250,000              |        |         | Call USD/Put CNY                                                                                | Deutsche Bank           | 6.40           | 10/25/16                |           |      | 9,396      |
|   |                 |        |         | TOTAL CURRENCY CALL OPTIONS PURCHASED                                                           |                    |           |                    | $              | 29,129    |
|   |                 |        |         | (Premiums paid $15,552)                                                                         |                    |           |                    |           | $         | 29,129     |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | CURRENCY PUT OPTIONS PURCHASED - 0.0%+                                                          |                    |           |                    |           |      |
| AUD    | 170,000              |        |         | Put AUD/Call USD                                                                                |                    | 0.715          | 12/7/15                 |           | $         | 224        |
|   | 130,000              |        |         | Put USD/Call TRY                                                                                | Goldman Sachs & Co. | 2.650          | 6/28/16                 |           |      | 346        |
|   | 100,000              |        |         | Put USD/Call TRY                                                                                |                    | 2.880          | 1/22/16                 |           |      | 897        |
| EURO   | 130,000              |        |         | Put EUR/Call USD                                                                                |                    | 1.060          | 12/10/15                |           |      | 1,524      |
|   |                 |        |         | TOTAL CURRENCY PUT OPTIONS PURCHASED                                                            |                    |           |                    | $              | 2,991     |
|   |                 |        |         | (Premiums paid $5,183)                                                                          |                    |           |                    |           | $         | 2,991      |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | CREDIT DEFAULT SWAPTIONS PURCHASED - 0.2%                                                       |                    |           |                    |           |      |
|   | Principal Amount ($) | Pay/Receive |         | FloatingRate                                                                                    | Pay/Receive             | FixedRate      | Counterparty            | ExpirationDate | Value     |
|   | 500,000              | Receive     |         | USD 10Y                                                                                         | Pay                     | 2.74           | Morgan Stanley Co.      | 3/9/17         | $         | 9,549      |
|   | 500,000              | Pay         |         | USD 10Y                                                                                         | Receive                 | 2.74           | Morgan Stanley Co.      | 3/9/17         |      | 26,930     |
|   |                 |        |         | TOTAL CREDIT DEFAULT SWAPTIONS PURCHASED                                                        |                    |           |                    | $              | 36,479    |
|   |                 |        |         | (Premiums paid $42,310)                                                                         |                    |           |                    |           | $         | 36,479     |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | INTEREST RATE SWAPTIONS PURCHASED - 1.5%                                                        |                    |           |                    |           |      |
|   | Principal Amount ($) | Pay/Receive |         | FloatingRate                                                                                    | Pay/Receive             | FixedRate      | Counterparty            | ExpirationDate | Value     |
|   | 2,000,000            | Receive     |         | USD 2Y                                                                                          | Pay                     | 1.70           | Morgan Stanley Co.      | 2/23/16        | $         | 347        |
| EURO   | 625,000              | Pay         |         | EUR 10Y                                                                                         | Receive                 | 0.97           | Morgan Stanley Co.      | 2/13/17        |      | 13,468     |
| EURO   | 625,000              | Receive     |         | EUR 10Y                                                                                         | Pay                     | 0.97           | Morgan Stanley Co.      | 2/13/17        |      | 22,168     |
|   | 2,000,000            | Pay         |         | USD 2Y                                                                                          | Receive                 | 1.70           | Morgan Stanley Co.      | 2/23/16        |      | 22,783     |
| JPY    | 275,000,000          | Receive     |         | JPY 5Y                                                                                          | Pay                     | 0.96           | Barclays Plc            | 5/22/20        |      | 24,314     |
| JPY    | 275,000,000          | Pay         |         | JPY 5Y                                                                                          | Receive                 | 0.96           | Barclays Plc            | 5/22/20        |      | 55,661     |
|   | 1,000,000            | Receive     |         | USD 30Y                                                                                         | Pay                     | 2.80           | Goldman Sachs & Co. | 5/26/17        |      | 65,008     |
|   | 1,000,000            | Pay         |         | USD 30Y                                                                                         | Receive                 | 2.80           | Goldman Sachs & Co. | 5/26/17        |      | 93,759     |
|   |                 |        |         | TOTAL INTEREST RATE SWAPTIONS PURCHASED                                                         |                    |           |                    | $              | 297,508   |
|   |                 |        |         | (Premiums paid $341,819)                                                                        |                    |           |                    |           | $         | 297,508    |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | TOTAL INVESTMENT IN SECURITIES - 96.0%                                                          |                    |           |                    |           |      |
|   |                 |        |         | (Cost $19,889,406) (a)                                                                          |                    |           |                    |           | $         | 19,552,928 |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | INTEREST RATE SWAPTIONS WRITTEN - (0.7)%                                                        |                    |           |                    |           |      |
|   | Principal Amount ($) | Pay/Receive |         | FloatingRate                                                                                    | Pay/Receive             | FixedRate      | Counterparty            | ExpirationDate | Value     |
| GBP    | (600,000)            | Pay         |         | GBP 30Y                                                                                         | Receive                 | 2.30           | Goldman Sachs & Co. | 5/26/17        | $         | (97,038)   |
| GBP    | (600,000)            | Receive     |         | GBP 30Y                                                                                         | Pay                     | 2.30           | Goldman Sachs & Co. | 5/26/17        |      | (51,906)   |
|   |                 |        |         | TOTAL INTEREST RATE SWAPTIONS WRITTEN                                                           |                    |           |                    | $              | (148,944) |
|   |                 |        |         | (Premiums received $(187,186))                                                                  |                    |           |                    |           | $         | (148,944)  |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | CURRENCY CALL OPTIONS WRITTEN - (0.0)%+                                                         |                    |           |                    |           |      |
|   | Principal Amount ($) |        | Description  | Counterparty                                                                                    | StrikePrice             | ExpirationDate |                    | Value          |
|   | (130,000)            |        |         | Call USD/Put TRY                                                                                | Goldman Sachs & Co. | 3.70           | 6/28/16                 |           | $         | (1,398)    |
| EURO   | (260,000)            |        |         | Call EUR/Put USD                                                                                |                    | 1.10           | 12/10/15                |           |      | (193)      |
|   |                 |        |         |                                                                                            |                    |           |                    |           | $         | (1,591)    |
|   |                 |        |         | (Premiums received $(3,709))                                                                    |                    |           |                    |           | $         | (1,591)    |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | CURRENCY PUT OPTION WRITTEN - (0.0)%+                                                           |                    |           |                    |           |      |
|   | Principal Amount ($) |        | Description  | Counterparty                                                                                    | StrikePrice             | ExpirationDate |                    | Value          |
| EURO   | (260,000)            |        |         | Put EUR/Call USD                                                                                |                    | 1.04           | 12/10/15                |           | $         | (985)      |
|   |                 |        |         | TOTAL CURRENCY PUT OPTION WRITTEN                                                               |                    |           |                    |           |      |
|   |                 |        |         | (Premiums received $(949))                                                                      |                    |           |                    |           | $         | (985)      |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | OTHER ASSETS & LIABILITIES - 4.7%                                                           |                    |           |                    |           | $         | 963,548    |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | TOTAL NET ASSETS - 100.0%                                                                       |                    |           |                    |           | $         | 20,364,956 |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   | +                    |        |         | Amount rounds to less than 0.1% or (0.1)%                                                       |                    |           |                    |           |      |       |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   | (a)                  |        |         | At November 30, 2015, the net unrealized depreciation on investments based on                   |                    |           |                    |           |
|   |                 |        |         | cost for federal income tax purposes of $19,889,406 was as follows:                             |                    |           |                    |           |      |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | Aggregate gross unrealized appreciation for all investments in which                            |                    |           |                    |           |      |
|   |                 |        |         | there is an excess of value over tax cost                                                       |                    |           |                    |           | $         | 103,856    |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | Aggregate gross unrealized depreciation for all investments in which                            |                    |           |                    |           |      |
|   |                 |        |         | there is an excess of tax cost over value                                                       |                    |           |                    |           |      | (467,334)  |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | Net unrealized depreciation                                                                     |                    |           |                    |           | $         | (363,478)  |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   | (b)                  |        |         | Security issued with a zero coupon.  Income is earned through accrection of discount. |                    |           |                    |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   |                 |        |         | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                       |                    |           |                    |           |      |
|   |                 |        |         |                                                                                            |                    |           |                    |           |      |       |
|   | AUD                  |        |         | Australian Dollar                                                                               |                    |           |                    |           |      |       |
|   | CNY                  |        |         | New Chinese Yuan                                                                                |                    |           |                    |           |      |       |
|   | CZK                  |        |         | Czech Koruna                                                                                    |                    |           |                    |           |      |       |
|   | EURO                 |        |         | European Euro                                                                                   |                    |           |                    |           |      |       |
|   | GBP                  |        |         | British  Pound Sterling                                                               |                    |           |                    |           |      |       |
|   | JPY                  |        | Japanese Yen |                                                                                            |                    |           |                    |           |      |
|   | NOK                  |        |         | Norwegian Krone                                                                                 |                    |           |                    |           |      |       |
|   | TRY                  |        |         | Turkish Lira                                                                                    |                    |           |                    |           |      |       |
|   | ZAR                  |        |         | South African Dollar                                                                            |                    |           |                    |           |      |       |

----

|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------|---------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------|--------------|---------------------------------------------------------------------------|-------------------------------------|---------------------------------------------------------------|----------------------------------------|-------------------|-------------------|-------------------|---------|--------------------------|-----------------|----------|-----------------------------|--------------------------------------------|-----------------------------|----------|---------|--------|--------|--------|
|                                                                                                                                                                                                    |   |                                                                  | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                           |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  | Notional Principal ($) (1)                                                |                                                                                                                                           | Counterparty | Obligation Entity/Index                                                   |                                | Coupon                                                        |                                   |              | Expiration Date   |              |    | Premiums Paid (Received) |            |     | Net Unrealized Depreciation |                                       |                        |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | (2,000,000                                                                                                                                     | )            | Morgan Stanley Co.                                                        | Kingdom of Spain                    |                                                          |                                   | 1.00              | %                 |              | 6/20/20 |                     |            | $        | (13,291                     | )                                          |                        | $        | (5,827  | )      |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION         |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  | Notional Principal ($) (1)                                                |                                                                                                                                           | Counterparty | Obligation Entity/Index                                                   |                                | Coupon                                                        |                                   |              | Credit Rating (2) |              |    | Expiration Date          |            |     | Premiums Paid (Received)    |                                       | Net Unrealized Appreciation |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 1,900,000                                                                                                                                      |         | Intercontinental Exchange                                                 | Markit iTraxx Europe Index          |                                                          |                                   | 1.00              | %                 |              | BBB     |                     |            | 6/20/20  |                        |                                       | $                           | 25,097   |    |   | $      | 7,343  |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |            (1) |                                                                      | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |         |                                                                      |                                |                                                          |                                   |              |              |              |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |            (2) |                                                                      | Based on Standard & Poor's rating of the issuer or weighted average of all the underlying securities of the index.                         |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
| NOTE:                                                                                                                                                                                                   |   |                                                                  | Principal amounts are denominated in U.S. Dollars unless otherwise noted: |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | EUR                                                                                                                                            |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | INFLATION RATE SWAP AGREEMENTS                                                                                                                 |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | Notional Principal ($) (1)                                                                                                                     |         | Counterparty                                                              | Pay / Receive                       |                                                          | Index                                  |              |              | Annual Fixed Rate |    |                     | Expiration Date |     |                        | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 994,250      |                                                                      | Credit Suisse International         | Pay                                                           |                                   | USCPI             |              |              |    | 2.145                    | %               |     | 2/7/19                      |                                       |                        | $        | 44,216  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 498,000      |                                                                      | Credit Suisse International         | Pay                                                           |                                   | USCPI             |              |              |    | 2.138                    | %               |     | 3/3/19                      |                                       |                        |     | 22,965  |   |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (140,000                                                                                                                                       | )            | Goldman Sachs International                                               | Receive                             |                                                          | EUCPI                                  |              |              |              | 0.825   | %                        |            | 12/5/19  |                        |                                       |                        | (457     | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (600,000                                                                                                                                       | )            | Goldman Sachs International                                               | Receive                             |                                                          | EUCPI                                  |              |              |              | 1.209   | %                        |            | 2/5/25   |                        |                                       |                        | 4,916    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 600,000                                                                                                                                        |         | Goldman Sachs International                                               | Pay                                 |                                                          | EUCPI                                  |              |              |              | 0.770   | %                        |            | 2/5/20   |                        |                                       |                        | (2,760   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (320,000                                                                                                                                       | )            | Goldman Sachs International                                               | Receive                             |                                                          | EUCPI                                  |              |              |              | 1.200   | %                        |            | 3/3/25   |                        |                                       |                        | 4,555    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (320,000                                                                                                                                       | )            | Goldman Sachs International                                               | Pay                                 |                                                          | EUCPI                                  |              |              |              | 0.750   | %                        |            | 3/3/20   |                        |                                       |                        | (3,223   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 155,000                                                                                                                                        |         | Goldman Sachs International                                               | Pay                                 |                                                          | EUCPI                                  |              |              |              | 0.990   | %                        |            | 3/30/20  |                        |                                       |                        | 477      |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (155,000                                                                                                                                       | )            | Goldman Sachs International                                               | Receive                             |                                                          | EUCPI                                  |              |              |              | 1.345   | %                        |            | 3/30/25  |                        |                                       |                        | (295     | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (800,000                                                                                                                                       | )            | Goldman Sachs International                                               | Receive                             |                                                          | EUCPI                                  |              |              |              | 0.860   | %                        |            | 12/1/18  |                        |                                       |                        | 1,438    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 510,000                                                                                                                                        |         | Goldman Sachs International                                               | Pay                                 |                                                          | EUCPI                                  |              |              |              | 1.548   | %                        |            | 6/30/25  |                        |                                       |                        | 9,649    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 350,000                                                                                                                                        |         | Goldman Sachs International                                               | Pay                                 |                                                          | EUCPI                                  |              |              |              | 0.839   | %                        |            | 8/17/20  |                        |                                       |                        | (2,669   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (350,000                                                                                                                                       | )            | Goldman Sachs International                                               | Receive                             |                                                          | EUCPI                                  |              |              |              | 0.839   | %                        |            | 8/17/25  |                        |                                       |                        | 4,795    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 338,000      |                                                                      | Morgan Stanley Capital Services LLC | Pay                                                           |                                   | USCPI             |              |              |    | 1.700                    | %               |     | 12/5/19                     |                                       |                        |     | 7,535   |   |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (575,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | EUCPI                                  |              |              |              | 1.030   | %                        |            | 1/20/25  |                        |                                       |                        | 14,705   |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (575,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | EUCPI                                  |              |              |              | 0.525   | %                        |            | 1/20/20  |                        |                                       |                        | (9,369   | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 480,000      |                                                                      | Morgan Stanley Capital Services LLC | Pay                                                           |                                   | USCPI             |              |              |    | 1.647                    | %               |     | 2/20/20                     |                                       |                        |     | 4,255   |   |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (310,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | EUCPI                                  |              |              |              | 0.728   | %                        |            | 2/26/20  |                        |                                       |                        | 2,144    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 79,000       |                                                                      | Morgan Stanley Capital Services LLC | Pay                                                           |                                   | USCPI             |              |              |    | 1.508                    | %               |     | 11/9/20                     |                                       |                        |     | (355    | )      |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (275,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | EUCPI                                  |              |              |              | 1.078   | %                        |            | 5/22/19  |                        |                                       |                        | (1,547   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (300,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | EUCPI                                  |              |              |              | 0.988   | %                        |            | 5/29/19  |                        |                                       |                        | (505     | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (598,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | EUCPI                                  |              |              |              | 0.853   | %                        |            | 8/17/20  |                        |                                       |                        | 4,112    |    |   |   |   |   |   |   |   |
| GBP                                                                                                                                                                                                     |   |                                                                  |                                                                      | 416,000                                                                                                                                        |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | UKRPI                                  |              |              |              | 2.865   | %                        |            | 8/13/20  |                        |                                       |                        | 3,843    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (367,500                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | EUCPI                                  |              |              |              | 1.238   | %                        |            | 2/7/19   |                        |                                       |                        | (12,082  | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (181,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | EUCPI                                  |              |              |              | 1.210   | %                        |            | 3/3/19   |                        |                                       |                        | (5,832   | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    | $      | 90,510 |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |            (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. |         |                                                                      |                                |                                                          |                                   |              |              |              |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      | EUCPI                               | Eurostat Eurozone HICP Ex Tobacco Unrevised Series NSA        |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      | USCPI                               | United States Consumer Price Index                            |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      | UKRPI                               | United Kingdom Retail Price Index                             |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | NOTE:                                                                                                                                          |         | Principal amounts are denominated in U.S. Dollars unless otherwise noted: |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      | EUR                                 | Euro                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      | GBP                                 | British Pound Sterling                                        |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
| INTEREST RATE SWAP AGREEMENTS                                                                                                                                                                           |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | Notional Principal ($) (1)                                                                                                                     |         | Counterparty                                                              | Pay / Receive                       |                                                          | Floating Rate                          |              |              | Annual Fixed Rate |    |                     | Expiration Date |     |                        | Net Unrealized Appreciation (Depreciation) |
| INR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 33,700,000                                                                                                                                     |         | Barclays Bank Plc                                                         | Pay                                 |                                                          | Mumbai Interbank Offer Rate            |              |              |              | 6.960   | %                        |            | 2/12/17  |                        |                                       | $                           | (173     | )       |   |   |   |   |   |   |   |
| SEK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,075,000                                                                                                                                      |         | Barclays Bank Plc                                                         | Pay                                 |                                                          | LIBOR SEK 3 Month                      |              |              |              | 0.760   | %                        |            | 6/22/20  |                        |                                       |                        | 4,961    |    |   |   |   |   |   |   |   |
| SEK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 4,900,000                                                                                                                                      |         | Barclays Bank Plc                                                         | Pay                                 |                                                          | LIBOR SEK 3 Month                      |              |              |              | 0.500   | %                        |            | 8/11/20  |                        |                                       |                        | 4,297    |    |   |   |   |   |   |   |   |
| SEK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,265,000                                                                                                                                      |         | Barclays Bank Plc                                                         | Pay                                 |                                                          | LIBOR SEK 3 Month                      |              |              |              | 0.420   | %                        |            | 12/2/20  |                        |                                       |                        | 69       |    |   |   |   |   |   |   |   |
| SEK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,252,000                                                                                                                                      |         | Barclays Bank Plc                                                         | Pay                                 |                                                          | LIBOR SEK 3 Month                      |              |              |              | 0.460   | %                        |            | 8/21/20  |                        |                                       |                        | 1,434    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 184,000                                                                                                                                        |         | Credit Suisse                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 0.940   | %                        |            | 3/3/19   |                        |                                       |                        | 6,297    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (508,000     | )                                                                         | Credit Suisse                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.570                    | %               |     | 3/3/19                      |                                       |                        |     | (4,736  | )      |   |   |   |   |   |   |   |
| JPY                                                                                                                                                                                                     |   |                                                                  |                                                                      | (49,900,000                                                                                                                                    | )            | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR JPY 6 Month                      |              |              |              | 0.620   | %                        |            | 10/10/24 |                        |                                       |                        | (8,589   | )       |   |   |   |   |   |   |   |
| NOK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,826,000                                                                                                                                      |         | Deutsche Bank                                                             | Pay                                 |                                                          | Norwegian Interbank Offer Rate 6 Month |              |              |              | 1.790   | %                        |            | 10/23/17 |                        |                                       |                        | 5,482    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (371,500     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.370                    | %               |     | 10/23/17                    |                                       |                        |     | (2,878  | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (371,500     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.420                    | %               |     | 10/28/17                    |                                       |                        |     | (3,276  | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (1,690,000   | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 3.040                    | %               |     | 11/28/22                    |                                       |                        |     | (47,803 | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 3,130,000    |                                                                      | Deutsche Bank                       | Pay                                                           |                                   | LIBOR USD 3 Month |              |              |    | 2.250                    | %               |     | 11/28/18                    |                                       |                        |     | 45,331  |   |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 140,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 0.410   | %                        |            | 12/5/19  |                        |                                       |                        | 2,212    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (350,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.750                    | %               |     | 12/5/19                     |                                       |                        |     | (4,520  | )      |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 660,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 1.800   | %                        |            | 12/15/54 |                        |                                       |                        | 10,506   |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (970,000                                                                                                                                       | )            | Deutsche Bank                                                             | Receive                             |                                                          | EURIBOR 6 Month                        |              |              |              | 1.530   | %                        |            | 12/15/64 |                        |                                       |                        | (15,407  | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 3,150,000    |                                                                      | Deutsche Bank                       | Pay                                                           |                                   | LIBOR USD 3 Month |              |              |    | 1.810                    | %               |     | 1/23/19                     |                                       |                        |     | 14,487  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (1,630,000   | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 2.340                    | %               |     | 1/23/23                     |                                       |                        |     | (2,576  | )      |   |   |   |   |   |   |   |
| JPY                                                                                                                                                                                                     |   |                                                                  |                                                                      | (137,000,000                                                                                                                                   | )            | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR JPY 6 Month                      |              |              |              | 0.320   | %                        |            | 2/4/22   |                        |                                       |                        | (7,164   | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (2,220,000   | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.440                    | %               |     | 2/6/20                      |                                       |                        |     | 345     |   |   |   |   |   |   |   |   |
| GBP                                                                                                                                                                                                     |   |                                                                  |                                                                      | (1,100,000                                                                                                                                     | )            | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR GBP 6 Month                      |              |              |              | 1.380   | %                        |            | 2/5/19   |                        |                                       |                        | (10,544  | )       |   |   |   |   |   |   |   |
| GBP                                                                                                                                                                                                     |   |                                                                  |                                                                      | (1,100,000                                                                                                                                     | )            | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR GBP 6 Month                      |              |              |              | 1.420   | %                        |            | 2/8/19   |                        |                                       |                        | (12,629  | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 1,800,000    |                                                                      | Deutsche Bank                       | Pay                                                           |                                   | LIBOR USD 3 Month |              |              |    | 1.590                    | %               |     | 2/10/19                     |                                       |                        |     | 13,741  |   |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (510,000                                                                                                                                       | )            | Deutsche Bank                                                             | Receive                             |                                                          | EURIBOR 6 Month                        |              |              |              | 0.980   | %                        |            | 2/16/65  |                        |                                       |                        | 7,302    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 400,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 1.320   | %                        |            | 2/16/55  |                        |                                       |                        | (5,641   | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (500,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.710                    | %               |     | 2/26/20                     |                                       |                        |     | (5,322  | )      |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 300,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 0.290   | %                        |            | 2/26/20  |                        |                                       |                        | 3,092    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 691,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EONIA 1 Day Interbank Rate             |              |              |              | 0.290   | %                        |            | 3/20/25  |                        |                                       |                        | (16,245  | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 1,105,000                                                                                                                                      |         | Deutsche Bank                                                             | Pay                                 |                                                          | EONIA 1 Day Interbank Rate             |              |              |              | 0.730   | %                        |            | 3/20/45  |                        |                                       |                        | (179,409 | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (1,375,000                                                                                                                                     | )            | Deutsche Bank                                                             | Receive                             |                                                          | EURIBOR 6 Month                        |              |              |              | 0.920   | %                        |            | 3/20/45  |                        |                                       |                        | 200,927  |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (700,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.470                    | %               |     | 2/25/18                     |                                       |                        |     | (4,780  | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | 530,000      |                                                                      | Deutsche Bank                       | Pay                                                           |                                   | LIBOR USD 3 Month |              |              |    | 2.220                    | %               |     | 5/6/25                      |                                       |                        |     | 9,054   |   |   |   |   |   |   |   |   |
| GBP                                                                                                                                                                                                     |   |                                                                  |                                                                      | (340,000                                                                                                                                       | )            | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR GBP 6 Month                      |              |              |              | 1.960   | %                        |            | 5/5/25   |                        |                                       |                        | (7,276   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 275,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 0.270   | %                        |            | 5/22/19  |                        |                                       |                        | 2,930    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (300,000                                                                                                                                       | )            | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 0.260   | %                        |            | 5/29/19  |                        |                                       |                        | 3,101    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (250,000                                                                                                                                       | )            | Deutsche Bank                                                             | Receive                             |                                                          | EURIBOR 6 Month                        |              |              |              | 1.650   | %                        |            | 3/20/45  |                        |                                       |                        | (9,940   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 200,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EONIA 1 Day Interbank Rate             |              |              |              | 1.490   | %                        |            | 3/20/45  |                        |                                       |                        | 7,597    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (259,500     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.820                    | %               |     | 6/19/20                     |                                       |                        |     | (3,620  | )      |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 310,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 1.820   | %                        |            | 12/15/54 |                        |                                       |                        | 5,359    |    |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | (230,000                                                                                                                                       | )            | Deutsche Bank                                                             | Receive                             |                                                          | EURIBOR 6 Month                        |              |              |              | 1.480   | %                        |            | 12/15/64 |                        |                                       |                        | (3,033   | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (330,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.770                    | %               |     | 2/6/20                      |                                       |                        |     | (4,393  | )      |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 1,310,000                                                                                                                                      |         | Deutsche Bank                                                             | Pay                                 |                                                          | EONIA 1 Day Interbank Rate             |              |              |              | 0.760   | %                        |            | 11/25/24 |                        |                                       |                        | 34,482   |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (286,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.830                    | %               |     | 7/16/20                     |                                       |                        |     | (4,055  | )      |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 125,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 1.520   | %                        |            | 2/15/27  |                        |                                       |                        | 5,345    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (574,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.750                    | %               |     | 8/11/20                     |                                       |                        |     | (6,010  | )      |   |   |   |   |   |   |   |
| GBP                                                                                                                                                                                                     |   |                                                                  |                                                                      | (434,000                                                                                                                                       | )            | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR GBP 6 Month                      |              |              |              | 1.670   | %                        |            | 8/13/20  |                        |                                       |                        | (9,484   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 598,000                                                                                                                                        |         | Deutsche Bank                                                             | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 0.380   | %                        |            | 8/17/20  |                        |                                       |                        | 7,639    |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (500,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.110                    | %               |     | 2/25/18                     |                                       |                        |     | 240     |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (1,300,000   | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.300                    | %               |     | 10/19/20                    |                                       |                        |     | 15,079  |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (50,000      | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 2.390                    | %               |     | 3/13/27                     |                                       |                        |     | (222    | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (80,000      | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.540                    | %               |     | 11/9/20                     |                                       |                        |     | 84      |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (264,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.610                    | %               |     | 11/17/20                    |                                       |                        |     | (846    | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (266,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.590                    | %               |     | 11/25/20                    |                                       |                        |     | (234    | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (460,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 2.090                    | %               |     | 11/27/25                    |                                       |                        |     | (1,241  | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (259,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.550                    | %               |     | 12/2/20                     |                                       |                        |     | 150     |   |   |   |   |   |   |   |   |
| AUD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 640,000                                                                                                                                        |         | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR AUD 6 Month                      |              |              |              | 2.980   | %                        |            | 11/26/25 |                        |                                       |                        | 65       |    |   |   |   |   |   |   |   |
| JPY                                                                                                                                                                                                     |   |                                                                  |                                                                      | 67,000,000                                                                                                                                     |         | Deutsche Bank                                                             | Pay                                 |                                                          | LIBOR JPY 6 Month                      |              |              |              | 1.920   | %                        |            | 9/28/45  |                        |                                       |                        | 2,283    |    |   |   |   |   |   |   |   |
| JPY                                                                                                                                                                                                     |   |                                                                  |                                                                      | 67,000,000                                                                                                                                     |         | Deutsche Bank                                                             | Pay                                 |                                                          | LIBOR JPY 6 Month                      |              |              |              | 1.900   | %                        |            | 9/29/45  |                        |                                       |                        | 1,767    |    |   |   |   |   |   |   |   |
| SGD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 1,800,000                                                                                                                                      |         | Deutsche Bank                                                             | Pay                                 |                                                          | Singapore Prime Lending Rate 6 Month   |              |              |              | 2.110   | %                        |            | 10/19/20 |                        |                                       |                        | (14,067  | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (270,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.690                    | %               |     | 8/21/20                     |                                       |                        |     | (2,076  | )      |   |   |   |   |   |   |   |
| GBP                                                                                                                                                                                                     |   |                                                                  |                                                                      | (350,000                                                                                                                                       | )            | Deutsche Bank                                                             | Receive                             |                                                          | LIBOR GBP 6 Month                      |              |              |              | 2.140   | %                        |            | 8/20/45  |                        |                                       |                        | (6,386   | )       |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (100,000     | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 2.540                    | %               |     | 3/13/27                     |                                       |                        |     | (1,776  | )      |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           | (1,015,000   | )                                                                         | Deutsche Bank                       | Receive                                                       |                                   | LIBOR USD 3 Month |              |              |    | 1.599                    | %               |     | 2/7/19                      |                                       |                        |     | (10,388 | )      |   |   |   |   |   |   |   |
| KRW                                                                                                                                                                                                     |   |                                                                  |                                                                      | 768,000,000                                                                                                                                    |         | Goldman Sachs International                                               | Pay                                 |                                                          | South Korea Overnight Interbank Rate   |              |              |              | 2.100   | %                        |            | 2/3/25   |                        |                                       |                        | 4,081    |    |   |   |   |   |   |   |   |
| INR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 33,700,000                                                                                                                                     |         | Goldman Sachs International                                               | Pay                                 |                                                          | Mumbai Interbank Offer Rate            |              |              |              | 6.820   | %                        |            | 2/3/17   |                        |                                       |                        | (967     | )       |   |   |   |   |   |   |   |
| NOK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,550,000                                                                                                                                      |         | Goldman Sachs International                                               | Pay                                 |                                                          | Norwegian Interbank Offer Rate 6 Month |              |              |              | 1.020   | %                        |            | 3/21/18  |                        |                                       |                        | 1,129    |    |   |   |   |   |   |   |   |
| INR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 20,500,000                                                                                                                                     |         | Goldman Sachs International                                               | Pay                                 |                                                          | Mumbai Interbank Offer Rate            |              |              |              | 6.980   | %                        |            | 5/27/17  |                        |                                       |                        | 67       |    |   |   |   |   |   |   |   |
| NZD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 5,977,000                                                                                                                                      |         | Goldman Sachs International                                               | Pay                                 |                                                          | NZD Bank Bill 3 Month                  |              |              |              | 3.090   | %                        |            | 6/29/17  |                        |                                       |                        | 23,685   |    |   |   |   |   |   |   |   |
| NZD                                                                                                                                                                                                     |   |                                                                  |                                                                      | (5,098,000                                                                                                                                     | )            | Goldman Sachs International                                               | Receive                             |                                                          | NZD Bank Bill 3 Month                  |              |              |              | 3.450   | %                        |            | 6/29/20  |                        |                                       |                        | (65,338  | )       |   |   |   |   |   |   |   |
| NZD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 1,408,000                                                                                                                                      |         | Goldman Sachs International                                               | Pay                                 |                                                          | NZD Bank Bill 3 Month                  |              |              |              | 3.940   | %                        |            | 6/29/25  |                        |                                       |                        | 32,974   |    |   |   |   |   |   |   |   |
| SEK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,390,000                                                                                                                                      |         | Goldman Sachs International                                               | Pay                                 |                                                          | LIBOR SEK 3 Month                      |              |              |              | 0.650   | %                        |            | 7/16/20  |                        |                                       |                        | 4,240    |    |   |   |   |   |   |   |   |
| CAD                                                                                                                                                                                                     |   |                                                                  |                                                                      | (1,154,000                                                                                                                                     | )            | Goldman Sachs International                                               | Receive                             |                                                          | Canadian 3 Month Prime Lending Rate    |              |              |              | 1.270   | %                        |            | 7/17/20  |                        |                                       |                        | (4,334   | )       |   |   |   |   |   |   |   |
| CAD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 606,000                                                                                                                                        |         | Goldman Sachs International                                               | Pay                                 |                                                          | Canadian 3 Month Prime Lending Rate    |              |              |              | 2.060   | %                        |            | 7/17/25  |                        |                                       |                        | 8,878    |    |   |   |   |   |   |   |   |
| CAD                                                                                                                                                                                                     |   |                                                                  |                                                                      | (1,154,000                                                                                                                                     | )            | Goldman Sachs International                                               | Receive                             |                                                          | Canadian 3 Month Prime Lending Rate    |              |              |              | 1.260   | %                        |            | 7/17/20  |                        |                                       |                        | (3,944   | )       |   |   |   |   |   |   |   |
| CAD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 606,000                                                                                                                                        |         | Goldman Sachs International                                               | Receive                             |                                                          | Canadian 3 Month Prime Lending Rate    |              |              |              | 2.060   | %                        |            | 7/17/25  |                        |                                       |                        | 8,878    |    |   |   |   |   |   |   |   |
| INR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 57,000,000                                                                                                                                     |         | Goldman Sachs International                                               | Pay                                 |                                                          | Mumbai Interbank Offer Rate            |              |              |              | 7.020   | %                        |            | 12/1/16  |                        |                                       |                        | (768     | )       |   |   |   |   |   |   |   |
| SEK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,295,000                                                                                                                                      |         | Goldman Sachs International                                               | Pay                                 |                                                          | LIBOR SEK 3 Month                      |              |              |              | 0.490   | %                        |            | 11/17/20 |                        |                                       |                        | 1,136    |    |   |   |   |   |   |   |   |
| SEK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,330,000                                                                                                                                      |         | Goldman Sachs International                                               | Pay                                 |                                                          | LIBOR SEK 3 Month                      |              |              |              | 0.420   | %                        |            | 11/25/20 |                        |                                       |                        | 245      |    |   |   |   |   |   |   |   |
| THB                                                                                                                                                                                                     |   |                                                                  |                                                                      | 47,000,000                                                                                                                                     |         | Goldman Sachs International                                               | Pay                                 |                                                          | Thailand Prime Lending Rate 6 Month    |              |              |              | 1.870   | %                        |            | 9/8/18   |                        |                                       |                        | 2,196    |    |   |   |   |   |   |   |   |
| THB                                                                                                                                                                                                     |   |                                                                  |                                                                      | 47,000,000                                                                                                                                     |         | Goldman Sachs International                                               | Pay                                 |                                                          | Thailand Prime Lending Rate 6 Month    |              |              |              | 1.780   | %                        |            | 11/5/18  |                        |                                       |                        | (1,927   | )       |   |   |   |   |   |   |   |
| NOK                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,826,000                                                                                                                                      |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | Norwegian Interbank Offer Rate 6 Month |              |              |              | 1.760   | %                        |            | 10/28/17 |                        |                                       |                        | 5,406    |    |   |   |   |   |   |   |   |
| AUD                                                                                                                                                                                                     |   |                                                                  |                                                                      | (588,500                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | LIBOR AUD 3 Month                      |              |              |              | 3.280   | %                        |            | 1/13/25  |                        |                                       |                        | 1,398    |    |   |   |   |   |   |   |   |
| NZD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 702,000                                                                                                                                        |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | NZD Bank Bill 3 Month                  |              |              |              | 3.850   | %                        |            | 1/13/25  |                        |                                       |                        | (2,921   | )       |   |   |   |   |   |   |   |
| INR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 33,700,000                                                                                                                                     |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | Mumbai Interbank Offer Rate            |              |              |              | 6.930   | %                        |            | 2/4/17   |                        |                                       |                        | (377     | )       |   |   |   |   |   |   |   |
| AUD                                                                                                                                                                                                     |   |                                                                  |                                                                      | (611,800                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | LIBOR AUD 3 Month                      |              |              |              | 3.160   | %                        |            | 2/5/25   |                        |                                       |                        | 4,153    |    |   |   |   |   |   |   |   |
| NZD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 711,000                                                                                                                                        |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | NZD Bank Bill 3 Month                  |              |              |              | 3.760   | %                        |            | 2/7/25   |                        |                                       |                        | (4,634   | )       |   |   |   |   |   |   |   |
| INR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 40,600,000                                                                                                                                     |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | Mumbai Interbank Offer Rate            |              |              |              | 6.940   | %                        |            | 2/26/17  |                        |                                       |                        | (375     | )       |   |   |   |   |   |   |   |
| INR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 33,200,000                                                                                                                                     |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | Mumbai Interbank Offer Rate            |              |              |              | 7.010   | %                        |            | 3/13/17  |                        |                                       |                        | 162      |    |   |   |   |   |   |   |   |
| AUD                                                                                                                                                                                                     |   |                                                                  |                                                                      | (668,000                                                                                                                                       | )            | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | LIBOR AUD 6 Month                      |              |              |              | 3.020   | %                        |            | 9/9/25   |                        |                                       |                        | (2,202   | )       |   |   |   |   |   |   |   |
| AUD                                                                                                                                                                                                     |   |                                                                  |                                                                      | 2,019,000                                                                                                                                      |         | Morgan Stanley Capital Services LLC                                       | Receive                             |                                                          | LIBOR AUD 3 Month                      |              |              |              | 2.070   | %                        |            | 9/9/18   |                        |                                       |                        | (5,124   | )       |   |   |   |   |   |   |   |
| EUR                                                                                                                                                                                                     |   |                                                                  |                                                                      | 372,500                                                                                                                                        |         | Morgan Stanley Capital Services LLC                                       | Pay                                 |                                                          | EURIBOR 6 Month                        |              |              |              | 1.004   | %                        |            | 2/7/19   |                        |                                       |                        | 13,262   |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    | $      | 17,898 |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |            (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:                                                                      |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | AUD                                                                                                                                            |         | Australian Dollar                                                         |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | CAD                                                                                                                                            |         | Canadian Dollar                                                           |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | CNY                                                                                                                                            |         | New Chinese Yuan                                                          |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | EUR                                                                                                                                            |         | Euro                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | GBP                                                                                                                                            |         | British Pound Sterling                                                    |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | HKD                                                                                                                                            |         | Hong Kong Dollar                                                          |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | INR                                                                                                                                            |         | Indian Rupee                                                              |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | JPY                                                                                                                                            |         | Japanese Yen                                                              |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | KRW                                                                                                                                            |         | South Korean Won                                                          |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | MYR                                                                                                                                            |         | Malaysian Ringgit                                                         |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | NOK                                                                                                                                            |         | Norwegian Krone                                                           |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | NZD                                                                                                                                            |         | New Zealand Dollar                                                        |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | SEK                                                                                                                                            |         | Swedish Krone                                                             |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | SGD                                                                                                                                            |         | Singapore Dollar                                                          |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      | THB                                                                                                                                            |         | Thai Baht                                                                 |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
| Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.                                              |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) 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.                            |   |                                                                  |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
| The following is a summary of the inputs used as of November 30, 2015, in valuing the Fund’s assets:                                                                                              |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   | Level 1 |   | Level 2 |  Level 3 | Total |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | U.S. Government and Agency Obligations                        |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   | $ | - |   |  $    15,078,366 |  $                - |  $   15,078,366 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Foreign Government Bonds                                      |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |         4,108,455 |                    - |         4,108,455 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Currency Call Options Purchased                               |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |              29,129 |                    - |             29,129 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Currency Put Options Purchased                                |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |               2,991 |                    - |               2,991 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Credit Default Swaptions Purchased                            |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |              36,479 |                    - |             36,479 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Interest Rate Swaptions Purchased                             |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |            297,508 |                    - |           297,508 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Total                                                         |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   | $ | - |   |  $    19,552,928 |  $                - |  $   19,552,928 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Other Financial Instruments                                   |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Net unrealized depreciation on futures contracts              |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   | $ | (162,720 | ) |  $                - |  $                - |  $      (162,720) |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Unrealized appreciation on forward foreign currency contracts |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   | -      |   |            482,277 |                    - |           482,277 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Unrealized depreciation on forward foreign currency contracts |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   | -      |   |            (78,296) |                    - |           (78,296) |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Net unrealized appreciation on swap contracts                 |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |               1,516 |                    - |               1,516 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Net unrealized appreciation on inflation swaps                |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |              90,510 |                    - |             90,510 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Net unrealized appreciation on interest rate swaps            |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |              17,898 |                    - |             17,898 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Interest rate swaptions written                               |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |          (148,944) |                    - |          (148,944) |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Currency call options written                                 |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |              (1,591) |                    - |             (1,591) |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Currency put options written                                  |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   | - |   |                (985) |                    - |                (985) |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | Total Other Financial Instruments                             |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   | $ | (162,720 | ) |  $        362,385 |  $                - |  $       199,665 |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                |                                                          |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | During the period ended November 30, 2015, there were         |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |
|                                                                                                                                                                                                    |   |                                                                  |                                                                      |                                                                                                                                           |         |                                                                      |                                | no transfers between Levels 1, 2 and 3.                       |                                   |              |              |              |    |                     |            |     |                        |                                       |                        |     |    |   |   |   |   |   |   |   |   |   |   |

|   |                 |             |                                                                                                                                    | Pioneer Long/Short Bond Fund                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|--------|----------------------|------------------|-----------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------|----------------|-----------|-------------|
|   |                 |             |                                                                                                                                    | Schedule of Investments 11/30/15 (unaudited)                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | Principal Amount ($) | FloatingRate (b) |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      | Value       |
|   |                 |             |                                                                                                                                    | PREFERRED STOCKS - 1.0%                                                                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Diversified Financials - 1.0%                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Investment Banking & Brokerage - 1.0%                                                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               |           |      |        |
|   | 18,500               | 7.12             |                                                                                                                                    | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                         |                                                                                                                      |                                                                                                               |           | $         | 525,400     |
|   |                 |             |                                                                                                                                    | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 525,400     |
|   |                 |             |                                                                                                                                    | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                 |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Cost $519,941)                                                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           | $         | 525,400     |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | ASSET BACKED SECURITIES - 2.8%                                                                                                                                                                                                                                                                                                         |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Banks - 0.3%                                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Thrifts & Mortgage Finance - 0.3%                                                                                                                                                                                                                                                                                                  |                                                                                                                      |                                                                                                               |           |      |        |
|   | 35,834               | 1.52             |                                                                                                                                    | First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               | $              | 34,443    |
|   | 40,291               |             |                                                                                                                                    | Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A)                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 37,295      |
|   | 25,869               | 3.22             |                                                                                                                                    | Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28                                                                                                                                                                                                                                                                 |                                                                                                                      |                                                                                                               |           | 25,830    |
|   | 38,077               | 4.57             |                                                                                                                                    | New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 38,576      |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 136,144     |
|   |                 |             |                                                                                                                                    | Total Banks                                                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           | $         | 136,144     |
|   |                 |             |                                                                                                                                    | Diversified Financials - 2.5%                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      |        |
|   | 82,500               |             |                                                                                                                                    | TAL Advantage V LLC, 4.1%, 2/22/39                                                                                                                                                                                                                                                                                                     |                                                                                                                      |                                                                                                               |           | $         | 82,627      |
|   |                 |             |                                                                                                                                    | Asset Management & Custody Banks - 2.3%                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      |        |
|   | 630,000              |             |                                                                                                                                    | RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A)                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 618,182     |
|   | 630,000              |             |                                                                                                                                    | VOLT XXXVII LLC, 4.375%, 7/25/45 (Step) (144A)                                                                                                                                                                                                                                                                                         |                                                                                                                      |                                                                                                               |           |      | 623,673     |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 1,241,855   |
|   |                 |             |                                                                                                                                    | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 1,324,482   |
|   |                 |             |                                                                                                                                    | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Cost $1,465,793)                                                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           | $         | 1,460,626   |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | COLLATERALIZED MORTGAGE OBLIGATIONS - 10.1%                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Energy - 0.5%                                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Oil & Gas Exploration & Production - 0.5%                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      |        |
|   | 300,000              |             |                                                                                                                                    | JPMCC Re-REMIC Trust 2014-FRR1, 3.32423%, 4/27/44 (144A)                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           | $         | 288,601     |
|   |                 |             |                                                                                                                                    | Total Energy                                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 288,601     |
|   |                 |             |                                                                                                                                    | Banks - 9.0%                                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Thrifts & Mortgage Finance - 9.0%                                                                                                                                                                                                                                                                                                  |                                                                                                                      |                                                                                                               |           |      |        |
|   | 300,000              | 1.18             |                                                                                                                                    | Alternative Loan Trust 2005-J4, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           | $         | 272,984     |
|   | 185,000              | 2.72             |                                                                                                                                    | BAMLL Commercial Mortgage Securities Trust 2014-INLD, Floating Rate Note, 12/17/29 (144A)                                                                                                                                                                                                                                              |                                                                                                                      | 171,500                                                                                                            |
|   | 100,000              |             |                                                                                                                                    | Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38                                                                                                                                                                                                                                                         |                                                                                                                      |                                                                                                               | 99,635         |
|   | 115,000              | 2.78             |                                                                                                                                    | Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A)                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           | 111,772   |
|   | 240,000              | 4.80             |                                                                                                                                    | CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A)                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           | 240,335   |
|   | 280,000              | 3.21             |                                                                                                                                    | Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A)                                                                                                                                                                                                                                               |                                                                                                                      | 183,531                                                                                                            |
|   | 175,000              | 5.57             |                                                                                                                                    | COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A)                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               | 175,354        |
|   | 175,000              |             |                                                                                                                                    | COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      | 173,962     |
|   | 490,000              | 5.99             |                                                                                                                                    | COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A)                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           | 442,641   |
|   | 175,000              | 5.23             |                                                                                                                                    | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40                                                                                                                                                                                                                                                     |                                                                                                                      |                                                                                                               | 174,746        |
|   | 380,000              | 4.90             |                                                                                                                                    | CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30 (144A)                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           |      | 380,079     |
|   | 110,000              | 3.49             |                                                                                                                                    | GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A)                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               | 103,656        |
|   | 125,000              | 4.94             |                                                                                                                                    | GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           | 120,312   |
|   | 200,000              |             |                                                                                                                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               | 192,026        |
|   | 725,000              | 5.35             |                                                                                                                                    | LB-UBS Commercial Mortgage Trust 2005-C7, Floating Rate Note, 11/15/40                                                                                                                                                                                                                                                                 |                                                                                                                      |                                                                                                               |           | 750,900   |
|   | 150,000              | 5.28             |                                                                                                                                    | LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41                                                                                                                                                                                                                                                                  |                                                                                                                      |                                                                                                               |           | 150,000   |
|   | 55,000               | 5.48             |                                                                                                                                    | ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | 54,980    |
|   | 320,000              | 4.80             |                                                                                                                                    | PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A)                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      | 319,276     |
|   | 141,737              | 5.40             |                                                                                                                                    | Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44                                                                                                                                                                                                                                                  |                                                                                                                      | 141,608                                                                                                            |
|   | 100,000              | 6.14             |                                                                                                                                    | Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               | 102,944        |
|   | 195,000              |             |                                                                                                                                    | Wells Fargo Commercial Mortgage Trust 2010-C1, 4.0%, 11/18/43 (144A)                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | 177,155   |
|   | 200,000              | 3.70             |                                                                                                                                    | Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A)                                                                                                                                                                                                                                                    |                                                                                                                      |                                                                                                               | 194,906        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 4,734,302   |
|   |                 |             |                                                                                                                                    | Total Banks                                                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           | $         | 4,734,302   |
|   |                 |             |                                                                                                                                    | Diversified Financials - 0.6%                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Other Diversified Financial Services - 0.6%                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      |        |
|   | 305,669              | 5.13             |                                                                                                                                    | JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, Floating Rate Note, 10/15/42                                                                                                                                                                                                                                           | $                                                                                                                         | 304,289                                                                                                            |
|   |                 |             |                                                                                                                                    | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 304,289     |
|   |                 |             |                                                                                                                                    | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Cost $5,356,615)                                                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           | $         | 5,327,192   |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | CORPORATE BONDS - 22.3%                                                                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Energy - 8.6%                                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Oil & Gas Drilling - 3.4%                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   | 735,000              |             |                                                                                                                                    | Rowan Companies, Inc., 5.85%, 1/15/44                                                                                                                                                                                                                                                                                                  |                                                                                                                      |                                                                                                               |           | $         | 513,471     |
|   | 1,280,000            |             |                                                                                                                                    | Transocean, Inc., 5.55%, 12/15/16                                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      | 1,273,600   |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 1,787,071   |
|   |                 |             |                                                                                                                                    | Integrated Oil & Gas - 2.3%                                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      |        |
|   | 1,251,000            |             |                                                                                                                                    | Petrobras Global Finance BV, 3.875%, 1/27/16                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 1,244,745   |
|   |                 |             |                                                                                                                                    | Oil & Gas Exploration & Production - 0.7%                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      |        |
|   | 390,000              |             |                                                                                                                                    | Chesapeake Energy Corp., 3.25%, 3/15/16                                                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           | $         | 371,962     |
|   |                 |             |                                                                                                                                    | Oil & Gas Storage & Transportation - 2.2%                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      |        |
|   | 470,000              |             |                                                                                                                                    | Energy Transfer Equity LP, 7.5%, 10/15/20                                                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               |           | $         | 491,150     |
|   | 890,000              |             |                                                                                                                                    | Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      | 678,273     |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 1,169,423   |
|   |                 |             |                                                                                                                                    | Total Energy                                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 4,573,201   |
|   |                 |             |                                                                                                                                    | Materials - 2.5%                                                                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Steel - 2.5%                                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   | 1,335,000            |             |                                                                                                                                    | Glencore Funding LLC, 1.7%, 5/27/16 (144A)                                                                                                                                                                                                                                                                                             |                                                                                                                      |                                                                                                               |           | $         | 1,301,625   |
|   |                 |             |                                                                                                                                    | Total Materials                                                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           | $         | 1,301,625   |
|   |                 |             |                                                                                                                                    | Capital Goods - 1.0%                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Aerospace & Defense - 1.0%                                                                                                                                                                                                                                                                                                         |                                                                                                                      |                                                                                                               |           |      |        |
|   | 505,000              |             |                                                                                                                                    | Bombardier, Inc., 7.5%, 3/15/18 (144A)                                                                                                                                                                                                                                                                                                 |                                                                                                                      |                                                                                                               |           | $         | 502,475     |
|   |                 |             |                                                                                                                                    | Total Capital Goods                                                                                                                                                                                                                                                                                                                    |                                                                                                                      |                                                                                                               |           | $         | 502,475     |
|   |                 |             |                                                                                                                                    | Banks - 3.9%                                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Diversified Banks - 3.9%                                                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           |      |        |
|   | 515,000              | 6.50             |                                                                                                                                    | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                    |                                                                                                                      |                                                                                                               |           | $         | 543,969     |
|   | 515,000              | 5.90             |                                                                                                                                    | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 507,919     |
|   | 515,000              | 6.62             |                                                                                                                                    | Credit Agricole SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               |           |      | 508,125     |
|   | 515,000              | 6.50             |                                                                                                                                    | ING Groep NV, Floating Rate Note, 12/29/49                                                                                                                                                                                                                                                                                             |                                                                                                                      |                                                                                                               |           |      | 504,700     |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 2,064,713   |
|   |                 |             |                                                                                                                                    | Total Banks                                                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           | $         | 2,064,713   |
|   |                 |             |                                                                                                                                    | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Other Diversified Financial Services - 0.1%                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      |        |
| INR    | 3,700,000            |             |                                                                                                                                    | European Bank for Reconstruction & Development, 6.0%, 3/3/16                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           | $         | 55,476      |
|   |                 |             |                                                                                                                                    | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 55,476      |
|   |                 |             |                                                                                                                                    | Insurance - 1.4%                                                                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Reinsurance - 1.4%                                                                                                                                                                                                                                                                                                                     |                                                                                                                      |                                                                                                               |           |      |        |
|   | 250,000              | 6.95             |                                                                                                                                    | Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           | $         | 257,325     |
|   | 250,000              | 4.52             |                                                                                                                                    | Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                                    |                                                                                                                      |                                                                                                               |           |      | 247,525     |
|   | 250,000              | 4.54             |                                                                                                                                    | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               | 252,525        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 757,375     |
|   |                 |             |                                                                                                                                    | Total Insurance                                                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           | $         | 757,375     |
|   |                 |             |                                                                                                                                    | Telecommunication Services - 4.8%                                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Integrated Telecommunication Services - 2.4%                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   | 1,285,000            |             |                                                                                                                                    | Frontier Communications Corp., 8.875%, 9/15/20 (144A)                                                                                                                                                                                                                                                                                  |                                                                                                                      |                                                                                                               |           | $         | 1,288,212   |
|   |                 |             |                                                                                                                                    | Wireless Telecommunication Services - 2.4%                                                                                                                                                                                                                                                                                             |                                                                                                                      |                                                                                                               |           |      |        |
|   | 1,265,000            |             |                                                                                                                                    | Sprint Communications, Inc., 6.0%, 12/1/16                                                                                                                                                                                                                                                                                             |                                                                                                                      |                                                                                                               |           | $         | 1,261,838   |
|   |                 |             |                                                                                                                                    | Total Telecommunication Services                                                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           | $         | 2,550,050   |
|   |                 |             |                                                                                                                                    | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                  |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Cost $11,931,188)                                                                                                                                                                                                                                                                                                                     |                                                                                                                      |                                                                                                               |           | $         | 11,804,915  |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 52.2%                                                                                                                                                                                                                                                                                         |                                                                                                                      |                                                                                                               |           |      |        |
|   | 425,000              |             |                                                                                                                                    | Fannie Mae Discount Notes, 0.0%, 1/14/16 (c)                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 424,940     |
|   | 1,505,000            |             |                                                                                                                                    | Federal Home Loan Bank Discount Notes, 0.0%, 12/2/15 (c)                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           |      | 1,504,997   |
|   | 2,700,000            |             |                                                                                                                                    | Freddie Mac Discount Notes, 0.0%, 12/4/15 (c)                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      | 2,699,981   |
|   | 500,000              |             |                                                                                                                                    | U.S. Treasury Bills, 0.0%, 1/28/16 (c)                                                                                                                                                                                                                                                                                                 |                                                                                                                      |                                                                                                               |           |      | 499,942     |
|   | 650,000              |             |                                                                                                                                    | U.S. Treasury Bills, 0.0%, 12/10/15 (c)                                                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           |      | 649,992     |
|   | 3,115,497            | 0.25             |                                                                                                                                    | U.S. Treasury Inflation Indexed Bonds, 0.25%, 1/15/25                                                                                                                                                                                                                                                                                  |                                                                                                                      |                                                                                                               |           |      | 3,002,681   |
|   | 2,535,000            | 0.26             |                                                                                                                                    | U.S. Treasury Note, Floating Rate Note, 1/31/16                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 2,535,109   |
|   | 2,535,000            | 0.30             |                                                                                                                                    | U.S. Treasury Note, Floating Rate Note, 1/31/17                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 2,534,407   |
|   | 2,535,000            | 0.27             |                                                                                                                                    | U.S. Treasury Note, Floating Rate Note, 10/31/16                                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           |      | 2,534,764   |
|   | 2,535,000            | 0.28             |                                                                                                                                    | U.S. Treasury Note, Floating Rate Note, 4/30/16                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 2,535,436   |
|   | 2,535,000            | 0.29             |                                                                                                                                    | U.S. Treasury Note, Floating Rate Note, 4/30/17                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 2,532,604   |
|   | 2,535,000            | 0.29             |                                                                                                                                    | U.S. Treasury Note, Floating Rate Note, 7/31/16                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 2,535,398   |
|   | 2,230,000            | 0.29             |                                                                                                                                    | U.S. Treasury Note, Floating Rate Note, 7/31/17                                                                                                                                                                                                                                                                                        |                                                                                                                      |                                                                                                               |           |      | 2,227,679   |
|   | 1,380,000            | 0.38             |                                                                                                                                    | United States Treasury Floating Rate Note, Floating Rate Note, 10/31/17                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           | 1,379,015 |
|   |                 |             |                                                                                                                                    | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Cost $27,566,499)                                                                                                                                                                                                                                                                                                                     |                                                                                                                      |                                                                                                               |           | $         | 27,596,945  |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | CREDIT DEFAULT SWAPTIONS PURCHASED - 0.0% †                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      |        |
|   | Principal Amount ($) | Pay/Receive      |                                                                                                                                    | Floating Rate                                                                                                                                                                                                                                                                                                                          | Strike Price                                                                                                              | Counterparty                                                                                                       | ExpirationDate | Value     |
|   | 10,563,000           | Receive          |                                                                                                                                    | CDX North America High Yield Index                                                                                                                                                                                                                                                                                                     |  $                  103.50 | Citibank N.A.                                                                                                      | 1/20/2016      | $         | 22,265      |
|   |                 |             |                                                                                                                                    | TOTAL CREDIT DEFAULT SWAPTIONS PURCHASED                                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Premiums paid $78,166)                                                                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           | $         | 22,265      |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | PUT OPTIONS PURCHASED - 0.4%                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   | Number of Contracts  |             | Description                                                                                                                             | Counterparty                                                                                                                                                                                                                                                                                                                           | Strike Price                                                                                                              | Expiration Date                                                                                                    | Value          |
|   | 104                  |             |                                                                                                                                    | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank NA                                                                                                               |  $             1,610.00                      | 03/18/16       | $         | 33,800      |
|   | 104                  |             |                                                                                                                                    | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank NA                                                                                                               |  $             1,910.00                      | 03/18/16       |      | 158,600     |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           | $         | 192,400     |
|   |                 |             |                                                                                                                                    | TOTAL PUT OPTIONS PURCHASED                                                                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Premiums paid $299,555)                                                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           | $         | 192,400     |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | TEMPORARY CASH INVESTMENTS - 14.9%                                                                                                                                                                                                                                                                                                     |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Commercial Papers - 3.6%                                                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           |      |        |
|   | 1,900,000            |             |                                                                                                                                    | Societe Generale North America, Inc., Discount Note, 12/1/15                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           | $         | 1,899,995   |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Repurchase Agreements - 11.3%                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           |      |        |
|   | 6,000,000            |             |                                                                                                                                    | $6,000,000 RBC Capital Markets LLC, 0.10%, dated 11/30/15 plus accrued interest on 12/1/15                                                                                                                                                                                                                                             |                                                                                                                      |                                                                                                               |
|   |                 |             |                                                                                                                                    | collateralized by the following:                                                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | $1,819,065 Freddie Mac Giant, 4.0%, 7/1/44-12/1/44                                                                                                                                                                                                                                                                                     |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | $231,184 Federal Home Loan Mortgage Corp., 2.229%-2.835%, 3/1/40-5/1/45                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           |      |
|   |                 |             |                                                                                                                                    | $45,043 Federal National Mortgage Association (ARM), 2.447%-4.866%, 9/1/33-6/1/41                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |
|   |                 |             |                                                                                                                                    | $3,191,132 Federal National Mortgage Association, 3.0%-4.5%, 6/1/30-11/1/45                                                                                                                                                                                                                                                            |                                                                                                                      |                                                                                                               |           |      |
|   |                 |             |                                                                                                                                    | $833,576 Government National Mortgage Association, 2.862%-4.0%, 10/20/43-4/20/65                                                                                                                                                                                                                                                       |                                                                                                                      | $                                                                                                                  | 5,999,999      |
|   |                 |             |                                                                                                                                    | TOTAL TEMPORARY CASH INVESTMENTS                                                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Cost $7,900,000)                                                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           | $         | 7,899,994   |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | TOTAL INVESTMENT IN SECURITIES - 103.7%                                                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           | $         | 54,829,737  |
|   |                 |             |                                                                                                                                    | (Cost $55,117,757) (a)                                                                                                                                                                                                                                                                                                                 |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | CREDIT DEFAULT SWAPTIONS WRITTEN - (0.0)% †                                                                                                                                                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      |        |
|   | Principal Amount ($) | Pay/Receive      |                                                                                                                                    | Floating Rate                                                                                                                                                                                                                                                                                                                          | Strike Price                                                                                                              | Counterparty                                                                                                       | ExpirationDate | Value     |
| EUR    | (9,603,000)          | Pay              |                                                                                                                                    | iTraxx Europe Crossover Index                                                                                                                                                                                                                                                                                                          |  $                  375.00 | Citibank N.A.                                                                                                      | 1/20/2016      | $         | (24,208)    |
|   |                 |             |                                                                                                                                    | TOTAL CREDIT DEFAULT SWAPTIONS WRITTEN                                                                                                                                                                                                                                                                                                 |                                                                                                                      |                                                                                                               |           | $         | (24,208)    |
|   |                 |             |                                                                                                                                    | (Premiums received $(77,557))                                                                                                                                                                                                                                                                                                          |                                                                                                                      |                                                                                                               |           | $         | (24,208)    |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | PUT OPTIONS WRITTEN - (0.3)%                                                                                                                                                                                                                                                                                                           |                                                                                                                      |                                                                                                               |           |      |        |
|   | Number of Contracts  |             | Description                                                                                                                             | Counterparty                                                                                                                                                                                                                                                                                                                           | Strike Price                                                                                                              | Expiration Date                                                                                                    |
|   | (104)                |             |                                                                                                                                    | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank N.A.                                                                                                             |  $                 1,710 | 03/18/16       | $         | (56,680)    |
|   | (104)                |             |                                                                                                                                    | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank N.A.                                                                                                             |  $                 1,810 | 03/18/16       |      | (95,160)    |
|   |                 |             |                                                                                                                                    | TOTAL PUT OPTIONS WRITTEN                                                                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | (Premiums recieved $(242,545))                                                                                                                                                                                                                                                                                                         |                                                                                                                      |                                                                                                               |           | $         | (151,840)   |
|   |                 |             |                                                                                                                                    | OTHER ASSETS & LIABILITIES - (3.4)%                                                                                                                                                                                                                                                                                                |                                                                                                                      |                                                                                                               |           | $         | (1,777,141) |
|   |                 |             |                                                                                                                                    | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               |           | $         | 52,876,548  |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | †              |             |                                                                                                                                    | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                       |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | (144A)               |             |                                                                                                                                    | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At November 30, 2015, the value of these securities amounted to $8,425,768 or 15.9% of total net assets. |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | (Cat Bond)           |             | Catastrophe or Event-Linked Bond. At November 30, 2015, the value of these securitiesamounted to $757,375, or 1.4% of total net assets. |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | (Perpetual)          |             | Security with no stated maturity date.                                                                                                  |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | (Step)               |             |                                                                                                                                    | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | REMICS               |             |                                                                                                                                    | Real Estate Mortgage Investment Conduits                                                                                                                                                                                                                                                                                               |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | (a)                  |             |                                                                                                                                    | At November 30, 2015, the net unrealized appreciation (depreciation) on investments basedon cost for federal income tax purposes of $55,123,402 was as follows:                                                                                                                                                                        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Aggregate gross unrealized appreciation for all investments in whichthere is an excess of value over tax cost                                                                                                                                                                                                                          |  $                111,075            |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Aggregate gross unrealized depreciation for all investments in whichthere is an excess of tax cost over value                                                                                                                                                                                                                          |                   (404,740)     |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | Net unrealized depreciation                                                                                                                                                                                                                                                                                                            |  $               (293,665)                |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | (b)                  |             |                                                                                                                                    | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                                                                                                                                                                                                    |                                                                                                                      |                                                                                                               |           |      |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | (c)                  |             |                                                                                                                                    | Security issued with a zero coupon. Income is earned through accretion of discount.                                                                                                                                                                                                                                                    |                                                                                                                      |                                                                                                               |           |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   | NOTE:                |             |                                                                                                                                    | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                              |                                                                                                                      |                                                                                                               |           |      |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | INR                           Indian Rupee                                                                                                                                                      |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    | EUR                          Euro                                                                                                                                                                    |                                                                                                                      |                                                                                                               |           |      |        |
|   |                 |             |                                                                                                                                    |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                      |                                                                                                               |           |      |        |

|                                                                                                                                                        | CENTRALL CLEARED CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                                                                                     |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-------------------------------------------------|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                              | Expiration Date                                                                                                                                   | Premiums Paid (Received) | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                        |             (734,400)                                                                    | Citibank NA                         |                                            | Markit CDX North America High Yield Index                                                     | 5.00%                                                                                                                                                               | 12/20/18                                                                                                                                          |  $              (145,411) |   |  $              41,444 |   |
|                                                                                                                                                        |           (1,483,500)                                                                              | J.P. Morgan Securities LLC          | Markit CDX North America High Yield Index       | 5.00%                                                                                         | 12/20/16                                                                                                                                                            |                    (88,417)                        |   |                  38,239 |   |
|                                                                                                                                                        |           (2,910,600)                                                                              | J.P. Morgan Securities LLC          | Markit CDX North America High Yield Index       | 5.00%                                                                                         | 6/20/20                                                                                                                                                             |                  (145,712)                                   |   |                  14,445 |   |
|                                                                                                                                                        |         (27,970,000)                                                                                         | J.P. Morgan Securities LLC          | Markit CDX North America High Yield Index       | 5.00%                                                                                         | 12/20/20                                                                                                                                                            |                  (505,057)                                   |   |                (90,718) |   |
|                                                                                                                                                        |           (6,616,000)                                                                              | J.P. Morgan Securities LLC          | Markit CDX North America Investment Grade Index | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                    (38,824)                        |   |                (11,377) |   |
| EUR                                                                                                                                                         |           (1,375,000)                                                                              | J.P. Morgan Securities LLC          | Markit iTraxx Europe Crossover Index            | 5.00%                                                                                         | 6/20/19                                                                                                                                                             |                  (200,148)                                   |   |                  63,039 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |  $            (1,123,569) |   |  $              55,072 |   |
|                                                                                                                                                        | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                                                                                                      |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                              | Expiration Date                                                                                                                                   | Premiums Paid (Received) | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                        |             (187,500)                                                                    | Barclays Bank Plc                   |                                            | Morgan Stanley                                                                                | 1.00%                                                                                                                                                               | 12/20/20                                                                                                                                          |  $                  (1,303) |   |  $                    41 |   |
|                                                                                                                                                        |             (165,000)                                                                    | Barclays Bank Plc                   |                                            | Morgan Stanley                                                                                | 1.00%                                                                                                                                                               | 12/20/20                                                                                                                                          |                        (899) |   |                     (211) |   |
|                                                                                                                                                        |             (335,200)                                                                    | Goldman Sachs International         | MBIA Inc.                                       | 5.00%                                                                                         | 12/20/20                                                                                                                                                            |                     97,208                    |   |                  27,458 |   |
| EUR                                                                                                                                                         |           (1,450,000)                                                                              | Goldman Sachs International         | Norske Skogindustrier ASA                       | 5.00%                                                                                         | 9/20/17                                                                                                                                                             |                   779,624                               |   |               (112,644) |   |
|                                                                                                                                                        |             (187,500)                                                                    | JPMorgan Chase Bank NA              | Bank of America Corp.                           | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                     (1,866)                   |   |                     (523) |   |
|                                                                                                                                                        |             (202,500)                                                                    | JPMorgan Chase Bank NA              | Bank of America Corp.                           | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                     (1,810)                   |   |                     (771) |   |
|                                                                                                                                                        |             (187,500)                                                                    | JPMorgan Chase Bank NA              | Citigroup, Inc.                                 | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                     (1,116)                   |   |                     (334) |   |
|                                                                                                                                                        |             (202,500)                                                                    | JPMorgan Chase Bank NA              | Citigroup, Inc.                                 | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                        (901)   |   |                     (664) |   |
| EUR                                                                                                                                                         |             (450,000)                                                                    | JPMorgan Chase Bank NA              | Credit Agricole S.A.                            | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                     (5,672)                   |   |                  (1,558) |   |
|                                                                                                                                                        |           (1,525,000)                                                                              | JPMorgan Chase Bank NA              | Credit Agricole S.A.                            | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                   230,009                               |   |                  (2,950) |   |
| EUR                                                                                                                                                         |             (445,000)                                                                    | JPMorgan Chase Bank NA              | ING Groep N.V.                                  | 1.00%                                                                                         | 12/20/20                                                                                                                                                            |                     (7,934)                   |   |                  (3,774) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |  $             1,085,340 |   |  $             (95,930) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        | CENTRALL CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                                    |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |
|                                                                                                                                                        | Notional Principal ($) (1)                                                                                                                           | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                              | Credit Rating (2)                                                                                                                                 | Expiration Date | Premiums Received (Paid) | Net Unrealized Depreciation |
| EUR                                                                                                                                                         |            1,250,000                                                                          | Citibank NA                         |                                            | Markit iTraxx Europe index                                                                    | 1.00%                                                                                                                                                               | BBB+                                                                                                                                              | 6/20/19 |   |  $           (108,271) |  $                 79,845 |
|                                                                                                                                                        |               645,000                                                          | Citibank NA                         |                                            | Markit CDX North America Investment Grade Index                                               | 5.00%                                                                                                                                                               | BBB+                                                                                                                                              | 12/20/17 |   |                (31,605) |                   (26,597) |
|                                                                                                                                                        |               400,000                                                          | Morgan Stanley Capital Services LLC | Markit CDX North America Investment Grade Index | 5.00%                                                                                         | BBB+                                                                                                                                                                | 12/20/17                                                                                                                                          |   |                (14,500) |                   (21,594) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |  $           (154,376) |  $                 31,654 |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                                                     |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |
|                                                                                                                                                        | Notional Principal ($) (1)                                                                                                                           | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                              | Credit Rating (2)                                                                                                                                 | Expiration Date | Premiums Received (Paid) | Net Unrealized Appreciation (Depreciation) |
| EUR                                                                                                                                                         |               825,000                                                          | Barclays Bank Plc                   | Abengoa S.A.                                    | 5.00%                                                                                         | B+                                                                                                                                                                  | 12/20/16                                                                                                                                          |   |  $             (67,830) |  $              (708,231) |
|                                                                                                                                                        |            1,340,000                                                                          | Barclays Bank Plc                   |                                            | Apache Corporation                                                                            | 1.00%                                                                                                                                                               | BBB+                                                                                                                                              | 12/20/20 |   |                (46,772) |                     32,251 |
|                                                                                                                                                        |            1,325,000                                                                          | Barclays Bank Plc                   |                                            | Devon Energy Corporation                                                                      | 1.00%                                                                                                                                                               | BBB+                                                                                                                                              | 12/20/20 |   |                (40,083) |                   (28,386) |
|                                                                                                                                                        |               545,000                                                          | Barclays Bank Plc                   |                                            | Hovnanian Enterprises, Inc.                                                                   | 5.00%                                                                                                                                                               | B-                                                                                                                                                | 12/20/16 |   |                (27,250) |                   (27,673) |
|                                                                                                                                                        |               280,000                                                          | Barclays Bank Plc                   |                                            | Hovnanian Enterprises, Inc.                                                                   | 5.00%                                                                                                                                                               | B-                                                                                                                                                | 12/20/16 |   |                (13,300) |                   (14,917) |
| EUR                                                                                                                                                         |               250,000                                                          | Barclays Bank Plc                   |                                            | Norske Skogindustrier ASA                                                                     | 5.00%                                                                                                                                                               | CC-                                                                                                                                               | 12/20/15 |   |                (52,243) |                     47,896 |
|                                                                                                                                                        |               540,000                                                          | Barclays Bank Plc                   |                                            | The McClatchy Company                                                                         | 5.00%                                                                                                                                                               | B-                                                                                                                                                | 6/20/16 |   |                        - |                      7,195 |
|                                                                                                                                                        |               485,000                                                          | Barclays Bank Plc                   |                                            | Toys R Us, Inc.                                                                               | 5.00%                                                                                                                                                               | B-                                                                                                                                                | 3/20/16 |   |                  (2,425) |                     (3,637) |
|                                                                                                                                                        |               510,000                                                          | Citibank NA                         |                                            | Tenet Healthcare Corporation                                                                  | 5.00%                                                                                                                                                               | B                                                                                                                                                 | 12/20/20 |   |                    3,209 |                   (13,435) |
|                                                                                                                                                        |            1,080,000                                                                          | Goldman Sachs International         | AK Steel Holding Corporation                    | 5.00%                                                                                         | B-                                                                                                                                                                  | 12/20/16                                                                                                                                          |   |                (27,000) |                 (145,845) |
|                                                                                                                                                        |               310,000                                                          | Goldman Sachs International         | AK Steel Holding Corporation                    | 5.00%                                                                                         | B-                                                                                                                                                                  | 12/20/16                                                                                                                                          |   |                (24,025) |                   (25,588) |
|                                                                                                                                                        |               675,000                                                          | Goldman Sachs International         | Ally Financial Inc.                             | 5.00%                                                                                         | BB+                                                                                                                                                                 | 12/20/20                                                                                                                                          |   |                108,858 |                     (9,710) |
|                                                                                                                                                        |               300,000                                                          | Goldman Sachs International         | Claire's Stores, Inc.                           | 5.00%                                                                                         | CCC                                                                                                                                                                 | 12/20/15                                                                                                                                          |   |                (12,000) |                      9,501 |
|                                                                                                                                                        |               525,000                                                          | Goldman Sachs International         | iHeartMedia, Inc.                               | 5.00%                                                                                         | CCC+                                                                                                                                                                | 12/20/15                                                                                                                                          |   |                (14,437) |                     13,778 |
|                                                                                                                                                        |               825,000                                                          | Goldman Sachs International         | iHeartMedia, Inc.                               | 5.00%                                                                                         | CCC+                                                                                                                                                                | 12/20/16                                                                                                                                          |   |                (45,375) |                 (193,312) |
|                                                                                                                                                        |               335,200                                                          | Goldman Sachs International         | MBIA Inc.                                       | 5.00%                                                                                         | A-                                                                                                                                                                  | 12/20/16                                                                                                                                          |   |                (38,548) |                   (28,450) |
| EUR                                                                                                                                                         |               225,000                                                          | Goldman Sachs International         | Norske Skogindustrier ASA                       | 5.00%                                                                                         | CC-                                                                                                                                                                 | 3/20/16                                                                                                                                           |   |                  (4,933) |                   (46,203) |
| EUR                                                                                                                                                         |            1,450,000                                                                          | Goldman Sachs International         | Norske Skogindustrier ASA                       | 5.00%                                                                                         | CC-                                                                                                                                                                 | 9/20/20                                                                                                                                           |   |              1,153,194 |                     (2,767) |
|                                                                                                                                                        |               140,000                                                          | Goldman Sachs International         | Peabody Energy Corporation                      | 5.00%                                                                                         | B                                                                                                                                                                   | 3/20/16                                                                                                                                           |   |                (10,500) |                     (3,008) |
|                                                                                                                                                        |               525,000                                                          | Goldman Sachs International         | Sears Holdings Corporation                      | 5.00%                                                                                         | CCC+                                                                                                                                                                | 12/20/15                                                                                                                                          |   |                (21,000) |                     19,316 |
|                                                                                                                                                        |               300,000                                                          | Goldman Sachs International         | Toys R Us, Inc.                                 | 5.00%                                                                                         | B-                                                                                                                                                                  | 12/20/15                                                                                                                                          |   |                (10,500) |                      8,539 |
| EUR                                                                                                                                                         |               400,000                                                          | JPMorgan Chase Bank NA              | Abengoa S.A.                                    | 5.00%                                                                                         | B+                                                                                                                                                                  | 12/20/15                                                                                                                                          |   |                (31,981) |                 (221,692) |
|                                                                                                                                                        |               900,000                                                          | JPMorgan Chase Bank NA              | Diamond Offshore Drilling, Inc.                 | 1.00%                                                                                         | BBB+                                                                                                                                                                | 12/20/20                                                                                                                                          |   |               (145,380) |                      6,549 |
|                                                                                                                                                        |               540,000                                                          | JPMorgan Chase Bank NA              | Energy Transfer Partners, L.P.                  | 1.00%                                                                                         | BBB-                                                                                                                                                                | 12/20/20                                                                                                                                          |   |                (29,169) |                   (13,787) |
|                                                                                                                                                        |               880,000                                                          | JPMorgan Chase Bank NA              | Nabors Industries Ltd                           | 1.00%                                                                                         | BBB-                                                                                                                                                                | 12/20/20                                                                                                                                          |   |               (113,124) |                   (23,393) |
| EUR                                                                                                                                                         |               250,000                                                          | JPMorgan Chase Bank NA              | Norske Skogindustrier ASA                       | 5.00%                                                                                         | CC-                                                                                                                                                                 | 12/20/15                                                                                                                                          |   |                (50,506) |                     46,159 |
|                                                                                                                                                        |            1,050,000                                                                          | JPMorgan Chase Bank NA              | Weatherford International plc                   | 1.00%                                                                                         | BB+                                                                                                                                                                 | 12/20/20                                                                                                                                          |   |               (169,806) |                   (55,288) |
|                                                                                                                                                        |               525,000                                                          | Morgan Stanley Capital Services LLC | J.C. Penney Company, Inc.                       | 5.00%                                                                                         | CCC+                                                                                                                                                                | 12/20/16                                                                                                                                          |   |                (15,750) |                     30,186 |
|                                                                                                                                                        |               250,000                                                          | Morgan Stanley Capital Services LLC | MBIA Inc.                                       | 5.00%                                                                                         | A-                                                                                                                                                                  | 12/20/15                                                                                                                                          |   |                  (3,125) |                         654 |
|                                                                                                                                                        |               250,000                                                          | Morgan Stanley Capital Services LLC | MBIA Inc.                                       | 5.00%                                                                                         | A-                                                                                                                                                                  | 12/20/15                                                                                                                                          |   |                (13,750) |                     11,279 |
|                                                                                                                                                        |               820,000                                                          | Morgan Stanley Capital Services LLC | Sears Holdings Corporation                      | 5.00%                                                                                         | CCC+                                                                                                                                                                | 12/20/16                                                                                                                                          |   |                (22,550) |                   (29,066) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |  $            211,899 |  $           (1,361,085) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                 (1)                                                         | The notional amount is the maximum amount that a seller of credit protection would be  obligated to pay upon occurrence of a credit event. |                                |
|                 (2)                                                         | Based on Standard & Poor’s rating of the issuer or weighted average of all the underlying securities of the index.                         |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |
| NR                                                                                                                                                          | Not rated by either S&P.                                                                                                                         |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|  NOTE:                                                                                                                                                 |  Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                      |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |
|                                                                                                                                                        | EUR                                                                                                                                                  | Euro                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
| INTEREST RATE SWAP AGREEMENTS                                                                                                                               |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Pay / Receive                                                                                 | Floating Rate                                                                                                                                                       | Annual Fixed Rate                                                                                                                                 | Expiration Date | Premiums Paid (Received) | Net Unrealized Depreciation |
|                                                                                                                                                        |             (442,126)                                                                    | J.P. Morgan Securities LLC          | Receive                                         | LIBOR USD 3 Month                                                                             | 1.819%                                                                                                                                                              | 8/7/19                                                                                                                                            |   |  $                      2 |  $                 (7,242) |
|                                                                                                                                                        |             (850,473)                                                                    | J.P. Morgan Securities LLC          | Receive                                         | LIBOR USD 3 Month                                                                             | 2.202%                                                                                                                                                              | 5/6/25                                                                                                                                            |   |                          7 |                   (12,926) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |  $                      9 |  $               (20,168) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
| TOTAL RETURN SWAP AGREEMENTS                                                                                                                                |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Pay / Receive                                                                                 | Obligation Entity/Index                                                                                                                                             | Coupon                                                                                                                                            | Expiration Date | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                        |            8,665,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | LIBOR USD 3 Month                                                                                                                                                   | 3/20/16                                                                                                                                           |   |  $             (19,063) |   |
|                                                                                                                                                        |            8,665,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | LIBOR USD 3 Month                                                                                                                                                   | 3/20/16                                                                                                                                           |   | 13,431 |   |
|                                                                                                                                                        |            4,335,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | LIBOR USD 3 Month                                                                                                                                                   | 3/20/16                                                                                                                                           |   | 6,719 |   |
|                                                                                                                                                        |            4,335,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | LIBOR USD 3 Month                                                                                                                                                   | 3/20/16                                                                                                                                           |   |                  (4,118) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |  $              (3,031) |   |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.  |                                                                                                                                                 |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
| Level 1 – quoted prices in active markets for identical securities.                                                                                   |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |                                                                                                                                                 |                                |
| Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).                      |                                                                                                                                                 |                                |                                            |                                                                                          |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
| The following is a summary of the inputs used as of November 30, 2015, in valuing the Fund’s assets:                                                  |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          | Level 1                                                                                                                                                             | Level 2                                                                                                                                           | Level 3 |   | Total |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Preferred Stocks                                                                              |  $                525,400                                                      |  $                      -      |  $                        - |   |  $            525,400 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Asset Backed Securities                                                                       |                            - |               1,460,626                                                     |                           - |   |              1,460,626 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Collateralized Mortgage Obligations                                                           |                            - |               5,327,192                                                     |                           - |   |              5,327,192 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Corporate Bonds                                                                               |                            - |             11,804,915                                                                |                           - |   |            11,804,915 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | U.S. Government and Agency Obligations                                                        |                            - |             27,596,945                                                                |                           - |   |            27,596,945 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Credit Default Swaptions Purchased                                                            |                            - |                   22,265                                |                           - |   |                  22,265 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Put Options Purchased                                                                         |                    192,400                                           |                         - |                           - |   |                192,400 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Commercial Papers                                                                             |                            - |               1,899,995                                                     |                           - |   |              1,899,995 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Repurchase Agreement                                                                          |                            - |               5,999,999                                                     |                           - |   |              5,999,999 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Total                                                                                         |  $                717,800                                                      |  $         54,111,937                                                                           |  $                          - |   |  $        54,829,737 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Other Financial Instruments                                                                   |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Credit Default Swaptions Written                                                              |  $                        -            |  $              (24,208)                                               |  $                        - |   |  $             (24,208) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Put Options Written                                                                           |                   (151,840)                                               |                         - |                           - |   |               (151,840) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Net Unrealized Depreciation on Credit Default Swaps                                           |                            - |             (1,370,289)                                                               |                           - |   |            (1,370,289) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Unrealized Depreciation on Interest Rate Swaps                                                |                            - |                  (20,168)                                    |                           - |   |                (20,168) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Net Unrealized Depreciation on Total Return Swaps                                             |                            - |                   (3,031)                               |                           - |   |                  (3,031) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Unrealized Depreciation on Futures Contracts                                                  |                      (2,148)                               |                         - |                           - |   |                  (2,148) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Unrealized Appreciation on Forward Foreign Currency Contracts                                 |                            - |                   69,973                                |                           - |   |                  69,973 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Total Other Financial Instruments                                                             |  $               (153,988)                                                          |  $          (1,347,722)                                                                    |  $                          - |   |  $        (1,501,710) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                |                                                                                                                                              |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | During the period ended November 30, 2015, there were no transfers between Levels 1, 2 and 3. |                                                                                                                                                                |                                                                                                                                              |   |

|   |                 |             |                                                                                                                                     | Pioneer Long/Short Opportunistic Credit Fund                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |
|--------|----------------------|------------------|------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------|----------------|-----------|
|   |                 |             |                                                                                                                                     |          Schedule of Investments 11/30/15 (unaudited)                                                                                                                                                                                                                                                    |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | Principal Amount ($) | FloatingRate (b) |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      | Value |
|   |                 |             |                                                                                                                                     | PREFERRED STOCKS - 1.1%                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Diversified Financials - 1.1%                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Investment Banking & Brokerage - 1.1%                                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 19,000               | 7.12             |                                                                                                                                     | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                         |                                                                                                                                                                      |                                                                                                                     |           | $         | 539,600 |
|   |                 |             |                                                                                                                                     | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 539,600 |
|   |                 |             |                                                                                                                                     | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | (Cost $535,143)                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           | $         | 539,600 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | ASSET BACKED SECURITIES - 3.1%                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Banks - 0.3%                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Thrifts & Mortgage Finance - 0.3%                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 35,834               | 1.52             |                                                                                                                                     | First Franklin Mortgage Loan Trust 2003-FFC, Floating Rate Note, 11/25/32                                                                                                                                                                                                                                                              |                                                                                                                                                                      | $                                                                                                                        | 34,443         |
|   | 40,291               |             |                                                                                                                                     | Icon Brand Holdings LLC, 4.229%, 1/26/43 (144A)                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 37,295 |
|   | 25,869               | 3.22             |                                                                                                                                     | Irwin Whole Loan Home Equity Trust 2003-C, Floating Rate Note, 6/25/28                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     | 25,830         |
|   | 38,077               | 4.57             |                                                                                                                                     | New Century Home Equity Loan Trust, Floating Rate Note, 8/25/34                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           | 38,576    |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 136,144 |
|   |                 |             |                                                                                                                                     | Total Banks                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           | $         | 136,144 |
|   |                 |             |                                                                                                                                     | Diversified Financials - 2.8%                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 82,500               |             |                                                                                                                                     | TAL Advantage V LLC, 4.1%, 2/22/39                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                      |                                                                                                                     |           | $         | 82,627 |
|   |                 |             |                                                                                                                                     | Asset Management & Custody Banks - 2.6%                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 660,000              |             |                                                                                                                                     | RMAT 2015-1 LLC, 5.0%, 7/27/20 (Step) (144A)                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 647,619 |
|   | 660,000              |             |                                                                                                                                     | VOLT XXXVII LLC, 4.375%, 7/25/45 (Step) (144A)                                                                                                                                                                                                                                                                                         |                                                                                                                                                                      |                                                                                                                     |           |      | 653,372 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,300,991 |
|   |                 |             |                                                                                                                                     | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,383,618 |
|   |                 |             |                                                                                                                                     | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | (Cost $1,525,001)                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,519,762 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | COLLATERALIZED MORTGAGE OBLIGATIONS - 15.1%                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |      |
|   |                 |             |                                                                                                                                     | Energy - 1.4%                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Oil & Gas Exploration & Production - 1.4%                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 700,000              |             |                                                                                                                                     | JPMCC Re-REMIC Trust 2014-FRR1, 3.32423%, 4/27/44 (144A)                                                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     | $              | 673,403   |
|   |                 |             |                                                                                                                                     | Total Energy                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 673,403 |
|   |                 |             |                                                                                                                                     | Banks - 13.1%                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Thrifts & Mortgage Finance - 13.1%                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 300,000              | 1.18             |                                                                                                                                     | Alternative Loan Trust 2005-J4, Floating Rate Note, 7/25/35                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     | $              | 272,984   |
|   | 180,000              | 2.72             |                                                                                                                                     | BAMLL Commercial Mortgage Securities Trust 2014-INLD, Floating Rate Note, 12/17/29 (144A)                                                                                                                                                                                                                                              | 166,864                                                                                                                                                                   |
|   | 250,000              | 6.17             |                                                                                                                                     | Banc of America Commercial Mortgage Trust 2007-5, Floating Rate Note, 2/10/51                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     | 256,688        |
|   | 150,000              |             |                                                                                                                                     | Bear Stearns Commercial Mortgage Securities Trust 2006-PWR14, 5.273%, 12/11/38                                                                                                                                                                                                                                                         |                                                                                                                                                                      | 149,452                                                                                                                  |
|   | 120,000              | 2.78             |                                                                                                                                     | Carefree Portfolio Trust 2014-CARE, Floating Rate Note, 11/15/29 (144A)                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     | 116,632        |
|   | 250,000              | 4.80             |                                                                                                                                     | CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A)                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           | 250,349   |
|   | 300,000              | 3.21             |                                                                                                                                     | Citigroup Commercial Mortgage Trust 2014-GC23 REMICS, Floating Rate Note, 7/12/47 (144A)                                                                                                                                                                                                                                               | 196,640                                                                                                                                                                   |
|   | 300,000              | 5.77             |                                                                                                                                     | COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                             |                                                                                                                                                                      | 284,754                                                                                                                  |
|   | 47,000               | 5.77             |                                                                                                                                     | COBALT CMBS Commercial Mortgage Trust 2007-C3, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                             |                                                                                                                                                                      | 42,640                                                                                                                   |
|   | 175,000              | 5.57             |                                                                                                                                     | COBALT Commercial Mortgage Trust 2007-C2, Floating Rate Note, 4/15/47 (144A)                                                                                                                                                                                                                                                           |                                                                                                                                                                      | 175,354                                                                                                                  |
|   | 175,000              |             |                                                                                                                                     | COMM 2006-C8 Mortgage Trust, 5.377%, 12/10/46                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      | 173,962 |
|   | 510,000              | 5.99             |                                                                                                                                     | COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A)                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           | 460,708   |
|   | 175,000              | 5.23             |                                                                                                                                     | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 12/17/40                                                                                                                                                                                                                                                     |                                                                                                                                                                      |                                                                                                                     | 174,746        |
|   | 300,000              | 5.10             |                                                                                                                                     | Credit Suisse First Boston Mortgage Securities Corp., Floating Rate Note, 8/15/38                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     | 298,500        |
|   | 400,000              | 4.90             |                                                                                                                                     | CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30 (144A)                                                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     |           | 400,083   |
|   | 92,613               | 4.94             |                                                                                                                                     | EQTY 2014-MZ Mezzanine Trust, Floating Rate Note, 5/10/19 (144A)                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           | 91,859    |
|   | 100,000              | 3.49             |                                                                                                                                     | GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A)                                                                                                                                                                                                                                                           |                                                                                                                                                                      | 94,233                                                                                                                   |
|   | 125,000              | 4.94             |                                                                                                                                     | GS Mortgage Securities Corp II Series 2005-GG4, Floating Rate Note, 7/10/39                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     | 120,312        |
|   | 250,000              | 5.55             |                                                                                                                                     | GS Mortgage Securities Trust 2006-GG6, Floating Rate Note, 4/10/38                                                                                                                                                                                                                                                                     |                                                                                                                                                                      |                                                                                                                     |           | 250,034   |
|   | 200,000              |             |                                                                                                                                     | JP Morgan Chase Commercial Mortgage Securities Trust 2006-CIBC16, 5.623%, 5/12/45                                                                                                                                                                                                                                                      |                                                                                                                                                                      | 192,026                                                                                                                  |
|   | 775,000              | 5.35             |                                                                                                                                     | LB-UBS Commercial Mortgage Trust 2005-C7, Floating Rate Note, 11/15/40                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     | 802,686        |
|   | 187,500              | 5.28             |                                                                                                                                     | LB-UBS Commercial Mortgage Trust 2006-C1, Floating Rate Note, 2/15/41                                                                                                                                                                                                                                                                  |                                                                                                                                                                      |                                                                                                                     | 187,500        |
|   | 260,000              | 5.70             |                                                                                                                                     | Merrill Lynch Mortgage Trust 2005-CKI1, Floating Rate Note, 11/12/37                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | 259,585   |
|   | 70,000               | 5.48             |                                                                                                                                     | ML-CFC Commercial Mortgage Trust 2006-3, Floating Rate Note, 7/12/46                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     | 69,975         |
|   | 340,000              | 4.80             |                                                                                                                                     | PFP 2015-2, Ltd., Floating Rate Note, 7/14/34 (144A)                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      | 339,230 |
|   | 141,737              | 5.40             |                                                                                                                                     | Wachovia Bank Commercial Mortgage Trust Series 2005-C22, Floating Rate Note, 12/15/44                                                                                                                                                                                                                                                  |                                                                                                                                                                      | 141,608                                                                                                                  |
|   | 125,000              | 6.14             |                                                                                                                                     | Wachovia Bank Commercial Mortgage Trust Series 2007-C34, Floating Rate Note, 5/15/46                                                                                                                                                                                                                                                   |                                                                                                                                                                      | 128,680                                                                                                                  |
|   | 195,000              |             |                                                                                                                                     | Wells Fargo Commercial Mortgage Trust 2010-C1, 4.0%, 11/18/43 (144A)                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     | 177,155        |
|   | 200,000              | 3.70             |                                                                                                                                     | Wells Fargo Commercial Mortgage Trust 2014-TISH, Floating Rate Note, 1/15/27 (144A)                                                                                                                                                                                                                                                    |                                                                                                                                                                      | 194,906                                                                                                                  |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 6,470,145 |
|   |                 |             |                                                                                                                                     | Total Banks                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           | $         | 6,470,145 |
|   |                 |             |                                                                                                                                     | Diversified Financials - 0.6%                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Other Diversified Financial Services - 0.6%                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 315,373              | 5.13             |                                                                                                                                     | JP Morgan Chase Commercial Mortgage Securities Trust 2005-LDP4, Floating Rate Note, 10/15/42                                                                                                                                                                                                                                           | $                                                                                                                                                                         | 313,949                                                                                                                  |
|   |                 |             |                                                                                                                                     | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 313,949 |
|   |                 |             |                                                                                                                                     | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           |      |
|   |                 |             |                                                                                                                                     | (Cost $7,451,640)                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           | $         | 7,457,497 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | CORPORATE BONDS - 24.5%                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Energy - 9.5%                                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Oil & Gas Drilling - 3.7%                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 755,000              |             |                                                                                                                                     | Rowan Companies, Inc., 5.85%, 1/15/44                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                      |                                                                                                                     |           | $         | 527,443 |
|   | 1,305,000            |             |                                                                                                                                     | Transocean, Inc., 5.55%, 12/15/16                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      | 1,298,475 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,825,918 |
|   |                 |             |                                                                                                                                     | Integrated Oil & Gas - 2.6%                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 1,310,000            |             |                                                                                                                                     | Petrobras Global Finance BV, 3.875%, 1/27/16                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,303,450 |
|   |                 |             |                                                                                                                                     | Oil & Gas Exploration & Production - 0.8%                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 400,000              |             |                                                                                                                                     | Chesapeake Energy Corp., 3.25%, 3/15/16                                                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     |           | $         | 381,500 |
|   |                 |             |                                                                                                                                     | Oil & Gas Storage & Transportation - 2.4%                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 485,000              |             |                                                                                                                                     | Energy Transfer Equity LP, 7.5%, 10/15/20                                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           | $         | 506,825 |
|   | 915,000              |             |                                                                                                                                     | Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |      | 697,326 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,204,151 |
|   |                 |             |                                                                                                                                     | Total Energy                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 4,715,019 |
|   |                 |             |                                                                                                                                     | Materials - 2.7%                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Steel - 2.7%                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 1,375,000            |             |                                                                                                                                     | Glencore Funding LLC, 1.7%, 5/27/16 (144A)                                                                                                                                                                                                                                                                                             |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,340,625 |
|   |                 |             |                                                                                                                                     | Total Materials                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,340,625 |
|   |                 |             |                                                                                                                                     | Capital Goods - 1.1%                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Aerospace & Defense - 1.1%                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 525,000              |             |                                                                                                                                     | Bombardier, Inc., 7.5%, 3/15/18 (144A)                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     |           | $         | 522,375 |
|   |                 |             |                                                                                                                                     | Total Capital Goods                                                                                                                                                                                                                                                                                                                    |                                                                                                                                                                      |                                                                                                                     |           | $         | 522,375 |
|   |                 |             |                                                                                                                                     | Banks - 4.3%                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Diversified Banks - 4.3%                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 530,000              | 6.50             |                                                                                                                                     | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                    |                                                                                                                                                                      |                                                                                                                     |           | $         | 559,812 |
|   | 530,000              | 5.90             |                                                                                                                                     | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 522,712 |
|   | 530,000              | 6.62             |                                                                                                                                     | Credit Agricole SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           |      | 522,924 |
|   | 530,000              | 6.50             |                                                                                                                                     | ING Groep NV, Floating Rate Note, 12/29/49                                                                                                                                                                                                                                                                                             |                                                                                                                                                                      |                                                                                                                     |           |      | 519,400 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 2,124,848 |
|   |                 |             |                                                                                                                                     | Total Banks                                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           | $         | 2,124,848 |
|   |                 |             |                                                                                                                                     | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Other Diversified Financial Services - 0.1%                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |      |   |
| INR    | 3,700,000            |             |                                                                                                                                     | European Bank for Reconstruction & Development, 6.0%, 3/3/16                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     | $              | 55,476    |
|   |                 |             |                                                                                                                                     | Total Diversified Financials                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 55,476 |
|   |                 |             |                                                                                                                                     | Insurance - 1.5%                                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Reinsurance - 1.5%                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 250,000              | 6.95             |                                                                                                                                     | Caelus Re, Ltd., Floating Rate Note, 4/7/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     | $              | 257,325   |
|   | 250,000              | 4.52             |                                                                                                                                     | Kilimanjaro Re, Ltd., Floating Rate Note, 4/30/18 (Cat Bond) (144A)                                                                                                                                                                                                                                                                    |                                                                                                                                                                      |                                                                                                                     |           | 247,525   |
|   | 250,000              | 4.54             |                                                                                                                                     | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     | 252,525        |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 757,375 |
|   |                 |             |                                                                                                                                     | Total Insurance                                                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           | $         | 757,375 |
|   |                 |             |                                                                                                                                     | Telecommunication Services - 5.3%                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Integrated Telecommunication Services - 2.7%                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 1,315,000            |             |                                                                                                                                     | Frontier Communications Corp., 8.875%, 9/15/20 (144A)                                                                                                                                                                                                                                                                                  |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,318,288 |
|   |                 |             |                                                                                                                                     | Wireless Telecommunication Services - 2.6%                                                                                                                                                                                                                                                                                             |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 1,290,000            |             |                                                                                                                                     | Sprint Communications, Inc., 6.0%, 12/1/16                                                                                                                                                                                                                                                                                             |                                                                                                                                                                      |                                                                                                                     |           | $         | 1,286,775 |
|   |                 |             |                                                                                                                                     | Total Telecommunication Services                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           | $         | 2,605,063 |
|   |                 |             |                                                                                                                                     | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                  |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | (Cost $12,253,791)                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                      |                                                                                                                     |           | $         | 12,120,781 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 43.9%                                                                                                                                                                                                                                                                                         |                                                                                                                                                                      |                                                                                                                     |           |      |
|   | 425,000              |             |                                                                                                                                     | Fannie Mae Discount Notes, 0.0%, 1/14/16 (c)                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           | $         | 424,940 |
|   | 1,495,000            |             |                                                                                                                                     | Federal Home Loan Bank Discount Notes, 0.0%, 12/2/15 (c)                                                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     |           | 1,494,997 |
|   | 850,000              |             |                                                                                                                                     | Freddie Mac Discount Notes, 0.0%, 12/4/15 (c)                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      | 849,994 |
|   | 495,000              |             |                                                                                                                                     | U.S. Treasury Bills, 0.0%, 1/28/16 (c)                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     |           |      | 494,943 |
|   | 2,989,418            | 0.25             |                                                                                                                                     | U.S. Treasury Inflation Indexed Bonds, 0.25%, 1/15/25                                                                                                                                                                                                                                                                                  |                                                                                                                                                                      |                                                                                                                     |           |      | 2,881,168 |
|   | 525,000              | 0.26             |                                                                                                                                     | U.S. Treasury Note, Floating Rate Note, 1/31/16                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 525,023 |
|   | 2,640,000            | 0.30             |                                                                                                                                     | U.S. Treasury Note, Floating Rate Note, 1/31/17                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 2,639,382 |
|   | 2,640,000            | 0.27             |                                                                                                                                     | U.S. Treasury Note, Floating Rate Note, 10/31/16                                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           |      | 2,639,754 |
|   | 2,525,000            | 0.28             |                                                                                                                                     | U.S. Treasury Note, Floating Rate Note, 4/30/16                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 2,525,434 |
|   | 2,645,000            | 0.29             |                                                                                                                                     | U.S. Treasury Note, Floating Rate Note, 4/30/17                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 2,642,500 |
|   | 2,640,000            | 0.29             |                                                                                                                                     | U.S. Treasury Note, Floating Rate Note, 7/31/16                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 2,640,414 |
|   | 1,925,000            | 0.29             |                                                                                                                                     | U.S. Treasury Note, Floating Rate Note, 7/31/17                                                                                                                                                                                                                                                                                        |                                                                                                                                                                      |                                                                                                                     |           |      | 1,922,996 |
|   |                 |             |                                                                                                                                     | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |
|   |                 |             |                                                                                                                                     | (Cost $21,651,164)                                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                      |                                                                                                                     |           | $         | 21,681,545 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | CREDIT DEFAULT SWAPTIONS PURCHASED - 0.0% †                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      |
|   | Principal Amount ($) | Pay/Receive      |                                                                                                                                     | Floating Rate                                                                                                                                                                                                                                                                                                                          | Strike Price                                                                                                                                                              | Counterparty                                                                                                             | ExpirationDate | Value     |
|   | 10,413,000           | Receive          |                                                                                                                                     | CDX North America High Yield Index                                                                                                                                                                                                                                                                                                     |  $                          103.50 | Citibank N.A.                                                                                                            | 1/20/2016      | $         | 21,949 |
|   |                 |             |                                                                                                                                     | TOTAL CREDIT DEFAULT SWAPTIONS PURCHASED                                                                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     |           |      |
|   |                 |             |                                                                                                                                     | (Premiums paid $77,056)                                                                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     |           | $         | 21,949 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | PUT OPTIONS PURCHASED - 0.4%                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | Number of Contracts  |             | Description                                                                                                                              | Counterparty                                                                                                                                                                                                                                                                                                                           | Strike Price                                                                                                                                                              | Expiration Date                                                                                                          |
|   | 104                  |             |                                                                                                                                     | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank NA                                                                                                                                                               |  $                  1,610 | 3/18/2016      |      | 33,800 |
|   | 104                  |             |                                                                                                                                     | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank NA                                                                                                                                                               |  $                  1,910 | 3/18/2016      |      | 158,600 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 192,400 |
|   |                 |             |                                                                                                                                     | TOTAL PUT OPTIONS PURCHASED                                                                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | (Premiums paid $299,555)                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     |           | $         | 192,400 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | TEMPORARY CASH INVESTMENTS - 20.0%                                                                                                                                                                                                                                                                                                     |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Commercial Papers - 2.8%                                                                                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 1,400,000            |             |                                                                                                                                     | Societe Generale North America, Inc., Discount Note, 12/1/15                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     | $              | 1,399,996 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Repurchase Agreements - 17.2%                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | 8,500,000            |             |                                                                                                                                     | $8,500,003 RBC Capital Markets LLC, 0.10%, dated 11/30/15 plus accrued interest on 12/1/15                                                                                                                                                                                                                                             |                                                                                                                                                                      |                                                                                                                     |
|   |                 |             |                                                                                                                                     | collateralized by the following:                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | $288,587 Freddie Mac Giant, 4.0%, 12/1/44                                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | $977,838 Federal Home Loan Mortgage Corp., 2.229%-2.835%, 3/1/40-5/1/45                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     |           |
|   |                 |             |                                                                                                                                     | $1,689,328 Federal National Mortgage Association (ARM), 2.347%-3.512%, 6/1/36-12/1/44                                                                                                                                                                                                                                                  |                                                                                                                                                                      |                                                                                                                     |
|   |                 |             |                                                                                                                                     | $4,819,284 Federal National Mortgage Association, 3.0%-5.5%, 2/1/28-11/1/45                                                                                                                                                                                                                                                            |                                                                                                                                                                      |                                                                                                                     |           |
|   |                 |             |                                                                                                                                     | $894,962 Government National Mortgage Association, 2.569%- 4.0%, 10/20/43-5/20/65                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 8,500,003 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           | $         | 9,899,999 |
|   |                 |             |                                                                                                                                     | TOTAL TEMPORARY CASH INVESTMENTS                                                                                                                                                                                                                                                                                                       |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | (Cost $9,900,000)                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           | $         | 9,899,999 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | TOTAL INVESTMENT IN SECURITIES - 108.1%                                                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     |           | $         | 53,433,533 |
|   |                 |             |                                                                                                                                     | (Cost $53,693,350) (a)                                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | CREDIT DEFAULT SWAPTIONS WRITTEN - (0.0)% †                                                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | Principal Amount ($) | Pay/Receive      |                                                                                                                                     | Floating Rate                                                                                                                                                                                                                                                                                                                          | Strike Price                                                                                                                                                              | Counterparty                                                                                                             | ExpirationDate | Value     |
|   | (9,466,000)          | Pay              |                                                                                                                                     | iTraxx Europe Crossover Index                                                                                                                                                                                                                                                                                                          |  $                          375.00 | Citibank N.A.                                                                                                            | 1/20/2016      | $         | (23,862) |
|   |                 |             |                                                                                                                                     | TOTAL CREDIT DEFAULT SWAPTIONS WRITTEN                                                                                                                                                                                                                                                                                                 |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | (Premiums received $(76,451))                                                                                                                                                                                                                                                                                                          |                                                                                                                                                                      |                                                                                                                     |           | $         | (23,862) |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | PUT OPTIONS WRITTEN - (0.3)%                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | Number of Contracts  |             | Description                                                                                                                              | Counterparty                                                                                                                                                                                                                                                                                                                           | Strike Price                                                                                                                                                              | Expiration Date                                                                                                          |
|   | (104)                |             |                                                                                                                                     | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank N.A.                                                                                                                                                             |  $                  1,710 | 3/18/2016      | $         | (56,680) |
|   | (104)                |             |                                                                                                                                     | S&P500 EMINI                                                                                                                                                                                                                                                                                                                       | Citibank N.A.                                                                                                                                                             |  $                  1,810 | 3/18/2016      |      | (95,160) |
|   |                 |             |                                                                                                                                     | TOTAL PUT OPTIONS WRITTEN                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | (Premiums recieved $(242,544))                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                      |                                                                                                                     |           | $         | (151,840) |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | OTHER ASSETS & LIABILITIES - (7.8)%                                                                                                                                                                                                                                                                                                |                                                                                                                                                                      |                                                                                                                     |           | $         | (3,838,232) |
|   |                 |             |                                                                                                                                     | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           | $         | 49,419,599 |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | (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 November 30, 2015, the value of these securities amounted to $9,137,289 or 18.5% of total net assets. |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | (Cat Bond)           |             | Catastrophe or Event Linked Bond. At November 30, 2015, the value of these securities amounted to $757,375, or 1.5% of total net assets. |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | (Perpetual)          |             | Security with no stated maturity date.                                                                                                   |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | (Step)               |             |                                                                                                                                     | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                               |                                                                                                                                                                      |                                                                                                                     |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | REMICS               |             |                                                                                                                                     | Real Estate Mortgage Investment Conduits.                                                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | (a)                  |             |                                                                                                                                     | At November 30, 2015, the net unrealized appreciation (depreciation) on investments basedon cost for federal income tax purposes of $53,693,350 was as follows:                                                                                                                                                                        |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Aggregate gross unrealized appreciation for all investments in whichthere is an excess of value over tax cost                                                                                                                                                                                                                          |  $                         153,404      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Aggregate gross unrealized depreciation for all investments in whichthere is an excess of tax cost over value                                                                                                                                                                                                                          |                           (413,221)     |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | Net unrealized depreciation                                                                                                                                                                                                                                                                                                            |  $                       (259,817)                |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | (b)                  |             |                                                                                                                                     | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                                                                                                                                                                                                    |                                                                                                                                                                      |                                                                                                                     |           |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | (c)                  |             |                                                                                                                                     | Security issued with a zero coupon. Income is earned through accretion of discount.                                                                                                                                                                                                                                                    |                                                                                                                                                                      |                                                                                                                     |           |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   | NOTE:                |             |                                                                                                                                     | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                              |                                                                                                                                                                      |                                                                                                                     |           |
|   |                 |             |                                                                                                                                     | INR           Indian Rupee                                                                                                                                                                                                                                                      |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     | EUR          Euro                                                                                                                                                                                                                                                                    |                                                                                                                                                                      |                                                                                                                     |           |      |   |
|   |                 |             |                                                                                                                                     |                                                                                                                                                                                                                                                                                                                                   |                                                                                                                                                                      |                                                                                                                     |           |      |   |

|                                                                                                                                                        | CENTRALL CLEARED CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                                                                                     |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |
|-------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------|-------------------------------------------------|-----------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                                                                                          | Expiration Date | Premiums Paid (Received) | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                        |           (1,185,600)                                                                              | Citibank NA                         |                                            | Markit CDX North America High Yield Index                                                     | 5.00%                                                                                                                                                                                                                           | 12/20/18 |  $                  (234,749) |   |  $                      66,907 |   |
|                                                                                                                                                        |           (1,506,500)                                                                              | J.P. Morgan Securities LLC          | Markit CDX North America High Yield Index       | 5.00%                                                                                         | 12/20/16                                                                                                                                                                                                                        |                        (89,787) |   |                          38,832 |   |
|                                                                                                                                                        |           (3,049,200)                                                                              | J.P. Morgan Securities LLC          | Markit CDX North America High Yield Index       | 5.00%                                                                                         | 6/20/20                                                                                                                                                                                                                         |                      (153,943) |   |                          16,426 |   |
|                                                                                                                                                        |         (27,025,000)                                                                                         | J.P. Morgan Securities LLC          | Markit CDX North America High Yield Index       | 5.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                      (488,474) |   |                        (87,172) |   |
|                                                                                                                                                        |           (6,595,500)                                                                              | J.P. Morgan Securities LLC          | Markit CDX North America Investment Grade Index | 1.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                        (37,802) |   |                        (12,243) |   |
| EUR                                                                                                                                                         |           (2,750,000)                                                                              | J.P. Morgan Securities LLC          | Markit iTraxx Europe Crossover Index            | 5.00%                                                                                         | 6/20/19                                                                                                                                                                                                                         |                      (401,922) |   |                        127,704 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |  $                (1,406,677) |   |  $                    150,454 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        | CREDIT DEFAULT SWAP AGREEMENTS - BUY PROTECTION                                                                                                      |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                                                                                          | Expiration Date | Premiums Paid (Received) | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                        |             (225,000)                                                                    | Barclays Bank Plc                   |                                            | Morgan Stanley                                                                                | 1.00%                                                                                                                                                                                                                           | 12/20/20 |  $                      (1,563) |   |  $                            50 |   |
|                                                                                                                                                        |             (135,000)                                                                    | Barclays Bank Plc                   |                                            | Morgan Stanley                                                                                | 1.00%                                                                                                                                                                                                                           | 12/20/20 |                            (735) |   |                             (173) |   |
|                                                                                                                                                        |             (364,800)                                                                    | Goldman Sachs International         | MBIA Inc.                                       | 5.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                       105,792 |   |                          29,883 |   |
| EUR                                                                                                                                                         |           (1,500,000)                                                                              | Goldman Sachs International         | Norske Skogindustrier ASA                       | 5.00%                                                                                         | 9/20/17                                                                                                                                                                                                                         |                       806,508 |   |                       (116,529) |   |
|                                                                                                                                                        |             (225,000)                                                                    | JPMorgan Chase Bank NA              | Bank of America Corp.                           | 1.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                         (2,239) |   |                             (628) |   |
|                                                                                                                                                        |             (180,000)                                                                    | JPMorgan Chase Bank NA              | Bank of America Corp.                           | 1.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                         (1,609) |   |                             (685) |   |
|                                                                                                                                                        |             (225,000)                                                                    | JPMorgan Chase Bank NA              | Citigroup, Inc.                                 | 1.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                         (1,339) |   |                             (400) |   |
|                                                                                                                                                        |             (180,000)                                                                    | JPMorgan Chase Bank NA              | Citigroup, Inc.                                 | 1.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                            (801) |   |                             (590) |   |
| EUR                                                                                                                                                         |             (460,000)                                                                    | JPMorgan Chase Bank NA              | Credit Agricole S.A.                            | 1.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                         (5,798) |   |                          (1,592) |   |
| EUR                                                                                                                                                         |             (460,000)                                                                    | JPMorgan Chase Bank NA              | ING Groep N.V.                                  | 1.00%                                                                                         | 12/20/20                                                                                                                                                                                                                        |                         (8,202) |   |                          (3,901) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |  $                    890,014 |   |  $                     (94,565) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        | CENTRALL CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                                    |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        | Notional Principal ($) (1)                                                                                                                           | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                                                                                          | Credit Rating (2) | Expiration Date | Premiums Received (Paid) | Net Unrealized Depreciation |
| EUR                                                                                                                                                         |            2,500,000                                                                          | Citibank NA                         |                                            | Markit iTraxx Europe index                                                                    | 1.00%                                                                                                                                                                                                                           | BBB+ | 6/20/19 |   |  $                   (216,543) |  $                   159,689 |
|                                                                                                                                                        |               655,000                                                          | Citibank NA                         |                                            | Markit CDX North America Investment Grade Index                                               | 5.00%                                                                                                                                                                                                                           | BBB+ | 12/20/17 |   |                        (32,095) |                       (27,009) |
|                                                                                                                                                        |               400,000                                                          | Morgan Stanley Capital Services LLC | Markit CDX North America Investment Grade Index | 5.00%                                                                                         | BBB+                                                                                                                                                                                                                            | 12/20/17 |   |                        (14,500) |                       (21,594) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |  $                   (263,138) |  $                   111,086 |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        | CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION                                                                                                     |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |
|                                                                                                                                                        | Notional Principal ($) (1)                                                                                                                           | Counterparty                        |                                            | Obligation Entity/Index                                                                       | Coupon                                                                                                                                                                                                                          | Credit Rating (2) | Expiration Date | Premiums Received (Paid) | Net Unrealized Appreciation (Depreciation) |
| EUR                                                                                                                                                         |               900,000                                                          | Barclays Bank Plc                   |                                            | Abengoa S.A.                                                                                  | 5.00%                                                                                                                                                                                                                           | B+ | 12/20/16 |   |  $                     (73,997) |  $                 (772,615) |
|                                                                                                                                                        |            1,375,000                                                                          | Barclays Bank Plc                   |                                            | Apache Corporation                                                                            | 1.00%                                                                                                                                                                                                                           | BBB+ | 12/20/20 |   |                        (47,993) |                        33,093 |
|                                                                                                                                                        |            1,365,000                                                                          | Barclays Bank Plc                   |                                            | Devon Energy Corporation                                                                      | 1.00%                                                                                                                                                                                                                           | BBB+ | 12/20/20 |   |                        (41,293) |                       (29,243) |
|                                                                                                                                                        |               560,000                                                          | Barclays Bank Plc                   |                                            | Hovnanian Enterprises, Inc.                                                                   | 5.00%                                                                                                                                                                                                                           | B- | 12/20/16 |   |                        (27,922) |                       (28,512) |
|                                                                                                                                                        |               230,000                                                          | Barclays Bank Plc                   |                                            | Hovnanian Enterprises, Inc.                                                                   | 5.00%                                                                                                                                                                                                                           | B- | 12/20/16 |   |                        (10,925) |                       (12,253) |
| EUR                                                                                                                                                         |               250,000                                                          | Barclays Bank Plc                   |                                            | Norske Skogindustrier ASA                                                                     | 5.00%                                                                                                                                                                                                                           | CC- | 12/20/15 |   |                        (52,243) |                        47,896 |
|                                                                                                                                                        |               550,000                                                          | Barclays Bank Plc                   |                                            | The McClatchy Company                                                                         | 5.00%                                                                                                                                                                                                                           | B- | 6/20/16 |   |                                - |                          7,328 |
|                                                                                                                                                        |               520,000                                                          | Barclays Bank Plc                   |                                            | Toys R Us, Inc.                                                                               | 5.00%                                                                                                                                                                                                                           | B- | 3/20/16 |   |                          (2,600) |                        (3,900) |
|                                                                                                                                                        |               525,000                                                          | Citibank NA                         |                                            | Tenet Healthcare Corporation                                                                  | 5.00%                                                                                                                                                                                                                           | B | 12/20/20 |   |                            3,303 |                       (13,831) |
|                                                                                                                                                        |            1,135,000                                                                          | Goldman Sachs International         | AK Steel Holding Corporation                    | 5.00%                                                                                         | B-                                                                                                                                                                                                                              | 12/20/16 |   |                        (28,375) |                     (153,273) |
|                                                                                                                                                        |               285,000                                                          | Goldman Sachs International         | AK Steel Holding Corporation                    | 5.00%                                                                                         | B-                                                                                                                                                                                                                              | 12/20/16 |   |                        (22,088) |                       (23,524) |
|                                                                                                                                                        |               705,000                                                          | Goldman Sachs International         | Ally Financial Inc.                             | 5.00%                                                                                         | BB+                                                                                                                                                                                                                             | 12/20/20 |   |                        113,696 |                       (10,141) |
|                                                                                                                                                        |               300,000                                                          | Goldman Sachs International         | Claire's Stores, Inc.                           | 5.00%                                                                                         | CCC                                                                                                                                                                                                                             | 12/20/15 |   |                        (12,000) |                          9,501 |
|                                                                                                                                                        |               525,000                                                          | Goldman Sachs International         | iHeartMedia, Inc.                               | 5.00%                                                                                         | CCC+                                                                                                                                                                                                                            | 12/20/15 |   |                        (14,437) |                        13,778 |
|                                                                                                                                                        |               885,000                                                          | Goldman Sachs International         | iHeartMedia, Inc.                               | 5.00%                                                                                         | CCC+                                                                                                                                                                                                                            | 12/20/16 |   |                        (48,675) |                     (207,371) |
|                                                                                                                                                        |               364,800                                                          | Goldman Sachs International         | MBIA Inc.                                       | 5.00%                                                                                         | A-                                                                                                                                                                                                                              | 12/20/16 |   |                        (41,952) |                       (30,962) |
| EUR                                                                                                                                                         |               250,000                                                          | Goldman Sachs International         | Norske Skogindustrier ASA                       | 5.00%                                                                                         | CC-                                                                                                                                                                                                                             | 3/20/16 |   |                          (5,481) |                       (51,337) |
| EUR                                                                                                                                                         |            1,500,000                                                                          | Goldman Sachs International         | Norske Skogindustrier ASA                       | 5.00%                                                                                         | CC-                                                                                                                                                                                                                             | 9/20/20 |   |                    (1,192,960) |                        (2,863) |
|                                                                                                                                                        |               150,000                                                          | Goldman Sachs International         | Peabody Energy Corporation                      | 5.00%                                                                                         | B                                                                                                                                                                                                                               | 3/20/16 |   |                        (11,250) |                        (3,223) |
|                                                                                                                                                        |               525,000                                                          | Goldman Sachs International         | Sears Holdings Corporation                      | 5.00%                                                                                         | CCC+                                                                                                                                                                                                                            | 12/20/15 |   |                        (21,000) |                        19,316 |
|                                                                                                                                                        |               300,000                                                          | Goldman Sachs International         | Toys R Us, Inc.                                 | 5.00%                                                                                         | B-                                                                                                                                                                                                                              | 12/20/15 |   |                        (10,500) |                          8,539 |
| EUR                                                                                                                                                         |               400,000                                                          | JPMorgan Chase Bank NA              | Abengoa S.A.                                    | 5.00%                                                                                         | B+                                                                                                                                                                                                                              | 12/20/15 |   |                        (31,981) |                     (221,692) |
|                                                                                                                                                        |               925,000                                                          | JPMorgan Chase Bank NA              | Diamond Offshore Drilling, Inc.                 | 1.00%                                                                                         | BBB+                                                                                                                                                                                                                            | 12/20/20 |   |                       (149,418) |                          6,730 |
|                                                                                                                                                        |               555,000                                                          | JPMorgan Chase Bank NA              | Energy Transfer Partners, L.P.                  | 1.00%                                                                                         | BBB-                                                                                                                                                                                                                            | 12/20/20 |   |                        (29,979) |                       (14,170) |
|                                                                                                                                                        |               905,000                                                          | JPMorgan Chase Bank NA              | Nabors Industries Ltd                           | 1.00%                                                                                         | BBB-                                                                                                                                                                                                                            | 12/20/20 |   |                       (116,338) |                       (24,057) |
| EUR                                                                                                                                                         |               250,000                                                          | JPMorgan Chase Bank NA              | Norske Skogindustrier ASA                       | 5.00%                                                                                         | CC-                                                                                                                                                                                                                             | 12/20/15 |   |                        (50,506) |                        46,159 |
|                                                                                                                                                        |            1,100,000                                                                          | JPMorgan Chase Bank NA              | Weatherford International plc                   | 1.00%                                                                                         | BB+                                                                                                                                                                                                                             | 12/20/20 |   |                       (177,892) |                       (57,921) |
|                                                                                                                                                        |               525,000                                                          | Morgan Stanley Capital Services LLC | J.C. Penney Company, Inc.                       | 5.00%                                                                                         | CCC+                                                                                                                                                                                                                            | 12/20/16 |   |                        (15,750) |                        30,186 |
|                                                                                                                                                        |               250,000                                                          | Morgan Stanley Capital Services LLC | MBIA Inc.                                       | 5.00%                                                                                         | A-                                                                                                                                                                                                                              | 12/20/15 |   |                          (3,125) |                            654 |
|                                                                                                                                                        |               250,000                                                          | Morgan Stanley Capital Services LLC | MBIA Inc.                                       | 5.00%                                                                                         | A-                                                                                                                                                                                                                              | 12/20/15 |   |                        (13,750) |                        11,279 |
|                                                                                                                                                        |               875,000                                                          | Morgan Stanley Capital Services LLC | Sears Holdings Corporation                      | 5.00%                                                                                         | CCC+                                                                                                                                                                                                                            | 12/20/16 |   |                        (24,063) |                       (31,015) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |  $                (2,161,494) |  $               (1,457,444) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                  (1)                                                   | The notional amount is the maximum amount that a seller of credit protection would be  obligated to pay upon occurrence of a credit event. |                                |
|                  (2)                                                   | Based on Standard & Poor’s rating of the issuer or weighted average of all the underlying securities of the index.                         |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |
| NR                                                                                                                                                          | Not rated by either S&P.                                                                                                                         |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|  NOTE:                                                                                                                                                 |  Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                      |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |
|                                                                                                                                                        | EUR                                                                                                                                                  | Euro                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
| INTEREST RATE SWAP AGREEMENTS                                                                                                                               |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Pay / Receive                                                                                 | Floating Rate                                                                                                                                                                                                                   | Annual Fixed Rate | Expiration Date | Premiums Paid (Received) | Net Unrealized Depreciation |
|                                                                                                                                                        |             (951,858)                                                                    | J.P. Morgan Securities LLC          | Receive                                         | LIBOR USD 3 Month                                                                             | 1.819%                                                                                                                                                                                                                          | 8/7/19 |   |  $                              4 |  $                   (15,592) |
|                                                                                                                                                        |           (1,018,659)                                                                              | J.P. Morgan Securities LLC          | Receive                                         | LIBOR USD 3 Month                                                                             | 2.202%                                                                                                                                                                                                                          | 5/6/25 |   |                                  8 |                       (15,482) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |  $                            12 |  $                   (31,074) |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
| TOTAL RETURN SWAP AGREEMENTS                                                                                                                                |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |
|                                                                                                                                                        | Notional Principal ($)                                                                                                                               | Counterparty                        |                                            | Pay / Receive                                                                                 | Obligation Entity/Index                                                                                                                                                                                                         | Coupon | Expiration Date | Net Unrealized Appreciation (Depreciation) |
|                                                                                                                                                        |            8,335,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | 0.3932                                                                                                                                                                                                                          | 3/20/16 |   |  $                     (18,337) |   |
|                                                                                                                                                        |            8,335,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | 0.3932                                                                                                                                                                                                                          | 3/20/16 |   | 12,919 |   |
|                                                                                                                                                        |            4,165,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | 0.3932                                                                                                                                                                                                                          | 3/20/16 |   | 6,456 |   |
|                                                                                                                                                        |            4,165,000                                                                          | JPMorgan Chase Bank NA              | Pay                                             | iBoxx USD Liquid High Yield Index                                                             | 0.4142                                                                                                                                                                                                                          | 3/20/16 |   |                          (3,957) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |  $                      (2,919) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.  |                                                                                                                                                 |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
| Level 1 – quoted prices in active markets for identical securities.                                                                                   |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |                                                                                                                                                 |
| Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments).                      |                                                                                                                                                 |                                |                                            |                                                                                          |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
| The following is a summary of the inputs used as of November 30, 2015, in valuing the Fund’s assets:                                                  |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          | Level 1                                                                                                                                                                                                                         | Level 2 | Level 3 |   | Total |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Preferred Stocks                                                                              |  $                         539,600                                                            |  $                      - |  $                            - |   |  $                    539,600 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Asset Backed Securities                                                                       |                                    -             |               1,519,762 |                               - |   |                      1,519,762 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Collateralized Mortgage Obligations                                                           |                                    -             |               7,457,497 |                               - |   |                      7,457,497 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Corporate Bonds                                                                               |                                    -             |              12,120,781 |                               - |   |                    12,120,781 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | U.S. Government and Agency Obligations                                                        |                                    -             |              21,681,545 |                               - |   |                    21,681,545 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Credit Default Swaptions Purchased                                                            |                                    -             |                    21,949 |                               - |   |                          21,949 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Put Options Purchased                                                                         |                                    -             |                  192,400 |                               - |   |                        192,400 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Commercial Papers                                                                             |                                    -             |               1,399,996 |                               - |   |                      1,399,996 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Repurchase Agreement                                                                          |                                    -             |               8,500,003 |                               - |   |                      8,500,003 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Total                                                                                         |  $                         539,600                                                            |  $          52,893,933 |  $                              - | # |  $                53,433,533 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Other Financial Instruments                                                                   |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Credit Default Swaptions Written                                                              |  $                                   -      |  $              (23,862) |  $                              - |   |  $                     (23,862) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Put Options Written                                                                           |                           (151,840)                                                           |                            - |                                 - |   |                       (151,840) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Net unrealized Depreciation on Credit Default Swaps                                           |                                      - |              (1,290,469) |                                 - |   |                    (1,290,469) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Net Unrealized Depreciation on Interest Rate Swaps                                            |                                      - |                  (31,074) |                                 - |   |                        (31,074) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Net Unrealized Depreciation on Total Return Swaps                                             |                                      - |                    (2,919) |                                 - |   |                          (2,919) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Unrealized Depreciation on Futures Contracts                                                  |                              (2,211)                                           |                            - |                                 - |   |                          (2,211) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Unrealized Appreciation on Forward Foreign Currency Contracts                                 |                                      - |                    68,660 |                                 - |   |                          68,660 |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Unrealized Depreciation on Forward Foreign Currency Contracts                                 |                                      - |                (116,142) |                                 - |   |                       (116,142) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | Total Other Financial Instruments                                                             |  $                       (154,051)                                                                      |  $          (1,395,806) |  $                              - | # |  $                (1,549,857) |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            |                                                                                          |                                                                                                                                                                                                                            |   |   |   |   |   |
|                                                                                                                                                        |                                                                                                                                                 |                                |                                            | During the period ended November 30, 2015, there were no transfers between Levels 1, 2 and 3. |                                                                                                                                                                                                                            |   |   |

|   |                                                                                                                                                                                                    |             |   | Pioneer High Income Municipal Fund                                                                                                                                                                                                                                                                                                    |      |         |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------------|
|   |                                                                                                                                                                                                    |             |   | Schedule of Investments 11/30/15 (unaudited)                                                                                                                                                                                                                                                                                          |      |         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | Principal Amount ($)                                                                                                                                                                                    | FloatingRate (b) |   | Value                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                    |             |   | MUNICIPAL BONDS - 97.7% (e)                                                                                                                                                                                                                                                                                                           |      |         |
|   |                                                                                                                                                                                                    |             |   | Alaska - 0.2%                                                                                                                                                                                                                                                                                                                         |      |         |
|   | 1,250,000                                                                                                                                                                                               |             |   | Northern Tobacco Securitization Corp., 5.0%, 6/1/46                                                                                                                                                                                                                                                                                   | $         | 1,044,450    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Arizona - 1.1%                                                                                                                                                                                                                                                                                                                        |      |         |
|   | 490,000                                                                                                                                                                                                 |             |   | The Industrial Development Authority of the County of Pima, Desert Heights Charter School, 7.0%, 5/1/34                                                                                                                                                                                                                               | $         | 505,406      |
|   | 1,000,000                                                                                                                                                                                               |             |   | The Industrial Development Authority of the County of Pima, Desert Heights Charter School, 7.25%, 5/1/44                                                                                                                                                                                                                              |      | 1,065,960    |
|   | 3,000,000                                                                                                                                                                                               |             |   | The Industrial Development Authority of the County of Pima, Legacy Transition Charter School, 8.5%, 7/1/39                                                                                                                                                                                                                            |      | 3,226,380    |
|   | 725,000                                                                                                                                                                                                 |             |   | The Industrial Development Authority of the County of Pima, Legacy Tratitional School Project, 8.5%, 7/1/39 (Pre-Refunded)                                                                                                                                                                                                            | 887,262   |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 5,685,008    |
|   |                                                                                                                                                                                                    |             |   | California - 12.6%                                                                                                                                                                                                                                                                                                                    |      |         |
|   | 1,215,000                                                                                                                                                                                               |             |   | California County Tobacco Securitization Agency, Los Angeles County Securitization Corp., 5.6%, 6/1/36                                                                                                                                                                                                                                | $         | 1,196,811    |
|   | 5,755,000                                                                                                                                                                                               |             |   | California County Tobacco Securitization Agency, Merced County A, 5.25%, 6/1/45                                                                                                                                                                                                                                                       |      | 5,279,982    |
|   | 5,040,000                                                                                                                                                                                               |             |   | California County Tobacco Securitization Agency, Sonoma County Corp., 5.125%, 6/1/38                                                                                                                                                                                                                                                  |      | 4,723,639    |
|   | 1,880,000                                                                                                                                                                                               |             |   | California County Tobacco Securitization Agency, Sonoma County Corp., 5.25%, 6/1/45                                                                                                                                                                                                                                                   |      | 1,724,092    |
|   | 1,300,000                                                                                                                                                                                               |             |   | California Municipal Finance Authority, John Adams Academics Project Series A, 5.25%, 10/1/45                                                                                                                                                                                                                                         |      | 1,310,881    |
|   | 500,000                                                                                                                                                                                                 |             |   | California Municipal Finance Authority, Santa Rosa Academy Project, 5.125%, 7/1/35                                                                                                                                                                                                                                                    |      | 509,075      |
|   | 1,575,000                                                                                                                                                                                               |             |   | California Municipal Finance Authority, Santa Rosa Academy Project, 5.375%, 7/1/45                                                                                                                                                                                                                                                    |      | 1,604,452    |
|   | 6,300,000                                                                                                                                                                                               |             |   | California Municipal Finance Authority, Santa Rosa Academy, 6.0%, 7/1/42                                                                                                                                                                                                                                                              |      | 6,638,688    |
|   | 3,000,000                                                                                                                                                                                               |             |   | California School Finance Authority, Classical Acadamies Project, 7.375%, 10/1/43                                                                                                                                                                                                                                                     |      | 3,547,980    |
|   | 830,000                                                                                                                                                                                                 |             |   | California School Finance Authority, View Park Elementary School, 5.625%, 10/1/34                                                                                                                                                                                                                                                     |      | 848,766      |
|   | 1,475,000                                                                                                                                                                                               |             |   | California School Finance Authority, View Park Elementary School, 5.875%, 10/1/44                                                                                                                                                                                                                                                     |      | 1,516,816    |
|   | 1,000,000                                                                                                                                                                                               |             |   | California School Finance Authority, View Park Elementary School, 6.0%, 10/1/49                                                                                                                                                                                                                                                       |      | 1,033,340    |
|   | 3,230,000                                                                                                                                                                                               |             |   | California School Finance Authority, View Park High School Series A, 7.125%, 10/1/48                                                                                                                                                                                                                                                  |      | 3,586,334    |
|   | 1,560,000                                                                                                                                                                                               |             |   | California Statewide Communities Development Authority, California Baptist University, 6.125%, 11/1/33                                                                                                                                                                                                                                |      | 1,702,288    |
|   | 4,030,000                                                                                                                                                                                               |             |   | California Statewide Communities Development Authority, California Baptist University, 6.375%, 11/1/43                                                                                                                                                                                                                                |      | 4,436,909    |
|   | 2,000,000                                                                                                                                                                                               |             |   | California Statewide Communities Development Authority, Lancer Educational Housing, 7.5%, 6/1/42                                                                                                                                                                                                                                      |      | 2,199,240    |
|   | 315,559                                                                                                                                                                                                 |             |   | California Statewide Communities Development Authority, Micrology Holdings Project, 9.0%, 12/1/38 (c)                                                                                                                                                                                                                                 |      | 3            |
|   | 11,000,000                                                                                                                                                                                              |             |   | Golden State Tobacco Securitization Corp., 5.75%, 6/1/47                                                                                                                                                                                                                                                                              |      | 10,120,990   |
|   | 5,130,000                                                                                                                                                                                               |             |   | Golden State Tobacco Securitization Corp., 6/1/37                                                                                                                                                                                                                                                                                     |      | 4,636,340    |
|   | 20,000,000                                                                                                                                                                                              |             |   | Inland Empire Tobacco Securitization Authority, 6/1/47 (d)                                                                                                                                                                                                                                                                            |      | 1,634,400    |
|   | 2,500,000                                                                                                                                                                                               |             |   | Pittsburg Unified School District, 9/1/41 (d)                                                                                                                                                                                                                                                                                         |      | 783,350      |
|   | 1,925,000                                                                                                                                                                                               |             |   | Pittsburg Unified School District, 9/1/42 (d)                                                                                                                                                                                                                                                                                         |      | 576,614      |
|   | 2,000,000                                                                                                                                                                                               |             |   | River Islands Public Financing Authority, 5.5%, 9/1/45                                                                                                                                                                                                                                                                                |      | 2,107,560    |
|   | 6,000,000                                                                                                                                                                                               |             |   | Tobacco Securitization Authority of Southern California, San Diego County Securitization Corp., 5.0%, 6/1/37                                                                                                                                                                                                                          |      | 5,532,780    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 67,251,330   |
|   |                                                                                                                                                                                                    |             |   | Colorado - 4.3%                                                                                                                                                                                                                                                                                                                       |      |         |
|   | 2,860,000                                                                                                                                                                                               |             |   | Castle Oaks Metropolitan District No 3, 6.25%, 12/1/44 (f)                                                                                                                                                                                                                                                                            | $         | 2,860,000    |
|   | 1,000,000                                                                                                                                                                                               |             |   | Colorado Educational & Cultural Facilities Authority, Charter School University, 5.0%, 12/15/45                                                                                                                                                                                                                                   |      | 978,670      |
|   | 2,000,000                                                                                                                                                                                               |             |   | Colorado Educational & Cultural Facilities Authority, Rocky Mountain Classical Charter School, 8.0%, 9/1/43                                                                                                                                                                                                                       |      | 2,109,220    |
|   | 5,000,000                                                                                                                                                                                               |             |   | Colorado Educational & Cultural Facilities Authority, Rocky Mountain Classical Charter School, 8.125%, 9/1/48                                                                                                                                                                                                                     | 5,294,600 |
|   | 2,000,000                                                                                                                                                                                               |             |   | Copperleaf Metropolitan District No 2, 5.75%, 12/1/45 (f)                                                                                                                                                                                                                                                                             |      | 2,078,820    |
|   | 8,000,000                                                                                                                                                                                               |             |   | Kremmling Memorial Hospital District, 7.125%, 12/1/45                                                                                                                                                                                                                                                                                 |      | 8,161,520    |
|   | 1,500,000                                                                                                                                                                                               |             |   | Promenade Castle Rock Metropolitan District No 1 Series A, 5.75%, 12/1/39 (f)                                                                                                                                                                                                                                                         |      | 1,524,975    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 23,007,805   |
|   |                                                                                                                                                                                                    |             |   | Connecticut - 0.5%                                                                                                                                                                                                                                                                                                                    |      |         |
|   | 2,640,000                                                                                                                                                                                               |             |   | Town of Hamden Connecticut, Whitney Center Project Series A, 7.75%, 1/1/43                                                                                                                                                                                                                                                            | $         | 2,753,652    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | District of Columbia - 0.9%                                                                                                                                                                                                                                                                                                           |      |         |
|   | 735,000                                                                                                                                                                                                 |             |   | District of Columbia Tobacco Settlement Financing Corp., 6.75%, 5/15/40                                                                                                                                                                                                                                                               | $         | 735,066      |
|   | 4,000,000                                                                                                                                                                                               |             |   | District of Columbia, Provident Group Howard Properties LLC, 5.0%, 10/1/45                                                                                                                                                                                                                                                            |      | 3,838,200    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 4,573,266    |
|   |                                                                                                                                                                                                    |             |   | Florida - 2.1%                                                                                                                                                                                                                                                                                                                        |      |         |
|   | 5,000,000                                                                                                                                                                                               |             |   | Alachua County Health Facilities Authority, Terraces Bonita Springs Project Series A, 8.125%, 11/15/46                                                                                                                                                                                                                                | $         | 5,893,000    |
|   | 1,000,000                                                                                                                                                                                               |             |   | Capital Trust Agency, Inc., Million Air One LLC, 7.75%, 1/1/41                                                                                                                                                                                                                                                                        |      | 953,850      |
|   | 1,820,000                                                                                                                                                                                               |             |   | County of Liberty Florida, Twin Oaks Project 8.25%, 7/1/28 (c)                                                                                                                                                                                                                                                                        |      | 271,253      |
|   | 1,000,000                                                                                                                                                                                               |             |   | Florida Development Finance Corp., Tuscan Isle Obligated Group, 7.0%, 6/1/35                                                                                                                                                                                                                                                          |      | 1,031,460    |
|   | 3,000,000                                                                                                                                                                                               |             |   | Florida Development Finance Corp., Tuscan Isle Obligated Group, 7.0%, 6/1/45                                                                                                                                                                                                                                                          |      | 3,096,090    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 11,245,653   |
|   |                                                                                                                                                                                                    |             |   | Hawaii - 0.2%                                                                                                                                                                                                                                                                                                                         |      |         |
|   | 1,000,000                                                                                                                                                                                               |             |   | State of Hawaii Department of Budget & Finance, Craigside Project Series A, 9.0%, 11/15/44                                                                                                                                                                                                                                        | $         | 1,242,140    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Illinois - 3.7%                                                                                                                                                                                                                                                                                                                       |      |         |
|   | 2,634,795                                                                                                                                                                                               |             |   | Illinois Finance Authority, Clare Oaks Project Series C1, 11/15/52 (d)                                                                                                                                                                                                                                                                | $         | 94,563       |
|   | 526,959                                                                                                                                                                                                 |             |   | Illinois Finance Authority, Clare Oaks Project Series C2, 11/15/52 (d)                                                                                                                                                                                                                                                                |      | 143,802      |
|   | 526,959                                                                                                                                                                                                 |             |   | Illinois Finance Authority, Clare Oaks Project Series C3 11/15/52 (d)                                                                                                                                                                                                                                                                 |      | 90,516       |
|   | 4,213,653                                                                                                                                                                                               | 4.00             |   | Illinois Finance Authority, Clare Oaks Project Series E, Floating Rate Note, 11/15/52                                                                                                                                                                                                                                                 |      | 2,692,819    |
|   | 1,250,000                                                                                                                                                                                               |             |   | Illinois Finance Authority, Norwegian American Hospital, Inc., 7.625%, 9/15/28                                                                                                                                                                                                                                                        |      | 1,383,112    |
|   | 4,845,000                                                                                                                                                                                               |             |   | Illinois Finance Authority, Norwegian American Hospital, Inc., 7.75%, 9/15/38                                                                                                                                                                                                                                                         |      | 5,616,615    |
|   | 485,000                                                                                                                                                                                                 |             |   | Southwestern Illinois Development Authority, St Claire County Comprehensive Behavioral Health Center, 6.2%, 6/1/17                                                                                                                                                                                                                    | 493,846   |
|   | 7,020,000                                                                                                                                                                                               |             |   | Southwestern Illinois Development Authority, St Claire County Comprehensive Behavioral Health Center, 6.625%, 6/1/37                                                                                                                                                                                                                  | 7,147,343 |
|   | 2,350,000                                                                                                                                                                                               |             |   | Southwestern Illinois Development Authority, Village of Sauget, 5.625%, 11/1/26                                                                                                                                                                                                                                                       |      | 2,177,158    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 19,839,774   |
|   |                                                                                                                                                                                                    |             |   | Indiana - 2.9%                                                                                                                                                                                                                                                                                                                        |      |         |
|   | 1,750,000                                                                                                                                                                                               |             |   | City of Carmel Indiana, Barrington Carmel Project Series A, 7.0%, 11/15/32                                                                                                                                                                                                                                                            | $         | 1,956,780    |
|   | 2,000,000                                                                                                                                                                                               |             |   | City of Carmel Indiana, Barrington Carmel Project Series A, 7.125%, 11/15/42                                                                                                                                                                                                                                                          |      | 2,238,400    |
|   | 2,000,000                                                                                                                                                                                               |             |   | City of Carmel Indiana, Barrington Carmel Project Series A, 7.125%, 11/15/47                                                                                                                                                                                                                                                          |      | 2,232,200    |
|   | 3,500,000                                                                                                                                                                                               |             |   | City of Crown Point Indiana, Wittenberg Lutheran Project Series A, 8.0%, 11/15/39                                                                                                                                                                                                                                                     |      | 3,919,370    |
|   | 4,000,000                                                                                                                                                                                               |             |   | Vigo County Hospital Authority, Union Hospital, Inc., 8.0%, 9/1/41                                                                                                                                                                                                                                                                    |      | 4,767,000    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 15,113,750   |
|   |                                                                                                                                                                                                    |             |   | Iowa - 2.2%                                                                                                                                                                                                                                                                                                                           |      |         |
|   | 2,285,000                                                                                                                                                                                               |             |   | Iowa Tobacco Settlement Authority, 5.5%, 6/1/42                                                                                                                                                                                                                                                                                       | $         | 2,153,932    |
|   | 5,290,000                                                                                                                                                                                               |             |   | Iowa Tobacco Settlement Authority, 5.6%, 6/1/34                                                                                                                                                                                                                                                                                       |      | 5,237,153    |
|   | 4,705,000                                                                                                                                                                                               |             |   | Iowa Tobacco Settlement Authority, 5.625%, 6/1/46                                                                                                                                                                                                                                                                                     |      | 4,496,710    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 11,887,795   |
|   |                                                                                                                                                                                                    |             |   | Louisiana - 0.7%                                                                                                                                                                                                                                                                                                                      |      |         |
|   | 5,800,000                                                                                                                                                                                               |             |   | Tensas Parish Law Enforcement District, 10/1/26 (c)(d)                                                                                                                                                                                                                                                                                | $         | 3,480,000    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Maryland - 0.2%                                                                                                                                                                                                                                                                                                                       |      |         |
|   | 1,000,000                                                                                                                                                                                               |             |   | Maryland Health & Higher Educational Facilities Authority, City Neighbors Project Series A, 6.75%, 7/1/44                                                                                                                                                                                                                         | $         | 1,084,680    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Massachusetts - 2.0%                                                                                                                                                                                                                                                                                                                  |      |         |
|   | 2,000,000                                                                                                                                                                                               |             |   | Massachusetts Development Finance Agency, Advent Care Project Series A, 6.75%, 10/15/37                                                                                                                                                                                                                                               | $         | 2,063,740    |
|   | 845,000                                                                                                                                                                                                 |             |   | Massachusetts Development Finance Agency, Advent Care Project Series A, 7.625%, 10/15/37                                                                                                                                                                                                                                              |      | 940,037      |
|   | 3,954,928                                                                                                                                                                                               |             |   | Massachusetts Development Finance Agency, Linden Ponds Facility, 5.5%, 11/15/46                                                                                                                                                                                                                                                       |      | 3,374,780    |
|   | 1,116,746                                                                                                                                                                                               |             |   | Massachusetts Development Finance Agency, Linden Ponds Series A, 11/15/56 (c)(d)                                                                                                                                                                                                                                                      |      | 6,477        |
|   | 1,235,770                                                                                                                                                                                               |             |   | Massachusetts Development Finance Agency, Linden Ponds Series A, 6.25%, 11/15/26                                                                                                                                                                                                                                                      |      | 1,205,172    |
|   | 3,340,294                                                                                                                                                                                               |             |   | Massachusetts Development Finance Agency, Linden Ponds Series A, 6.25%, 11/15/39                                                                                                                                                                                                                                                      |      | 3,192,686    |
|   | 3,500,000                                                                                                                                                                                               |             |   | Massachusetts Health & Educational Facilities Authority, Quincy Medical Center, 1/15/38 (c)(d)                                                                                                                                                                                                                                    |      | 8,575        |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 10,791,467   |
|   |                                                                                                                                                                                                    |             |   | Michigan - 6.5%                                                                                                                                                                                                                                                                                                                       |      |         |
|   | 1,250,000                                                                                                                                                                                               |             |   | Flint Hospital Building Authority, Hurley Medical Center, 5.25%, 7/1/39                                                                                                                                                                                                                                                               | $         | 1,234,950    |
|   | 1,250,000                                                                                                                                                                                               |             |   | Flint Hospital Building Authority, Hurley Medical Center, 7.375%, 7/1/35                                                                                                                                                                                                                                                              |      | 1,425,112    |
|   | 5,485,000                                                                                                                                                                                               |             |   | Flint International Academy, 5.75%, 10/1/37                                                                                                                                                                                                                                                                                           |      | 5,526,247    |
|   | 4,410,000                                                                                                                                                                                               |             |   | Michigan Public Educational Facilities Authority, Dadid Ellis Academy West, 5.875%, 6/1/37                                                                                                                                                                                                                                            |      | 4,417,497    |
|   | 225,000                                                                                                                                                                                                 |             |   | Michigan Public Educational Facilities Authority, Dr Joseph F Pollack Academic Center of Excellence, 7.25%, 4/1/20                                                                                                                                                                                                                    | 237,766   |
|   | 2,020,000                                                                                                                                                                                               |             |   | Michigan Public Educational Facilities Authority, Dr Joseph F Pollack Academic Center of Excellence, 8.0%, 4/1/40                                                                                                                                                                                                                     | 2,141,220 |
|   | 7,135,000                                                                                                                                                                                               | 6.75             |   | Michigan Strategic Fund, CFP Michigan II LLC, Floating Rate Note, 3/1/40                                                                                                                                                                                                                                                              |      | 7,719,000    |
|   | 4,000,000                                                                                                                                                                                               | 6.62             |   | Michigan Strategic Fund, CFP Taylor Governmental Center LLC, Floating Rate Note, 11/1/41                                                                                                                                                                                                                                              |      | 4,153,960    |
|   | 750,000                                                                                                                                                                                                 |             |   | Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/34                                                                                                                                                                                                                                                                           |      | 688,695      |
|   | 6,290,000                                                                                                                                                                                               |             |   | Michigan Tobacco Settlement Finance Authority, 6.0%, 6/1/48                                                                                                                                                                                                                                                                           |      | 5,484,566    |
|   | 1,250,000                                                                                                                                                                                               |             |   | Michigan Tobacco Settlement Finance Authority, 6.875%, 6/1/42                                                                                                                                                                                                                                                                         |      | 1,250,875    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 34,279,888   |
|   |                                                                                                                                                                                                    |             |   | Minnesota - 1.1%                                                                                                                                                                                                                                                                                                                      |      |         |
|   | 2,000,000                                                                                                                                                                                               |             |   | Bloomington Port Authority, Radison Blu MOA LLC, 9.0%, 12/1/35                                                                                                                                                                                                                                                                        | $         | 2,289,300    |
|   | 1,500,000                                                                                                                                                                                               |             |   | City of Brooklyn Park Minnesota, Prarie Seeds Academy, 9.25%, 3/1/39 (pre refunded)                                                                                                                                                                                                                                                   |      | 1,687,125    |
|   | 500,000                                                                                                                                                                                                 |             |   | City of Deephaven Minnesota, Eagle Ridge Academy Project, 5.25%, 7/1/37                                                                                                                                                                                                                                                               |      | 512,085      |
|   | 1,500,000                                                                                                                                                                                               |             |   | City of Deephaven Minnesota, Eagle Ridge Academy Project, 5.5%, 7/1/50                                                                                                                                                                                                                                                                |      | 1,531,290    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 6,019,800    |
|   |                                                                                                                                                                                                    |             |   | Missouri - 1.7%                                                                                                                                                                                                                                                                                                                       |      |         |
|   | 5,645,000                                                                                                                                                                                               |             |   | Community Memorial Hospital District, 6.68%, 12/1/34                                                                                                                                                                                                                                                                                  | $         | 5,929,734    |
|   | 2,500,000                                                                                                                                                                                               |             |   | Kirkwood Industrial Development Authority, Aberdeen Heights Series A, 8.25%, 5/15/45                                                                                                                                                                                                                                                  |      | 2,821,675    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 8,751,409    |
|   |                                                                                                                                                                                                    |             |   | New Jersey - 4.4%                                                                                                                                                                                                                                                                                                                     |      |         |
|   | 6,000,000                                                                                                                                                                                               |             |   | New Jersey Economic Development Authority, Gloucester Marine Project, 6.625%, 1/1/37                                                                                                                                                                                                                                                  | $         | 6,007,860    |
|   | 4,500,000                                                                                                                                                                                               |             |   | New Jersey Health Care Facilities Financing Authority, St Peters University Hospital, 6.25%, 7/1/35                                                                                                                                                                                                                                   |      | 4,843,530    |
|   | 6,580,000                                                                                                                                                                                               |             |   | Tobacco Settlement Financing Corp. New Jersey, 4.75%, 6/1/34                                                                                                                                                                                                                                                                          |      | 5,290,320    |
|   | 9,000,000                                                                                                                                                                                               |             |   | Tobacco Settlement Financing Corp. New Jersey, 5.0%, 6/1/41                                                                                                                                                                                                                                                                           |      | 7,262,910    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 23,404,620   |
|   |                                                                                                                                                                                                    |             |   | New Mexico - 1.1%                                                                                                                                                                                                                                                                                                                     |      |         |
|   | 6,055,000                                                                                                                                                                                               |             |   | County of Otero New Mexico, 6.0%, 4/1/28                                                                                                                                                                                                                                                                                              | $         | 6,045,554    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | New York - 5.0%                                                                                                                                                                                                                                                                                                                       |      |         |
|   | 2,210,000                                                                                                                                                                                               |             |   | New York Counties Tobacco Trust IV, 5.0%, 6/1/45                                                                                                                                                                                                                                                                                      | $         | 1,962,171    |
|   | 10,000,000                                                                                                                                                                                              |             |   | New York Counties Tobacco Trust V, 6/1/38 (d)                                                                                                                                                                                                                                                                                         |      | 2,492,600    |
|   | 8,000,000                                                                                                                                                                                               |             |   | Suffolk Tobacco Asset Securitization Corp., 6/1/44                                                                                                                                                                                                                                                                                    |      | 8,028,800    |
|   | 8,000,000                                                                                                                                                                                               |             |   | The Erie County Industrial Development Agency, Galvstar LLC Project Series A, 10/1/30 (d)                                                                                                                                                                                                                                             |      | 2,037,680    |
|   | 10,000,000                                                                                                                                                                                              |             |   | The Erie County Industrial Development Agency, Galvstar LLC Project Series B, 10/1/30 (d)                                                                                                                                                                                                                                             |      | 2,547,100    |
|   | 1,795,000                                                                                                                                                                                               |             |   | The Erie County Industrial Development Agency, Galvstar LLC Project Series C, 10/1/30 (d)                                                                                                                                                                                                                                             |      | 457,204      |
|   | 10,040,000                                                                                                                                                                                              |             |   | TSASC, Inc. New York, Series 1, 5.125%, 6/1/42                                                                                                                                                                                                                                                                                        |      | 9,125,758    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 26,651,313   |
|   |                                                                                                                                                                                                    |             |   | Ohio - 6.4%                                                                                                                                                                                                                                                                                                                           |      |         |
|   | 6,735,000                                                                                                                                                                                               |             |   | Buckeye Tobacco Settlement Financing Authority, 5.75%, 6/1/34                                                                                                                                                                                                                                                                         | $         | 5,804,694    |
|   | 8,000,000                                                                                                                                                                                               |             |   | Buckeye Tobacco Settlement Financing Authority, 5.875%, 6/1/47                                                                                                                                                                                                                                                                        |      | 6,891,920    |
|   | 8,555,000                                                                                                                                                                                               |             |   | Buckeye Tobacco Settlement Financing Authority, 6.0%, 6/1/42                                                                                                                                                                                                                                                                          |      | 7,456,452    |
|   | 5,010,000                                                                                                                                                                                               |             |   | Buckeye Tobacco Settlement Financing Authority, 6.5%, 6/1/47                                                                                                                                                                                                                                                                          |      | 4,639,510    |
|   | 1,150,000                                                                                                                                                                                               |             |   | County of Muskingum Ohio, Genesis Healthcare System, 5.0%, 2/15/33                                                                                                                                                                                                                                                                    |      | 1,192,872    |
|   | 5,000,000                                                                                                                                                                                               |             |   | County of Muskingum Ohio, Genesis Healthcare System, 5.0%, 2/15/48                                                                                                                                                                                                                                                                    |      | 5,119,550    |
|   | 2,900,000                                                                                                                                                                                               |             |   | Southeastern Ohio Port Authority, Marietta Aera Health Care, Inc., 6.0%, 12/1/42                                                                                                                                                                                                                                                      |      | 3,156,998    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 34,261,996   |
|   |                                                                                                                                                                                                    |             |   | Pennsylvania - 9.1%                                                                                                                                                                                                                                                                                                                   |      |         |
|   | 680,000                                                                                                                                                                                                 |             |   | Allegheny County Hospital Development Authority, Ohio Valley General Hospital, 5.125%, 4/1/35                                                                                                                                                                                                                                         | $         | 679,952      |
|   | 3,000,000                                                                                                                                                                                               |             |   | Pennsylvania Economic Development Financing Authority, Northwestern Human Services, Inc., 5.25%, 6/1/28                                                                                                                                                                                                                               | 3,001,830 |
|   | 2,005,000                                                                                                                                                                                               |             |   | Pennsylvania Economic Development Financing Authority, US Airways Group Series A, 7.5%, 5/1/20                                                                                                                                                                                                                                        |      | 2,297,088    |
|   | 8,445,000                                                                                                                                                                                               |             |   | Pennsylvania Economic Development Financing Authority, US Airways Group Series B, 8.0%, 5/1/29                                                                                                                                                                                                                                        |      | 9,935,205    |
|   | 2,500,000                                                                                                                                                                                               |             |   | Philadelphia Authority for Industrial Development, Green Woods Charter School, 5.5%, 6/15/32                                                                                                                                                                                                                                          |      | 2,575,975    |
|   | 5,200,000                                                                                                                                                                                               |             |   | Philadelphia Authority for Industrial Development, Green Woods Charter School, 5.75%, 6/15/42                                                                                                                                                                                                                                         |      | 5,374,200    |
|   | 2,200,000                                                                                                                                                                                               |             |   | Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, 6.5%, 6/1/45                                                                                                                                                                                                                                   |      | 2,192,828    |
|   | 1,000,000                                                                                                                                                                                               |             |   | Philadelphia Authority for Industrial Development, Performing Arts Charter School, 6.5%, 6/15/33 (144A)                                                                                                                                                                                                                               |      | 1,045,390    |
|   | 3,145,000                                                                                                                                                                                               |             |   | Philadelphia Authority for Industrial Development, Greater Philadelphia Health Action, 6.625%, 6/1/50                                                                                                                                                                                                                                 |      | 3,138,647    |
|   | 3,000,000                                                                                                                                                                                               |             |   | Philadelphia Authority for Industrial Development, Performing Arts Charter School,  6.75%, 6/15/43 (144A)                                                                                                                                                                                                                   |      | 3,148,800    |
|   | 6,000,000                                                                                                                                                                                               |             |   | Philadelphia Authority for Industrial Development, Nueva Esperanza, Inc., 8.2%, 12/1/43                                                                                                                                                                                                                                               |      | 6,632,940    |
|   | 4,000,000                                                                                                                                                                                               |             |   | Pottsville Hospital Authority Pennsylvania, Schuylkill Health System, 6.5%, 7/1/28                                                                                                                                                                                                                                                    |      | 4,293,200    |
|   | 4,000,000                                                                                                                                                                                               |             |   | The Hospitals & Higher Education Facilities Authority of Philadelphia, Temple University Health Systems, 5.625%, 7/1/42                                                                                                                                                                                                           | 4,284,440 |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 48,600,495   |
|   |                                                                                                                                                                                                    |             |   | Puerto Rico - 2.5%                                                                                                                                                                                                                                                                                                                    |      |         |
|   | 18,000,000                                                                                                                                                                                              |             |   | Commonwealth of Puerto Rico, 8.0%, 7/1/35                                                                                                                                                                                                                                                                                             | $         | 13,096,440   |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Rhode Island - 0.1%                                                                                                                                                                                                                                                                                                                   |      |         |
|   | 2,065,000                                                                                                                                                                                               |             |   | Central Falls Detention Facility Corp., 7.25%, 7/15/35 (c)                                                                                                                                                                                                                                                                            | $         | 514,474      |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Tennessee - 0.0%+                                                                                                                                                                                                                                                                                                                     |      |         |
|   | 5,000                                                                                                                                                                                                   |             |   | Johnson City Health & Educational Facilities Board, Appalachian Christian, 5.0%, 2/15/43                                                                                                                                                                                                                                          | $         | 5,146        |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Texas - 9.9%                                                                                                                                                                                                                                                                                                                          |      |         |
|   | 5,500,000                                                                                                                                                                                               |             |   | Arlington Higher Education Finance Corp., LTTS Charter School, Inc., 7.125%, 3/1/44                                                                                                                                                                                                                                                   | $         | 5,802,280    |
|   | 400,000                                                                                                                                                                                                 |             |   | City of Celina Texas, 5.375%, 9/1/28                                                                                                                                                                                                                                                                                                  |      | 393,088      |
|   | 1,000,000                                                                                                                                                                                               |             |   | City of Celina Texas, 5.5%, 9/1/24                                                                                                                                                                                                                                                                                                    |      | 986,950      |
|   | 250,000                                                                                                                                                                                                 |             |   | City of Celina Texas, 5.5%, 9/1/32                                                                                                                                                                                                                                                                                                    |      | 244,890      |
|   | 650,000                                                                                                                                                                                                 |             |   | City of Celina Texas, 5.875%, 9/1/40                                                                                                                                                                                                                                                                                                  |      | 634,205      |
|   | 1,075,000                                                                                                                                                                                               |             |   | City of Celina Texas, 6.0%, 9/1/30                                                                                                                                                                                                                                                                                                    |      | 1,055,306    |
|   | 2,700,000                                                                                                                                                                                               |             |   | City of Celina Texas, 6.25%, 9/1/40                                                                                                                                                                                                                                                                                                   |      | 2,636,604    |
|   | 500,000                                                                                                                                                                                                 |             |   | City of Mclendon-Chisholm Texas, Sonoma Public Import District Phase, 5.125%, 9/15/28                                                                                                                                                                                                                                                 |      | 495,340      |
|   | 450,000                                                                                                                                                                                                 |             |   | City of Mclendon-Chisholm Texas, Sonoma Public Import District Phase, 5.375%, 9/15/35                                                                                                                                                                                                                                                 |      | 444,564      |
|   | 400,000                                                                                                                                                                                                 |             |   | City of Mclendon-Chisholm Texas, Sonoma Public Import District Phase, 5.5%, 9/15/40                                                                                                                                                                                                                                                   |      | 394,636      |
|   | 234,442                                                                                                                                                                                                 |             |   | Gulf Coast Industrial Development Authority, Micrology Holdings LLC, 12/1/36 (c)(d)                                                                                                                                                                                                                                                   |      | 2            |
|   | 1,300,000                                                                                                                                                                                               |             |   | Kinney County Public Facilities Corp., 7.0%, 11/1/25                                                                                                                                                                                                                                                                                  |      | 1,174,784    |
|   | 2,000,000                                                                                                                                                                                               |             |   | La Vernia Higher Education Finance Corp., Meridian World School Series A, 5.5%, 8/15/45                                                                                                                                                                                                                                               |      | 2,012,200    |
|   | 14,850,000                                                                                                                                                                                              |             |   | Sanger Industrial Development Corp., Texas Pellets, Inc., 8.0%, 7/1/38                                                                                                                                                                                                                                                                |      | 15,972,516   |
|   | 2,250,000                                                                                                                                                                                               |             |   | Tarrant County Cultural Education Facilities Finance Corp., Mirador Project, 8.0%, 11/15/29                                                                                                                                                                                                                                           |      | 1,914,952    |
|   | 5,000,000                                                                                                                                                                                               |             |   | Tarrant County Cultural Education Facilities Finance Corp., Mirador Project, 8.125%, 11/15/39                                                                                                                                                                                                                                         |      | 4,254,700    |
|   | 120,000                                                                                                                                                                                                 |             |   | Tarrant County Cultural Education Facilities Finance Corp., MRC Crestview Project, 8.0%, 11/15/34                                                                                                                                                                                                                                     |      | 137,730      |
|   | 6,350,000                                                                                                                                                                                               |             |   | Tarrant County Cultural Education Facilities Finance Corp., MRC Crestview Project, 8.125%, 11/15/44                                                                                                                                                                                                                                   |      | 7,274,624    |
|   | 1,775,000                                                                                                                                                                                               |             |   | Tarrant County Cultural Education Facilities Finance Corp., Stayton At Museum Way, 8.0%, 11/15/28                                                                                                                                                                                                                                     |      | 1,787,993    |
|   | 5,000,000                                                                                                                                                                                               |             |   | Tarrant County Cultural Education Facilities Finance Corp., Stayton at Museum Way, 8.25%, 11/15/44                                                                                                                                                                                                                                    |      | 5,040,200    |
|   | 1,000,000                                                                                                                                                                                               |             |   | Texas Midwest Public Facility Corp., Secure Treatment Facility, 10/1/30 (c)(d)                                                                                                                                                                                                                                                        |      | 117,500      |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 52,775,064   |
|   |                                                                                                                                                                                                    |             |   | Utah - 1.8%                                                                                                                                                                                                                                                                                                                           |      |         |
|   | 1,285,000                                                                                                                                                                                               |             |   | Utah State Charter School Finance Authority, Summit Academy High School, 7.25%, 5/15/21                                                                                                                                                                                                                                               | $         | 1,410,030    |
|   | 1,985,000                                                                                                                                                                                               |             |   | Utah State Charter School Finance Authority, Summit Academy High School, 8.125%, 5/15/31                                                                                                                                                                                                                                              |      | 2,242,216    |
|   | 5,145,000                                                                                                                                                                                               |             |   | Utah State Charter School Finance Authority, Summit Academy High School, 8.5%, 5/15/41                                                                                                                                                                                                                                                |      | 5,890,150    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 9,542,396    |
|   |                                                                                                                                                                                                    |             |   | Virginia - 3.3%                                                                                                                                                                                                                                                                                                                       |      |         |
|   | 2,100,000                                                                                                                                                                                               |             |   | Cherry Hill Community Development Authority, Potomac Shores Project, 5.4%, 3/1/45                                                                                                                                                                                                                                                     | $         | 2,145,360    |
|   | 815,000                                                                                                                                                                                                 |             |   | Embrey Mill Community Development Authority, 5.3%, 3/1/35                                                                                                                                                                                                                                                                             |      | 817,885      |
|   | 4,685,000                                                                                                                                                                                               |             |   | Embrey Mill Community Development Authority, 5.6%, 3/1/45                                                                                                                                                                                                                                                                             |      | 4,701,304    |
|   | 12,870,000                                                                                                                                                                                              |             |   | Tobacco Settlement Financing Corp. Virginia, 5.0%, 6/1/47                                                                                                                                                                                                                                                                             |      | 9,959,063    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 17,623,612   |
|   |                                                                                                                                                                                                    |             |   | Washington - 2.7%                                                                                                                                                                                                                                                                                                                     |      |         |
|   | 3,500,000                                                                                                                                                                                               |             |   | Washington State Housing Finance Commission, Skyline at First Hill Project, 5.625%, 1/1/27                                                                                                                                                                                                                                            | $         | 3,514,245    |
|   | 10,610,000                                                                                                                                                                                              |             |   | Washington State Housing Finance Commission, Skyline at First Hill Project, 5.625%, 1/1/38                                                                                                                                                                                                                                            |      | 10,529,894   |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 14,044,139   |
|   |                                                                                                                                                                                                    |             |   | West Virginia - 3.9%                                                                                                                                                                                                                                                                                                                  |      |         |
|   | 25,000,000                                                                                                                                                                                              |             |   | City of Philippi West Virginia, Alderson-Broaddus College, 7.75%, 10/1/44 (c)                                                                                                                                                                                                                                                         | $         | 15,000,000   |
|   | 5,340,000                                                                                                                                                                                               |             |   | West Virginia Hospital Finance Authority, Highland Hospital, 9.125%, 10/1/41                                                                                                                                                                                                                                                          |      | 5,754,331    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 20,754,331   |
|   |                                                                                                                                                                                                    |             |   | Wisconsin - 4.6%                                                                                                                                                                                                                                                                                                                      |      |         |
|   | 1,590,000                                                                                                                                                                                               |             |   | Public Finance Authority, Coral Academy of Science, 5.625%, 7/1/44                                                                                                                                                                                                                                                                    | $         | 1,685,941    |
|   | 5,325,000                                                                                                                                                                                               |             |   | Public Finance Authority, Glenridge of Palmer Ranch, 8.25%, 6/1/46                                                                                                                                                                                                                                                                    |      | 6,661,468    |
|   | 5,057,500                                                                                                                                                                                               |             |   | Public Finance Authority, Las Ventanas Retirement Community, 7.0%, 10/1/42                                                                                                                                                                                                                                                            |      | 5,064,985    |
|   | 1,500,000                                                                                                                                                                                               |             |   | Public Finance Authority, Roseman University Health Sciences, 5.75%, 4/1/35                                                                                                                                                                                                                                                           |      | 1,540,185    |
|   | 4,150,000                                                                                                                                                                                               |             |   | Public Finance Authority, Roseman University Health Sciences, 5.875%, 4/1/45                                                                                                                                                                                                                                                          |      | 4,252,962    |
|   | 1,200,000                                                                                                                                                                                               |             |   | Public Finance Authority, Searstone Project, 8.375%, 6/1/20                                                                                                                                                                                                                                                                           |      | 1,204,009    |
|   | 2,815,000                                                                                                                                                                                               |             |   | Public Finance Authority, Voyager Foundation Inc., 6.2%, 10/1/42                                                                                                                                                                                                                                                                      |      | 3,020,129    |
|   | 1,245,000                                                                                                                                                                                               |             |   | Public Finance Authority, Voyager Foundation, Inc., 5.125%, 10/1/45                                                                                                                                                                                                                                                                   |      | 1,254,910    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  | $         | 24,684,589   |
|   |                                                                                                                                                                                                    |             |   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                 |      |         |
|   |                                                                                                                                                                                                    |             |   | (Cost $517,426,661)                                                                                                                                                                                                                                                                                                                   | $         | 520,056,036  |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | MUNICIPAL COLLATERALIZED DEBT OBLIGATION - 0.0%+                                                                                                                                                                                                                                                                                      |      |         |
|   | 1,175,000                                                                                                                                                                                               | 0.00             |   | Non-Profit Preferred Funding Trust I, Floating Rate Note, 9/15/37 (144A)                                                                                                                                                                                                                                                              | $         | 78,443       |
|   |                                                                                                                                                                                                    |             |   | TOTAL MUNICIPAL COLLATERALIZED DEBT OBLIGATION                                                                                                                                                                                                                                                                                        |      |         |
|   |                                                                                                                                                                                                    |             |   | (Cost $1,172,516)                                                                                                                                                                                                                                                                                                                     | $         | 78,443       |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | TOTAL INVESTMENT IN SECURITIES - 97.7%                                                                                                                                                                                                                                                                                                |      |         |
|   |                                                                                                                                                                                                    |             |   | (Cost $518,599,177) (a) (g)                                                                                                                                                                                                                                                                                                           | $         | 520,134,479  |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | OTHER ASSETS & LIABILITIES - 2.3%                                                                                                                                                                                                                                                                                                 | $         | 12,012,886   |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                             | $         | 532,147,365  |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | +                                                                                                                                                                                                       |             |   | Amount rounds to less than 0.01%.                                                                                                                                                                                                                                                                                                     |      |         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (144A)                                                                                                                                                                                                  |             |   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At November 30, 2015, the value of these securities amounted to $4,272,633 or 0.8% of total net assets. |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (a)                                                                                                                                                                                                     |             |   | At November 30, 2015, the net unrealized appreciation on investments based on cost for federal income tax purposes of $518,599,177 was as follows:                                                                                                                                                                                    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                             | $         | 40,581,613   |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                             |      | (39,046,311) |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   |                                                                                                                                                                                                    |             |   | Net unrealized appreciation                                                                                                                                                                                                                                                                                                           | $         | 1,535,302    |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (b)                                                                                                                                                                                                     |             |   | Debt obligation with a variable interest rate.  Rate shown is rate at end of period.                                                                                                                                                                                                                                        |      |         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (c)                                                                                                                                                                                                     |             |   | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                                   |      |         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (d)                                                                                                                                                                                                     |             |   | Security issued with a zero coupon.  Income is earned through accretion of discount.                                                                                                                                                                                                                                        |      |         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (e)                                                                                                                                                                                                     |             |   | Consists of Revenue Bonds unless otherwise indicated.                                                                                                                                                                                                                                                                                 |      |         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (f)                                                                                                                                                                                                     |             |   | Represents a General Obligation bond.                                                                                                                                                                                                                                                                                                 |      |         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | (g)                                                                                                                                                                                                     |             |   | The concentration of investments by type of obligation/market sector is as follows:                                                                                                                                                                                                                                                   |      |         |
|   |                                                                                                                                                                                                    |             |   | Revenue Bonds:                                                                                                                                                                                                                                                                                                                        |      |         |
|   |                                                                                                                                                                                                    |             |   | Health                                                                                                                                                                                                                                                                                                                                |      | 29.0%        |
|   |                                                                                                                                                                                                    |             |   | Special Revenues                                                                                                                                                                                                                                                                                                                      |      | 27.5%        |
|   |                                                                                                                                                                                                    |             |   | Education                                                                                                                                                                                                                                                                                                                             |      | 20.0%        |
|   |                                                                                                                                                                                                    |             |   | Various Revenues                                                                                                                                                                                                                                                                                                                      |      | 8.6%         |
|   |                                                                                                                                                                                                    |             |   | Pollution Control Revenue                                                                                                                                                                                                                                                                                                             |      | 7.5%         |
|   |                                                                                                                                                                                                    |             |   | General Obligation                                                                                                                                                                                                                                                                                                                    |      | 3.9%         |
|   |                                                                                                                                                                                                    |             |   | Transportation                                                                                                                                                                                                                                                                                                                        |      | 2.4%         |
|   |                                                                                                                                                                                                    |             |   | Housing                                                                                                                                                                                                                                                                                                                               |      | 0.6%         |
|   |                                                                                                                                                                                                    |             |   | Insured                                                                                                                                                                                                                                                                                                                               |      | 0.3%         |
|   |                                                                                                                                                                                                    |             |   | Escrowed                                                                                                                                                                                                                                                                                                                              |      | 0.2%         |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      | 100.0%       |
|   | Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                              |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | Level 1 – quoted prices in active markets for identical securities                                                                                                                                |             |   |
|   | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) 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.                            |
|   |                                                                                                                                                                                                    |             |   |                                                                                                                                                                                                                                                                                                                                  |      |         |
|   | The following is a summary of the inputs used as of November 30, 2015, in valuing the Fund's investments:                                                                                               |             |   |

|                                                                                          |   | Level 1 |   |   | Level 2 |   |        | Level 3 |   |   | Total  |   |
|-----------------------------------------------------------------------------------------------|--------|---------|--------|--------|---------|--------|-------------|---------|--------|--------|--------|--------|
| Municipal Bonds                                                                               |   | $       | -      |   |    | $      | 520,056,036 |    |   | $      | -      |   |   | $ | 520,056,036 |   |
| Municipal Collateralized Debt Obligation                                                      |   |    | -      |   |    |   | 78,443      |    |   |   | -      |   |   |   | 78,443 |   |
| Total                                                                                         |   | $       | -      |   |    | $      | 520,134,479 |    |   | $      | -      |   |   | $ | 520,134,479 |   |
|                                                                                          |   |    |   |   |    |   |        |    |   |   |   |   |   |   |   |   |
| During the period ended November 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |   |   |    |   |        |    |   |   |   |   |   |   |   |   |

|                                                                                                                                                             |      |   |   | Pioneer Global Equity Fund                                                                                                                                       |                                                                                      |                                                                          |   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------|--------|
|                                                                                                                                                             |      |   |   | Schedule of Investments 11/30/15 (unaudited)                                                                                                                     |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             | Shares    |   |   |                                                                                                                                                             |                                                                                      | Value                                                                         |   |
|                                                                                                                                                             |      |   |   | COMMON STOCKS - 98.1%                                                                                                                                            |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Energy - 0.9%                                                                                                                                                    |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Oil & Gas Equipment & Services - 0.9%                                                                                                                    |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 14,867    |   |   | Baker Hughes, Inc.                                                                                                                                               | $                                                                                         | 803,859                                                                       |   |
|                                                                                                                                                             | 11,160    |   |   | Schlumberger, Ltd.                                                                                                                                               |                                                                                      | 860,994                                                                       |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 1,664,853                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Energy                                                                                                                                                     | $                                                                                         | 1,664,853                                                                     |   |
|                                                                                                                                                             |      |   |   | Materials - 1.3%                                                                                                                                                 |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Commodity Chemicals - 1.1%                                                                                                                                       |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 9,431     |   |   | LyondellBasell Industries NV                                                                                                                                     | $                                                                                         | 903,678                                                                       |   |
|                                                                                                                                                             | 14,427    |   |   | Methanex Corp.                                                                                                                                                   |                                                                                      | 566,773                                                                       |   |
|                                                                                                                                                             | 12,389    |   |   | Methanex Corp.                                                                                                                                                   |                                                                                      | 485,897                                                                       |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 1,956,348                                                                     |   |
|                                                                                                                                                             |      |   |   | Specialty Chemicals - 0.2%                                                                                                                                       |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 6,600     |   |   | Nitto Denko Corp.                                                                                                                                                | $                                                                                         | 445,322                                                                       |   |
|                                                                                                                                                             |      |   |   | Total Materials                                                                                                                                                  | $                                                                                         | 2,401,670                                                                     |   |
|                                                                                                                                                             |      |   |   | Capital Goods - 3.5%                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Heavy Electrical Equipment - 2.3%                                                                                                                                |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 373,000   |   |   | Mitsubishi Electric Corp.                                                                                                                                        | $                                                                                         | 4,134,827                                                                     |   |
|                                                                                                                                                             |      |   |   | Construction & Farm Machinery & Heavy Trucks - 0.4%                                                                                                      |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 5,999     |   |   | WABCO Holdings, Inc. *                                                                                                                                           | $                                                                                         | 644,773                                                                       |   |
|                                                                                                                                                             |      |   |   | Industrial Machinery - 0.8%                                                                                                                                      |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 24,711    |   |   | Ingersoll-Rand Plc                                                                                                                                               | $                                                                                         | 1,449,794                                                                     |   |
|                                                                                                                                                             | 23,400    |   |   | Sarine Technologies, Ltd.                                                                                                                                        |                                                                                      | 21,388                                                                        |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 1,471,182                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Capital Goods                                                                                                                                              | $                                                                                         | 6,250,782                                                                     |   |
|                                                                                                                                                             |      |   |   | Commercial Services & Supplies - 1.0%                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Diversified Support Services - 0.2%                                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 16,335    |   |   | TransUnion                                                                                                                                                       | $                                                                                         | 417,686                                                                       |   |
|                                                                                                                                                             |      |   |   | Human Resource & Employment Services - 0.8%                                                                                                                  |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 10,593    |   |   | Towers Watson & Co.                                                                                                                                          | $                                                                                         | 1,424,864                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Commercial Services & Supplies                                                                                                                         | $                                                                                         | 1,842,550                                                                     |   |
|                                                                                                                                                             |      |   |   | Transportation - 2.8%                                                                                                                                            |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Airlines - 2.4%                                                                                                                                                  |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 40,206    |   |   | American Airlines Group, Inc.                                                                                                                                    | $                                                                                         | 1,658,900                                                                     |   |
|                                                                                                                                                             | 109,377   |   |   | easyJet Plc                                                                                                                                                      |                                                                                      | 2,720,581                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 4,379,481                                                                     |   |
|                                                                                                                                                             |      |   |   | Trucking - 0.4%                                                                                                                                                  |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 17,975    |   |   | DSV A/S                                                                                                                                                          | $                                                                                         | 698,365                                                                       |   |
|                                                                                                                                                             |      |   |   | Total Transportation                                                                                                                                             | $                                                                                         | 5,077,846                                                                     |   |
|                                                                                                                                                             |      |   |   | Automobiles & Components - 2.9%                                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Auto Parts & Equipment - 0.7%                                                                                                                                |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 84,104    |   |   | SAF-Holland SA *                                                                                                                                                 | $                                                                                         | 1,172,543                                                                     |   |
|                                                                                                                                                             |      |   |   | Tires & Rubber - 0.9%                                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 47,900    |   |   | Bridgestone Corp.                                                                                                                                                | $                                                                                         | 1,706,705                                                                     |   |
|                                                                                                                                                             |      |   |   | Automobile Manufacturers - 1.3%                                                                                                                                  |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 25,886    |   |   | Daimler AG                                                                                                                                                       | $                                                                                         | 2,317,267                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Automobiles & Components                                                                                                                               | $                                                                                         | 5,196,515                                                                     |   |
|                                                                                                                                                             |      |   |   | Consumer Durables & Apparel - 3.1%                                                                                                                           |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Consumer Electronics - 0.7%                                                                                                                                      |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 114,500   |   |   | Panasonic Corp.                                                                                                                                                  | $                                                                                         | 1,301,346                                                                     |   |
|                                                                                                                                                             |      |   |   | Homebuilding - 2.4%                                                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 29,613    |   |   | PulteGroup, Inc.                                                                                                                                                 | $                                                                                         | 576,861                                                                       |   |
|                                                                                                                                                             | 304,200   |   |   | Sekisui Chemical Co., Ltd.                                                                                                                                       |                                                                                      | 3,628,956                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 4,205,817                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Consumer Durables & Apparel                                                                                                                            | $                                                                                         | 5,507,163                                                                     |   |
|                                                                                                                                                             |      |   |   | Consumer Services - 2.0%                                                                                                                                         |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Hotels, Resorts & Cruise Lines - 1.4%                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 63,916    |   |   | InterContinental Hotels Group Plc                                                                                                                                | $                                                                                         | 2,449,498                                                                     |   |
|                                                                                                                                                             |      |   |   | Restaurants - 0.6%                                                                                                                                               |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 73,579    |   |   | Domino's Pizza Group Plc                                                                                                                                         | $                                                                                         | 1,163,857                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Consumer Services                                                                                                                                          | $                                                                                         | 3,613,355                                                                     |   |
|                                                                                                                                                             |      |   |   | Media - 2.1%                                                                                                                                                     |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Advertising - 0.5%                                                                                                                                               |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 14,227    |   |   | Publicis Groupe SA                                                                                                                                               | $                                                                                         | 897,273                                                                       |   |
|                                                                                                                                                             |      |   |   | Broadcasting - 1.6%                                                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 56,101    |   |   | CBS Corp. (Class B)                                                                                                                                              | $                                                                                         | 2,831,978                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Media                                                                                                                                                      | $                                                                                         | 3,729,251                                                                     |   |
|                                                                                                                                                             |      |   |   | Retailing - 1.6%                                                                                                                                                 |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Internet Retail - 0.2%                                                                                                                                           |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 22,526    |   |   | Vipshop Holdings, Ltd. (A.D.R.) *                                                                                                                                | $                                                                                         | 372,355                                                                       |   |
|                                                                                                                                                             |      |   |   | Apparel Retail - 1.4%                                                                                                                                            |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 35,260    |   |   | The TJX Companies, Inc.                                                                                                                                          | $                                                                                         | 2,489,356                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Retailing                                                                                                                                                  | $                                                                                         | 2,861,711                                                                     |   |
|                                                                                                                                                             |      |   |   | Food & Staples Retailing - 5.4%                                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Drug Retail - 4.3%                                                                                                                                               |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 53,013    |   |   | CVS Health Corp.                                                                                                                                                 | $                                                                                         | 4,987,993                                                                     |   |
|                                                                                                                                                             | 40,200    |   |   | Sundrug Co., Ltd.                                                                                                                                                |                                                                                      | 2,592,768                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 7,580,761                                                                     |   |
|                                                                                                                                                             |      |   |   | Food Retail - 1.1%                                                                                                                                               |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 23,800    |   |   | Walgreens Boots Alliance, Inc.                                                                                                                                   | $                                                                                         | 1,999,914                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Food & Staples Retailing                                                                                                                               | $                                                                                         | 9,580,675                                                                     |   |
|                                                                                                                                                             |      |   |   | Food, Beverage & Tobacco - 3.3%                                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Soft Drinks - 1.6%                                                                                                                                               |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 260,017   |   |   | Britvic Plc                                                                                                                                                      | $                                                                                         | 2,809,254                                                                     |   |
|                                                                                                                                                             |      |   |   | Packaged Foods & Meats - 0.6%                                                                                                                                |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 9,800     |   |   | Keurig Green Mountain, Inc.                                                                                                                                      | $                                                                                         | 513,520                                                                       |   |
|                                                                                                                                                             | 1,259,500 |   |   | WH Group, Ltd. *                                                                                                                                                 |                                                                                      | 648,523                                                                       |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 1,162,043                                                                     |   |
|                                                                                                                                                             |      |   |   | Tobacco - 1.1%                                                                                                                                                   |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 53,400    |   |   | Japan Tobacco, Inc.                                                                                                                                              | $                                                                                         | 1,915,484                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Food, Beverage & Tobacco                                                                                                                               | $                                                                                         | 5,886,781                                                                     |   |
|                                                                                                                                                             |      |   |   | Health Care Equipment & Services - 5.5%                                                                                                                      |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Health Care Equipment - 0.7%                                                                                                                                     |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 7,510     |   |   | Edwards Lifesciences Corp. *                                                                                                                                     | $                                                                                         | 1,224,130                                                                     |   |
|                                                                                                                                                             |      |   |   | Health Care Distributors - 3.4%                                                                                                                                  |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 69,623    |   |   | Cardinal Health, Inc.                                                                                                                                            | $                                                                                         | 6,046,758                                                                     |   |
|                                                                                                                                                             |      |   |   | Managed Health Care - 0.5%                                                                                                                                       |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 5,216     |   |   | Humana, Inc.                                                                                                                                                     | $                                                                                         | 879,731                                                                       |   |
|                                                                                                                                                             |      |   |   | Health Care Technology - 0.9%                                                                                                                                    |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 67,031    |   |   | NNIT A/S                                                                                                                                                         | $                                                                                         | 1,595,731                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Health Care Equipment & Services                                                                                                                       | $                                                                                         | 9,746,350                                                                     |   |
|                                                                                                                                                             |      |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 15.1%                                                                                                       |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Biotechnology - 2.4%                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 72,458    |   |   | Baxalta, Inc.                                                                                                                                                    | $                                                                                         | 2,491,106                                                                     |   |
|                                                                                                                                                             | 17,250    |   |   | Gilead Sciences, Inc. *                                                                                                                                          |                                                                                      | 1,827,810                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 4,318,916                                                                     |   |
|                                                                                                                                                             |      |   |   | Pharmaceuticals - 12.0%                                                                                                                                          |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 9,131     |   |   | Jazz Pharmaceuticals Plc *                                                                                                                                       | $                                                                                         | 1,338,513                                                                     |   |
|                                                                                                                                                             | 56,577    |   |   | Johnson & Johnson                                                                                                                                            |                                                                                      | 5,727,855                                                                     |   |
|                                                                                                                                                             | 27,986    |   |   | Merck & Co., Inc.                                                                                                                                            |                                                                                      | 1,483,538                                                                     |   |
|                                                                                                                                                             | 40,041    |   |   | Novartis AG                                                                                                                                                      |                                                                                      | 3,419,892                                                                     |   |
|                                                                                                                                                             | 133,112   |   |   | Pfizer, Inc.                                                                                                                                                     |                                                                                      | 4,362,080                                                                     |   |
|                                                                                                                                                             | 16,808    |   |   | Roche Holding AG                                                                                                                                                 |                                                                                      | 4,498,571                                                                     |   |
|                                                                                                                                                             | 8,384     |   |   | Shire Plc                                                                                                                                                        |                                                                                      | 583,423                                                                       |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 21,413,872                                                                    |   |
|                                                                                                                                                             |      |   |   | Life Sciences Tools & Services - 0.7%                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 9,476     |   |   | Thermo Fisher Scientific, Inc.                                                                                                                                   | $                                                                                         | 1,311,478                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                         | $                                                                                         | 27,044,266                                                                    |   |
|                                                                                                                                                             |      |   |   | Banks - 11.5%                                                                                                                                                    |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Diversified Banks - 8.9%                                                                                                                                         |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 254,576   |   |   | Aldermore Group Plc                                                                                                                                              | $                                                                                         | 900,850                                                                       |   |
|                                                                                                                                                             | 160,377   |   |   | Grupo Financiero Banorte SAB de CV                                                                                                                               |                                                                                      | 860,104                                                                       |   |
|                                                                                                                                                             | 62,598    |   |   | JPMorgan Chase & Co.                                                                                                                                         |                                                                                      | 4,174,035                                                                     |   |
|                                                                                                                                                             | 518,700   |   |   | Mitsubishi UFJ Financial Group, Inc.                                                                                                                             |                                                                                      | 3,334,153                                                                     |   |
|                                                                                                                                                             | 202,291   |   |   | Nordea Bank AB                                                                                                                                                   |                                                                                      | 2,241,230                                                                     |   |
|                                                                                                                                                             | 85,200    |   |   | Sumitomo Mitsui Financial Group, Inc.                                                                                                                            |                                                                                      | 3,254,353                                                                     |   |
|                                                                                                                                                             | 51,636    |   |   | Swedbank AB                                                                                                                                                      |                                                                                      | 1,143,174                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 15,907,899                                                                    |   |
|                                                                                                                                                             |      |   |   | Regional Banks - 2.6%                                                                                                                                            |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 35,000    |   |   | Citizens Financial Group, Inc.                                                                                                                                   | $                                                                                         | 932,050                                                                       |   |
|                                                                                                                                                             | 38,836    |   |   | The PNC Financial Services Group, Inc.                                                                                                                           |                                                                                      | 3,709,226                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 4,641,276                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Banks                                                                                                                                                      | $                                                                                         | 20,549,175                                                                    |   |
|                                                                                                                                                             |      |   |   | Diversified Financials - 7.4%                                                                                                                                    |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Other Diversified Financial Services - 1.4%                                                                                                                      |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 60,287    |   |   | Voya Financial, Inc.                                                                                                                                             | $                                                                                         | 2,453,681                                                                     |   |
|                                                                                                                                                             |      |   |   | Specialized Finance - 2.6%                                                                                                                                       |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 9,169     |   |   | Intercontinental Exchange, Inc.                                                                                                                                  | $                                                                                         | 2,382,473                                                                     |   |
|                                                                                                                                                             | 39,940    |   |   | Nasdaq, Inc.                                                                                                                                                     |                                                                                      | 2,341,283                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 4,723,756                                                                     |   |
|                                                                                                                                                             |      |   |   | Consumer Finance - 1.4%                                                                                                                                          |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 43,372    |   |   | Discover Financial Services, Inc.                                                                                                                                | $                                                                                         | 2,461,795                                                                     |   |
|                                                                                                                                                             |      |   |   | Investment Banking & Brokerage - 2.0%                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 68,441    |   |   | Morgan Stanley Co.                                                                                                                                               | $                                                                                         | 2,347,526                                                                     |   |
|                                                                                                                                                             | 6,976     |   |   | The Goldman Sachs Group, Inc.                                                                                                                                    |                                                                                      | 1,325,580                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 3,673,106                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Diversified Financials                                                                                                                                     | $                                                                                         | 13,312,338                                                                    |   |
|                                                                                                                                                             |      |   |   | Insurance - 3.5%                                                                                                                                                 |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Life & Health Insurance - 0.6%                                                                                                                               |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 142,685   |   |   | Poste Italiane S.p.A.                                                                                                                                            | $                                                                                         | 1,062,563                                                                     |   |
|                                                                                                                                                             |      |   |   | Multi-line Insurance - 2.9%                                                                                                                                      |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 28,930    |   |   | Allianz SE *                                                                                                                                                     | $                                                                                         | 5,125,742                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Insurance                                                                                                                                                  | $                                                                                         | 6,188,305                                                                     |   |
|                                                                                                                                                             |      |   |   | Real Estate - 1.1%                                                                                                                                               |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Diversified Real Estate Activities - 1.1%                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 328,000   |   |   | Leopalace21 Corp.                                                                                                                                                | $                                                                                         | 1,921,175                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Real Estate                                                                                                                                                | $                                                                                         | 1,921,175                                                                     |   |
|                                                                                                                                                             |      |   |   | Software & Services - 11.7%                                                                                                                                  |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Internet Software & Services - 5.0%                                                                                                                          |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 4,675     |   |   | Alphabet, Inc.                                                                                                                                                   | $                                                                                         | 3,566,324                                                                     |   |
|                                                                                                                                                             | 4,892     |   |   | Alphabet, Inc.                                                                                                                                                   |                                                                                      | 3,632,799                                                                     |   |
|                                                                                                                                                             | 57,401    |   |   | eBay, Inc. *                                                                                                                                                     |                                                                                      | 1,698,496                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 8,897,619                                                                     |   |
|                                                                                                                                                             |      |   |   | Data Processing & Outsourced Services - 2.3%                                                                                                                 |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 49,281    |   |   | PayPal Holdings, Inc.                                                                                                                                            | $                                                                                         | 1,737,648                                                                     |   |
|                                                                                                                                                             | 31,058    |   |   | Visa, Inc.                                                                                                                                                       |                                                                                      | 2,453,893                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 4,191,541                                                                     |   |
|                                                                                                                                                             |      |   |   | Systems Software - 4.4%                                                                                                                                          |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 145,544   |   |   | Microsoft Corp.                                                                                                                                                  | $                                                                                         | 7,910,315                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Software & Services                                                                                                                                    | $                                                                                         | 20,999,475                                                                    |   |
|                                                                                                                                                             |      |   |   | Technology Hardware & Equipment - 7.7%                                                                                                                       |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Communications Equipment - 0.6%                                                                                                                                  |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 22,127    |   |   | Qualcomm, Inc.                                                                                                                                                   | $                                                                                         | 1,079,576                                                                     |   |
|                                                                                                                                                             |      |   |   | Computer Storage & Peripherals - 4.5%                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 58,839    |   |   | Apple, Inc.                                                                                                                                                      | $                                                                                         | 6,960,654                                                                     |   |
|                                                                                                                                                             | 42,955    |   |   | EMC Corp.                                                                                                                                                        |                                                                                      | 1,088,480                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 8,049,134                                                                     |   |
|                                                                                                                                                             |      |   |   | Technology Hardware, Storage & Peripherals - 1.3%                                                                                                            |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 76,662    |   |   | NetApp, Inc.                                                                                                                                                     | $                                                                                         | 2,350,457                                                                     |   |
|                                                                                                                                                             |      |   |   | Electronic Equipment Manufacturers - 1.1%                                                                                                                        |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 922,000   |   |   | PAX Global Technology, Ltd. *                                                                                                                                    | $                                                                                         | 1,138,054                                                                     |   |
|                                                                                                                                                             | 690,000   |   |   | Wasion Group Holdings, Ltd.                                                                                                                                      |                                                                                      | 786,985                                                                       |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 1,925,039                                                                     |   |
|                                                                                                                                                             |      |   |   | Electronic Manufacturing Services - 0.2%                                                                                                                         |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 95,000    |   |   | Global Display Co., Ltd.                                                                                                                                         | $                                                                                         | 315,619                                                                       |   |
|                                                                                                                                                             |      |   |   | Total Technology Hardware & Equipment                                                                                                                        | $                                                                                         | 13,719,825                                                                    |   |
|                                                                                                                                                             |      |   |   | Semiconductors & Semiconductor Equipment - 1.2%                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Semiconductors - 1.2%                                                                                                                                            |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 501,000   |   |   | Advanced Semiconductor Engineering, Inc.                                                                                                                         | $                                                                                         | 536,866                                                                       |   |
|                                                                                                                                                             | 60,037    |   |   | SK Hynix, Inc.                                                                                                                                                   |                                                                                      | 1,636,971                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 2,173,837                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Semiconductors & Semiconductor Equipment                                                                                                               | $                                                                                         | 2,173,837                                                                     |   |
|                                                                                                                                                             |      |   |   | Telecommunication Services - 3.5%                                                                                                                                |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Integrated Telecommunication Services - 3.5%                                                                                                                     |                                                                                      |                                                                          |   |
|                                                                                                                                                             | 79,022    |   |   | Euskaltel SA                                                                                                                                                     | $                                                                                         | 977,787                                                                       |   |
|                                                                                                                                                             | 92,200    |   |   | Nippon Telegraph & Telephone Corp.                                                                                                                           |                                                                                      | 3,426,666                                                                     |   |
|                                                                                                                                                             | 108,394   |   |   | Orange SA                                                                                                                                                        |                                                                                      | 1,872,635                                                                     |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             | $                                                                                         | 6,277,088                                                                     |   |
|                                                                                                                                                             |      |   |   | Total Telecommunication Services                                                                                                                                 | $                                                                                         | 6,277,088                                                                     |   |
|                                                                                                                                                             |      |   |   | TOTAL COMMON STOCKS                                                                                                                                              |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | (Cost $164,896,113)                                                                                                                                              | $                                                                                         | 175,544,986                                                                   |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | TOTAL INVESTMENT IN SECURITIES - 98.1%                                                                                                                           |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | (Cost $164,896,113) (a)                                                                                                                                          | $                                                                                         | 175,544,986                                                                   |   |
|                                                                                                                                                             |      |   |   | OTHER ASSETS & LIABILITIES - 1.9%                                                                                                                            | $                                                                                         | 3,481,332                                                                     |   |
|                                                                                                                                                             |      |   |   | TOTAL NET ASSETS - 100.0%                                                                                                                                        | $                                                                                         | 179,026,318                                                                   |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             | *         |   |   | Non-income producing security.                                                                                                                                   |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             | (A.D.R.)  |   |   | American Depositary Receipts.                                                                                                                                    |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             | (a)       |   |   | At November 30, 2015, the net unrealized appreciation (depreciation) on investments basedon cost for federal income tax purposes of $165,042,936 was as follows: |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Aggregate gross unrealized appreciation for all investments in whichthere is an excess of value over tax cost                                                    |  $          17,229,535             |                                                                          |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Aggregate gross unrealized depreciation for all investments in whichthere is an excess of tax cost over value                                                    |              (6,727,485) |                                                                          |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | Net unrealized appreciation                                                                                                                                      |                                                                                      |  $          10,502,050 |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             | (b)       |   |   | Distributions of investments by country of issue, as a percentage of total investment in                                                                         |                                                                                      |
|                                                                                                                                                             |      |   |   | securities (excluding temporary cash investments), is as follows:                                                                                                |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
|                                                                                                                                                             |      |   |   | United States                                                                                                                                                    |                                                                                      | 56.2                                                                          | %      |
|                                                                                                                                                             |      |   |   | Japan                                                                                                                                                            |                                                                                      | 15.8                                                                          | %      |
|                                                                                                                                                             |      |   |   | United Kingdom                                                                                                                                                   |                                                                                      | 6.1                                                                           | %      |
|                                                                                                                                                             |      |   |   | Switzerland                                                                                                                                                      |                                                                                      | 4.5                                                                           | %      |
|                                                                                                                                                             |      |   |   | Germany                                                                                                                                                          |                                                                                      | 4.2                                                                           | %      |
|                                                                                                                                                             |      |   |   | Sweden                                                                                                                                                           |                                                                                      | 1.9                                                                           | %      |
|                                                                                                                                                             |      |   |   | Ireland                                                                                                                                                          |                                                                                      | 1.6                                                                           | %      |
|                                                                                                                                                             |      |   |   | France                                                                                                                                                           |                                                                                      | 1.6                                                                           | %      |
|                                                                                                                                                             |      |   |   | Hong Kong                                                                                                                                                        |                                                                                      | 1.5                                                                           | %      |
|                                                                                                                                                             |      |   |   | Denmark                                                                                                                                                          |                                                                                      | 1.3                                                                           | %      |
|                                                                                                                                                             |      |   |   | South Korea                                                                                                                                                      |                                                                                      | 1.1                                                                           | %      |
|                                                                                                                                                             |      |   |   | Other (individually less than 1%)                                                                                                                                |                                                                                      | 4.2                                                                           | %      |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      | 100.0                                                                         | %      |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
| Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
| Level 1 – quoted prices in active markets for identical securities.                                                                                        |      |   |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)       |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                                  |      |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |
| The following is a summary of the inputs used as of November 30, 2015, in valuing the Fund’s assets:                                                       |      |   |   |
|                                                                                                                                                             |      |   |   |                                                                                                                                                             |                                                                                      |                                                                          |   |

|                                                                                          |   | Level 1 |        |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|-----------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                 |   |    |        |   |    |   |       |    |   |   |   |   |
| Materials                                                                                     |   |    |        |   |    |   |       |    |   |   |   |   |
|   Specialty Chemicals                                                               |   |    | -           |   |    |   | 445,322    |    |   |   | -      |   |   |   | 445,322 |   |
| Capital Goods                                                                                 |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Heavy Electrical Equipment                                                        |   |    | -           |   |    |   | 4,134,827  |    |   |   | -      |   |   |   | 4,134,827 |   |
|   Industrial Machinery                                                              |   |    | -           |   |    |   | 21,388     |    |   |   | -      |   |   |   | 21,388 |   |
| Transportation                                                                                |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Airlines                                                                          |   |    | 1,658,900   |   |    |   | 2,720,581  |    |   |   | -      |   |   |   | 4,379,481 |   |
|   Trucking                                                                          |   |    | -           |   |    |   | 698,365    |    |   |   | -      |   |   |   | 698,365 |   |
| Automobiles & Components                                                                  |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Auto Parts & Equipment                                                        |   |    | -           |   |    |   | 1,172,543  |    |   |   | -      |   |   |   | 1,172,543 |   |
|   Tires & Rubber                                                                |   |    | -           |   |    |   | 1,706,705  |    |   |   | -      |   |   |   | 1,706,705 |   |
|   Automobile Manufacturers                                                          |   |    | -           |   |    |   | 2,317,267  |    |   |   | -      |   |   |   | 2,317,267 |   |
| Consumer Durables & Apparel                                                               |   |    | -           |   |    |   | -          |    |   |   | -      |   |   |   | - |   |
|   Consumer Electronics                                                              |   |    | -           |   |    |   | 1,301,346  |    |   |   | -      |   |   |   | 1,301,346 |   |
|   Homebuilding                                                                      |   |    | 576,861     |   |    |   | 3,628,956  |    |   |   | -      |   |   |   | 4,205,817 |   |
| Consumer Services                                                                             |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Hotels, Resorts & Cruise Lines                                                |   |    | -           |   |    |   | 2,449,498  |    |   |   | -      |   |   |   | 2,449,498 |   |
|   Restaurants                                                                       |   |    | -           |   |    |   | 1,163,857  |    |   |   | -      |   |   |   | 1,163,857 |   |
| Media                                                                                         |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Advertising                                                                       |   |    | -           |   |    |   | 897,273    |    |   |   | -      |   |   |   | 897,273 |   |
| Food & Staples Retailing                                                                  |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Drug Retail                                                                       |   |    | 4,987,993   |   |    |   | 2,592,768  |    |   |   | -      |   |   |   | 7,580,761 |   |
| Food, Beverage & Tobacco                                                                  |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Soft Drinks                                                                       |   |    | -           |   |    |   | 2,809,254  |    |   |   | -      |   |   |   | 2,809,254 |   |
|   Packaged Foods & Meats                                                        |   |    | 513,520     |   |    |   | 648,523    |    |   |   | -      |   |   |   | 1,162,043 |   |
|   Tobacco                                                                           |   |    | -           |   |    |   | 1,915,484  |    |   |   | -      |   |   |   | 1,915,484 |   |
| Health Care Equipment & Services                                                          |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Health Care Technology                                                            |   |    | -           |   |    |   | 1,595,731  |    |   |   | -      |   |   |   | 1,595,731 |   |
| Pharmaceuticals, Biotechnology & Life Sciences                                            |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Pharmaceuticals                                                                   |   |    | 12,911,986  |   |    |   | 8,501,886  |    |   |   | -      |   |   |   | 21,413,872 |   |
| Banks                                                                                         |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Diversified Banks                                                                 |   |    | 5,034,139   |   |    |   | 10,873,760 |    |   |   | -      |   |   |   | 15,907,899 |   |
| Insurance                                                                                     |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Life & Health Insurance                                                       |   |    | -           |   |    |   | 1,062,563  |    |   |   | -      |   |   |   | 1,062,563 |   |
|   Multi-line Insurance                                                              |   |    | -           |   |    |   | 5,125,742  |    |   |   | -      |   |   |   | 5,125,742 |   |
| Real Estate                                                                                   |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Diversified Real Estate Activities                                                |   |    | -           |   |    |   | 1,921,175  |    |   |   | -      |   |   |   | 1,921,175 |   |
| Technology Hardware & Equipment                                                           |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Electronic Equipment Manufacturers                                                |   |    | -           |   |    |   | 1,925,039  |    |   |   | -      |   |   |   | 1,925,039 |   |
|   Electronic Manufacturing Services                                                 |   |    | -           |   |    |   | 315,619    |    |   |   | -      |   |   |   | 315,619 |   |
| Semiconductors & Semiconductor Equipment                                                  |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Semiconductors                                                                    |   |    | -           |   |    |   | 2,173,837  |    |   |   | -      |   |   |   | 2,173,837 |   |
| Telecommunication Services                                                                    |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
|   Integrated Telecommunication Services                                             |   |    | -           |   |    |   | 6,277,088  |    |   |   | -      |   |   |   | 6,277,088 |   |
| All Other Common Stocks                                                                       |   |    | 79,465,190  |   |    |   | -          |    |   |   | -      |   |   |   | 79,465,190 |   |
| Total                                                                                         |   | $       | 105,148,589 |   |    | $      | 70,396,397 |    |   | $      | -      |   |   | $ | 175,544,986 |   |
|                                                                                          |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
| During the period ended November 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |       |    |   |   |   |   |   |