```

                                                             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 811-01835

                         Pioneer Variable Contracts Trust
               (Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end:  December 31

Date of reporting period:  September 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 Emerging Markets VCT Portfolio                                                                                                                                                    |   |                                          |    |   |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|--------|--------|
|                                                                                                                                                                                                                     |                 |             |   | Schedule of Investments 9/30/15 (unaudited)                                                                                                                                               |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | Shares               |             |   |                                                                                                                                                                                      |   | Value                                         |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | PREFERRED STOCKS - 0.7%                                                                                                                                                                   |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Banks - 0.6%                                                                                                                                                                              |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Diversified Banks - 0.6%                                                                                                                                                                  |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 28,161               |             |   | Itau Unibanco Holding SA                                                                                                                                                                  | $      | 187,464                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Banks                                                                                                                                                                               | $      | 187,464                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Technology Hardware & Equipment - 0.1%                                                                                                                                                |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Computer Hardware Storage & Peripherals - 0.1%                                                                                                                                        |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 36                   |             |   | Samsung Electronics Co., Ltd.                                                                                                                                                             | $      | 28,044                                        |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                 | $      | 28,044                                        |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | TOTAL PREFERRED STOCKS                                                                                                                                                                    |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | (Cost $310,874)                                                                                                                                                                           | $      | 215,508                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | COMMON STOCKS - 87.7%                                                                                                                                                                     |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Energy - 8.2%                                                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Oil & Gas Equipment & Services - 5.6%                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 50                   |             |   | Dayang Enterprise Holdings Bhd                                                                                                                                                            | $      | 19                                            |    |   |   |
|                                                                                                                                                                                                                     | 537,210              |             |   | TMK PAO (G.D.R.)                                                                                                                                                                          |   | 1,663,893                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      | $      | 1,663,912                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Oil & Gas Refining & Marketing - 2.1%                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 7,169,945            |             |   | KenolKobil, Ltd. Group                                                                                                                                                                    | $      | 609,177                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Coal & Consumable Fuels - 0.5%                                                                                                                                                        |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 29,943               |             |   | Coal India, Ltd.                                                                                                                                                                          | $      | 148,795                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Energy                                                                                                                                                                              | $      | 2,421,884                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Materials - 7.2%                                                                                                                                                                          |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Fertilizers & Agricultural Chemicals - 2.5%                                                                                                                                           |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 52,881               |             |   | PhosAgro OAO (G.D.R.)                                                                                                                                                                     | $      | 730,218                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Construction Materials - 1.0%                                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 40,719               |             |   | Cemex SAB de CV (A.D.R.) *                                                                                                                                                                | $      | 284,626                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Diversified Metals & Mining - 3.7%                                                                                                                                                    |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 5,780,000            |             |   | MMG, Ltd. *                                                                                                                                                                               | $      | 1,094,042                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Steel - 0.0%+                                                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 2                    |             |   | POSCO                                                                                                                                                                                     | $      | 282                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Materials                                                                                                                                                                           | $      | 2,109,168                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Capital Goods - 5.5%                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Construction & Engineering - 4.3%                                                                                                                                                     |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 137,894              |             |   | Astaldi S.p.A.                                                                                                                                                                            | $      | 1,257,955                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Industrial Machinery - 1.2%                                                                                                                                                               |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 163,500              |             |   | China Conch Venture Holdings, Ltd. *                                                                                                                                                      | $      | 348,257                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Capital Goods                                                                                                                                                                       | $      | 1,606,212                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Transportation - 5.2%                                                                                                                                                                     |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Air Freight & Logistics - 0.6%                                                                                                                                                        |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 218,647              |             |   | Aramex PJSC                                                                                                                                                                               | $      | 187,896                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Airlines - 4.6%                                                                                                                                                                           |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 3,526,281            |             |   | Air Arabia PJSC                                                                                                                                                                           | $      | 1,346,384                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Transportation                                                                                                                                                                      | $      | 1,534,280                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Automobiles & Components - 4.8%                                                                                                                                                       |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Auto Parts & Equipment - 4.8%                                                                                                                                                         |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 311,254              |             |   | Tupy SA                                                                                                                                                                                   | $      | 1,406,851                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Automobiles & Components                                                                                                                                                        | $      | 1,406,851                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Consumer Durables & Apparel - 7.7%                                                                                                                                                    |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Leisure Products - 7.7%                                                                                                                                                                   |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 5,070,000            |             |   | Goodbaby International Holdings, Ltd.                                                                                                                                                     | $      | 2,259,193                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Consumer Durables & Apparel                                                                                                                                                     | $      | 2,259,193                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Consumer Services - 0.0%+                                                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Casinos & Gaming - 0.0%+                                                                                                                                                              |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 1,339                |             |   | NagaCorp, Ltd.                                                                                                                                                                            | $      | 806                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Consumer Services                                                                                                                                                                   | $      | 806                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Media - 1.6%                                                                                                                                                                              |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Cable & Satellite - 1.6%                                                                                                                                                              |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 3,772                |             |   | Naspers, Ltd.                                                                                                                                                                             | $      | 473,145                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Media                                                                                                                                                                               | $      | 473,145                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Retailing - 2.5%                                                                                                                                                                          |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Specialty Stores - 2.5%                                                                                                                                                                   |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 35,710               |             |   | FF Group *                                                                                                                                                                                | $      | 726,747                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Retailing                                                                                                                                                                           | $      | 726,747                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Food, Beverage & Tobacco - 0.9%                                                                                                                                                       |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Packaged Foods & Meats - 0.4%                                                                                                                                                         |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 315,141              |             |   | Flour Mills of Nigeria Plc                                                                                                                                                                | $      | 35,097                                        |    |   |   |
|                                                                                                                                                                                                                     | 42,507               |             |   | Marfrig Global Foods SA *                                                                                                                                                                 |   | 76,531                                        |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      | $      | 111,628                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Tobacco - 0.5%                                                                                                                                                                            |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 31,366               |             |   | ITC, Ltd.                                                                                                                                                                                 | $      | 158,258                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                        | $      | 269,886                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Pharmaceuticals, Biotechnology & Life Sciences - 1.7%                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Pharmaceuticals - 1.7%                                                                                                                                                                    |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 14,216               |             |   | Hikma Pharmaceuticals Plc                                                                                                                                                                 | $      | 490,865                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                  | $      | 490,865                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Banks - 18.8%                                                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Diversified Banks - 18.8%                                                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 91,363               |             |   | Abu Dhabi Commercial Bank PJSC                                                                                                                                                            | $      | 190,401                                       |    |   |   |
|                                                                                                                                                                                                                     | 32                   |             |   | Banco Santander Brasil SA (A.D.R.)                                                                                                                                                        |   | 101                                           |    |   |   |
|                                                                                                                                                                                                                     | 262,000              |             |   | China Construction Bank Corp.                                                                                                                                                             |   | 175,498                                       |    |   |   |
|                                                                                                                                                                                                                     | 87,581               |             |   | Grupo Financiero Banorte SAB de CV                                                                                                                                                        |   | 429,026                                       |    |   |   |
|                                                                                                                                                                                                                     | 4,599                |             |   | HDFC Bank, Ltd. (A.D.R.)                                                                                                                                                                  |   | 280,953                                       |    |   |   |
|                                                                                                                                                                                                                     | 36,810               |             |   | ICICI Bank, Ltd.                                                                                                                                                                          |   | 152,049                                       |    |   |   |
|                                                                                                                                                                                                                     | 652,000              |             |   | Industrial & Commercial Bank of China, Ltd.                                                                                                                                           |   | 377,998                                       |    |   |   |
|                                                                                                                                                                                                                     | 8,916                |             |   | KB Financial Group, Inc.                                                                                                                                                                  |   | 264,609                                       |    |   |   |
|                                                                                                                                                                                                                     | 775                  |             |   | Mega Financial Holding Co., Ltd.                                                                                                                                                          |   | 537                                           |    |   |   |
|                                                                                                                                                                                                                     | 1,118,097            |             |   | Philippine National Bank *                                                                                                                                                                |   | 1,188,926                                     |    |   |   |
|                                                                                                                                                                                                                     | 163,674              |             |   | TBC Bank JSC (G.D.R.) *                                                                                                                                                                   |   | 1,509,440                                     |    |   |   |
|                                                                                                                                                                                                                     | 45,359,581           |             |   | United Bank for Africa Plc                                                                                                                                                                |   | 959,443                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      | $      | 5,528,981                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Banks                                                                                                                                                                               | $      | 5,528,981                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Diversified Financials - 0.0%+                                                                                                                                                            |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Consumer Finance - 0.0%+                                                                                                                                                                  |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 427                  |             |   | Credito Real SAB de CV SOFOM ER                                                                                                                                                           | $      | 833                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Diversified Financials                                                                                                                                                              | $      | 833                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Insurance - 0.9%                                                                                                                                                                          |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Life & Health Insurance - 0.9%                                                                                                                                                        |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 3,246                |             |   | Samsung Life Insurance Co, Ltd.                                                                                                                                                           | $      | 271,111                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Insurance                                                                                                                                                                           | $      | 271,111                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Real Estate - 3.0%                                                                                                                                                                        |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Real Estate Development - 3.0%                                                                                                                                                            |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 504,812              |             |   | Emaar Properties PJSC                                                                                                                                                                     | $      | 889,062                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Real Estate                                                                                                                                                                         | $      | 889,062                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Software & Services - 8.1%                                                                                                                                                            |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Internet Software & Services - 3.7%                                                                                                                                                   |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 137,935              |             |   | ChinaCache International Holdings, Ltd. (A.D.R.) *                                                                                                                                        | $      | 1,078,652                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | IT Consulting & Other Services - 4.4%                                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 11,337,000           |             |   | China ITS Holdings Co., Ltd.                                                                                                                                                              | $      | 1,304,915                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Software & Services                                                                                                                                                             | $      | 2,383,567                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Technology Hardware & Equipment - 0.8%                                                                                                                                                |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Electronic Manufacturing Services - 0.8%                                                                                                                                                  |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 91,255               |             |   | Hon Hai Precision Industry Co., Ltd.                                                                                                                                                      | $      | 238,317                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Technology Hardware & Equipment                                                                                                                                                 | $      | 238,317                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Semiconductors & Semiconductor Equipment - 0.9%                                                                                                                                       |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Semiconductors - 0.9%                                                                                                                                                                     |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 63,000               |             |   | Taiwan Semiconductor Manufacturing Co., Ltd.                                                                                                                                              | $      | 251,002                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Semiconductors & Semiconductor Equipment                                                                                                                                        | $      | 251,002                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Telecommunication Services - 8.1%                                                                                                                                                         |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Integrated Telecommunication Services - 4.5%                                                                                                                                              |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 151,403              |             |   | Hellenic Telecommunications Organization SA                                                                                                                                               | $      | 1,322,011                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Wireless Telecommunication Services - 3.6%                                                                                                                                                |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 930,927              |             |   | Global Telecom Holding SAE (G.D.R.) *                                                                                                                                                     | $      | 1,072,134                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Telecommunication Services                                                                                                                                                          | $      | 2,394,145                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Utilities - 1.8%                                                                                                                                                                          |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Independent Power Producers & Energy Traders - 1.8%                                                                                                                                   |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 1,532,000            |             |   | Huadian Fuxin Energy Corp, Ltd.                                                                                                                                                           | $      | 531,258                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Utilities                                                                                                                                                                           | $      | 531,258                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | TOTAL COMMON STOCKS                                                                                                                                                                       |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | (Cost $34,018,260)                                                                                                                                                                        | $      | 25,787,313                                    |    |   |   |
|                                                                                                                                                                                                                     | Principal Amount ($) | FloatingRate (b) |   |                                                                                                                                                                                      |   |                                          |    |
|                                                                                                                                                                                                                     |                 |             |   | CORPORATE BONDS - 0.2%                                                                                                                                                                    |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Household & Personal Products - 0.2%                                                                                                                                                  |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Personal Products - 0.2%                                                                                                                                                                  |   |                                          |    |   |   |
| BRL                                                                                                                                                                                                                      | 136,000              |             |   | Hypermarcas SA, 11.3%, 10/15/18                                                                                                                                                           | $      | 14,498                                        |    |   |   |
| BRL                                                                                                                                                                                                                      | 136,000              |             |   | Hypermarcas SA, 3.0%, 10/15/15                                                                                                                                                            |   | 48,981                                        |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      | $      | 63,479                                        |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Household & Personal Products                                                                                                                                                   | $      | 63,479                                        |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | TOTAL CORPORATE BONDS                                                                                                                                                                     |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | (Cost $132,686)                                                                                                                                                                           | $      | 63,479                                        |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | EQUITY LINKED NOTES - 3.5%                                                                                                                                                                |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Retailing - 0.4%                                                                                                                                                                          |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Apparel Retail - 0.4%                                                                                                                                                                     |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 7,113                |             |   | Fawaz Abdulaziz Alhokair & Co., 6/29/17                                                                                                                                               | $      | 124,240                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Retailing                                                                                                                                                                           | $      | 124,240                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Health Care Equipment & Services - 2.0%                                                                                                                                               |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Health Care Facilities - 2.0%                                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 17,243               |             |   | Mouwasat Medical Services Co., 3/5/18                                                                                                                                                     | $      | 565,570                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Health Care Equipment & Services                                                                                                                                                | $      | 565,570                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Banks - 1.1%                                                                                                                                                                              |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Diversified Banks - 1.1%                                                                                                                                                                  |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 52,260               |             |   | Samba Financial Group, 6/29/17                                                                                                                                                            | $      | 322,618                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Banks                                                                                                                                                                               | $      | 322,618                                       |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | TOTAL EQUITY LINKED NOTES                                                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | (Cost $1,144,740)                                                                                                                                                                         | $      | 1,012,428                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | Shares               |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | RIGHTS / WARRANTS - 0.0%+                                                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Household & Personal Products - 0.0%+                                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Personal Products - 0.0%+                                                                                                                                                                 |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 136                  |             |   | Hypermarcas SA, 10/15/15 (c)                                                                                                                                                              | $      | 0                                             |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Household & Personal Products                                                                                                                                                   | $      | 0                                             |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Food, Beverage & Tobacco - 0.0%+                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Packaged Foods & Meats - 0.0%+                                                                                                                                                        |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | 131,308              |             |   | Flour Mills Nigeria Plc                                                                                                                                                                   | $      | 0                                             |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Total Food, Beverage & Tobacco                                                                                                                                                        | $      | 0                                             |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | TOTAL RIGHTS / WARRANTS                                                                                                                                                                   |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | (Cost $0)                                                                                                                                                                                 | $      | 0                                             |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | TOTAL INVESTMENT IN SECURITIES - 92.1%                                                                                                                                                    |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | (Cost $35,606,560) (a)                                                                                                                                                                    | $      | 27,078,728                                    |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | OTHER ASSETS & LIABILITIES - 7.9%                                                                                                                                                     | $      | 2,319,858                                     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                 | $      | 29,398,586                                    |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | +                    |             |   | Amount rounds to less than 0.1%.                                                                                                                                                          |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | *                    |             |   | Non-income producing security.                                                                                                                                                            |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | (A.D.R.)             |             |   | American Depositary Receipts.                                                                                                                                                             |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | (G.D.R.)             |             |   | Global Depositary Receipts.                                                                                                                                                               |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | (a)                  |             |   | At September 30, 2015, the net unrealized depreciation on investments based on                                                                                                            |   |                                          |
|                                                                                                                                                                                                                     |                 |             |   | cost for federal income tax purposes of $35,606,560 was as follows:                                                                                                                       |   |                                          |    |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                      |   |                                          |    |   |
|                                                                                                                                                                                                                     |                 |             |   | there is an excess of value over tax cost                                                                                                                                                 | $      |       1,084,553 |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                      |   |                                          |    |   |
|                                                                                                                                                                                                                     |                 |             |   | there is an excess of tax cost over value                                                                                                                                                 |   |      (9,612,385)     |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Net unrealized depreciation                                                                                                                                                               | $      | (8,527,832)                                   |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | (b)                  |             |   | Distributions of investments by country of issue (excluding temporary cash investments) as a percentage of total investment in securities, is as follows:                                 |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | China                                                                                                                                                                                     |   | 22.4                                          |  % |   |   |
|                                                                                                                                                                                                                     |                 |             |   | United Arab Emirates                                                                                                                                                                      |   | 9.6                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Russia                                                                                                                                                                                    |   | 8.8                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Greece                                                                                                                                                                                    |   | 7.6                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Brazil                                                                                                                                                                                    |   | 6.4                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Republic of Georgia                                                                                                                                                                       |   | 5.6                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | United Kingdom                                                                                                                                                                            |   | 5.5                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Italy                                                                                                                                                                                     |   | 4.7                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Philippines                                                                                                                                                                               |   | 4.4                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Hong Kong                                                                                                                                                                                 |   | 4.0                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Egypt                                                                                                                                                                                     |   | 4.0                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Nigeria                                                                                                                                                                                   |   | 3.7                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | India                                                                                                                                                                                     |   | 2.7                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Mexico                                                                                                                                                                                    |   | 2.6                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Kenya                                                                                                                                                                                     |   | 2.3                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | South Korea                                                                                                                                                                               |   | 2.1                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | South Africa                                                                                                                                                                              |   | 1.8                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   | Taiwan                                                                                                                                                                                    |   | 1.8                                           |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   | 100.0                                         |  % |   |   |
|                                                                                                                                                                                                                     | (c)                  |             |   | Security is valued using fair value methods (other than prices supplied by independent pricing services or broker-dealers).  See Notes to Financial Statements — Note 1A. |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | NOTE:                |             |   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                 |   |                                          |    |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
|                                                                                                                                                                                                                     | BRL                  |             |   | Brazilian Real                                                                                                                                                                            |   |                                          |    |   |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
| Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below.                                                          |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                                 |                 |             |   |                                                                                                                                                                                      |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  See Notes to Financial Statements — Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)  See Notes to Financial Statements — Note 1A.                       |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                                       |                 |             |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.                                                                                                      |                 |             |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Funds's investments:                                                                                                              |                 |             |   |
|                                                                                                                                                                                                                     |                 |             |   |                                                                                                                                                                                      |   |                                          |    |   |   |

|   |   |                                                          |                                                                                                                                                                          | Level 1 |      |    | Level 2 |     |         |   |   |   | Level 3 |   |   | Total  |   |
|--------|--------|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------|---------|---------|----------|--------------|--------|--------|--------|---------|--------|--------|--------|--------|
|   |   | Preferred Stocks                                              |                                                                                                                                                                          | $       | 187,464   |    |    | $        | 28,044       |   |   |   |    |   | $      | -      |   |   | $ | 215,508 |   |
|   |   | Common Stocks (Foreign)*                                      |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   |   Materials                                         |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   |     Construction Materials                |                                                                                                                                                                          |    | 284,626   |    |    |     | -            |   |   |   |    |   |   | -      |   |   |   | 284,626 |   |
|   |   |   Automobiles & Components                      |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   |     Auto Parts & Equipment            |                                                                                                                                                                          |    | 1,406,851 |    |    |     | -            |   |   |   |    |   |   | -      |   |   |   | 1,406,851 |   |
|   |   |   Food, Beverage & Tobacco                      |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   |     Packaged Foods & Meats            |                                                                                                                                                                          |    | 111,628   |    |    |     | -            |   |   |   |    |   |   | -      |   |   |   | 111,628 |   |
|   |   |   Banks                                             |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   |     Diversified Banks                     |                                                                                                                                                                          |    | 1,669,523 |    |    |     | -            |   |   |   |    |   |   | -      |   |   |   | 1,669,523 |   |
|   |   |   Diversified Financials                            |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   |     Consumer Finance                      |                                                                                                                                                                          |    | 833       |    |    |     | -            |   |   |   |    |   |   | -      |   |   |   | 833 |   |
|   |   |   Software & Services                           |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   |     Internet Software & Services      |                                                                                                                                                                          |    | 1,078,652 |    |    |     | -            |   |   |   |    |   |   | -      |   |   |   | 1,078,652 |   |
|   |   |   All Other Common Stocks                           |                                                                                                                                                                          |    | -         |    |    |     | 21,235,200   |   |   |   |    |   |   | -      |   |   |   | 21,235,200 |   |
|   |   | Corporate Bonds                                               |                                                                                                                                                                          |    | -         |    |    |     | -            |   |   |   |    |   |   | 63,479 |   |   |   | 63,479 |   |
|   |   | Equity Linked Notes                                           |                                                                                                                                                                          |    | -         |    |    |     | 1,012,428.00 |   |   |   |    |   |   | -      |   |   |   | 1,012,428 |   |
|   |   | Rights/Warrants                                               |                                                                                                                                                                          |    | -         |    |    |     | -            | **     |   |   |    |   |   | -      |   |   |   | - |   |
|   |   | Total                                                         |                                                                                                                                                                          | $       | 4,739,577 |    |    |     | 22,275,672   |   |   |   |    |   | $      | 63,479 |   |   | $ | 27,078,728 |   |
|   |   | Other Financial Instruments                                   |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   |   | Unrealized appreciation on forward foreign currency contracts |                                                                                                                                                                          | $       | -         |    |    | $        | 470,234      |   |   |   |    |   | $      | -      |   |   | $ | 470,234 |   |
|   |   | Unrealized depreciation on forward foreign currency contracts |                                                                                                                                                                          |    | -         |    |    |     | (86,100      | )      |   |   |    |   |   | -      |   |   |   | (86,100 | ) |
|   |   | Total                                                         |                                                                                                                                                                          | $       | -         |    |    | $        | 384,134      |   |   |   |    |   | $      | -      |   |   | $ | 384,134 |   |
|   |   |                                                          |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |
|   | *      |                                                          | Level 2 securities are valued using inputs/data furnished by independent pricing services using fair value factors.                                                           |    |
|   |   |                                                          |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |
|   | **     |                                                          | Security is valued at $0.                                                                                                                                                     |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |
|   |   |                                                          |                                                                                                                                                                          |    | Corporate |    |    | Rights/  |         |   |   |   |    |   |   |   |   |   |   |   |
|   |   |                                                          |                                                                                                                                                                          |    | Bonds     |    |    | Warrants |         |   |   |   |    |   |   |   |   | Totals |   |
|   |   |                                                          | Balance as of 12/31/14                                                                                                                                                        |    | $         | 90,736  |    |     |         | -      |   |   |    | ***    |   |   | $      | 90,736 |   |
|   |   |                                                          | Realized gain (loss)1                                                                                                                                                         |    |      | -       |    |     |         | -      |   |   |    |   |   |   |   |   |   |   |   | - |   |
|   |   |                                                          | Change in unrealized appreciation (depreciation)2                                                                                                                             |    |      | (27,257 | )       |     |         | -      |   |   |    |   |   |   |   |   |   |   |   | (27,257 | ) |
|   |   |                                                          | Purchases                                                                                                                                                                     |    |      | -       |    |     |         | -      |   |   |    |   |   |   |   |   |   |   |   | - |   |
|   |   |                                                          | Sales                                                                                                                                                                         |    |      | -       |    |     |         | -      |   |   |    |   |   |   |   |   |   |   |   | - |   |
|   |   |                                                          | Transfers in and out of Level 3**                                                                                                                                             |    |      | -       |    |     |         | -      |   |   |    |   |   |   |   |   |   |   |   | - |   |
|   |   |                                                          | Balance as of 9/30/15                                                                                                                                                         |    | $         | 63,479  |    |     |         | -      | ***    |   |    |   |   |   |   |   |   |   | $ | 63,479 |   |
|   |   |                                                          |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |   |
|   |   | 1                                                             | Realized gain (loss) on these securities is included in the net realized gain (loss) on investments in the Statement of Operations.                                           |    |
|   |   |                                                          |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |   |
|   |   | 2                                                             | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |    |
|   |   |                                                          |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |   |
|   |   | **                                                            | Transfers are calculated on the beginning of period values. During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3.                    |    |
|   |   |                                                          |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |   |
|   |   | ***                                                           | Security is valued at $0.                                                                                                                                                     |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |   |
|   |   |                                                          |                                                                                                                                                                          |    |      |    |    |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |   |
|   |   |                                                          | Net change in unrealized depreciation of Level 3 investments still held and considered Level 3 as of 9/30/15                                                                  |    | $         | (27,257 | )       |     |         |   |   |   |    |   |   |   |   |   |   |   |   |   |   |

|   |                                                              |             |                                   | Pioneer Strategic Income VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|--------|-------------------------------------------------------------------|------------------|----------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|-----------------------------------------------|
|   |                                                              |             |                                   | Schedule of Investments 9/30/15 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | Principal Amount ($)                                              | FloatingRate (b) |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | Value                                         |
|   |                                                              |             |                                   | CONVERTIBLE CORPORATE BONDS - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   |                                                              |             |                                   | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Oil & Gas Storage & Transportation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 100,000                                                           |             |                                   | Golar LNG, Ltd., 3.75%, 3/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 98,180                                        |
|   |                                                              |             |                                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 98,180                                        |
|   |                                                              |             |                                   | Materials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Diversified Metals & Mining - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 27,430                                                            |             |                                   | Mirabela Nickel, Ltd., 9.5%, 6/24/19 (144A) (0.0% cash, 9.5% PIK) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 13,715                                        |
|   | 100,000                                                           |             |                                   | Vedanta Resources Jersey, Ltd., 5.5%, 7/13/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 91,375                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 105,090                                       |
|   |                                                              |             |                                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 105,090                                       |
|   |                                                              |             |                                   | Capital Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Electrical Components & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 74,000                                                            |             |                                   | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 44,539                                        |
|   | 12,000                                                            |             |                                   | SolarCity Corp., 1.625%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 9,352                                         |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 53,891                                        |
|   |                                                              |             |                                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 53,891                                        |
|   |                                                              |             |                                   | Consumer Durables & Apparel - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   |                                                              |             |                                   | Homebuilding - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   | 45,000                                                            |             |                                   | CalAtlantic Group, Inc., 0.25%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 41,316                                        |
|   | 30,000                                                            |             |                                   | CalAtlantic Group, Inc., 1.25%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 34,706                                        |
|   | 60,000                                                            |             |                                   | KB Home, 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 55,725                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 131,747                                       |
|   |                                                              |             |                                   | Housewares & Specialties - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   | 40,000                                                            |             |                                   | Jarden Corp., 1.125%, 3/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 45,750                                        |
|   |                                                              |             |                                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 177,497                                       |
|   |                                                              |             |                                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   |                                                              |             |                                   | Pharmaceuticals - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 5,000                                                             |             |                                   | The Medicines Co., 2.5%, 1/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 6,506                                         |
|   |                                                              |             |                                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 6,506                                         |
|   |                                                              |             |                                   | Software & Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   |                                                              |             |                                   | Internet Software & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 75,000                                                            |             |                                   | WebMD Health Corp., 1.5%, 12/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 76,688                                        |
|   | 15,000                                                            |             |                                   | WebMD Health Corp., 2.5%, 1/31/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 15,094                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 91,782                                        |
|   |                                                              |             |                                   | Data Processing & Outsourced Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 15,000                                                            |             |                                   | Cardtronics, Inc., 1.0%, 12/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 13,894                                        |
|   |                                                              |             |                                   | Application Software - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 25,000                                                            |             |                                   | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 31,516                                        |
|   |                                                              |             |                                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 137,192                                       |
|   |                                                              |             |                                   | Technology Hardware & Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   |                                                              |             |                                   | Communications Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 50,000                                                            |             |                                   | Finisar Corp., 0.5%, 12/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 44,406                                        |
|   |                                                              |             |                                   | Electronic Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 95,000                                                            |             |                                   | Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 63,650                                        |
|   |                                                              |             |                                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 108,056                                       |
|   |                                                              |             |                                   | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   |                                                              |             |                                   | (Cost $744,523)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 686,412                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | Shares                                                            |             |                                   | PREFERRED STOCKS - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   |                                                              |             |                                   | Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Diversified Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 1,024                                                             | 7.88             |                                   | Citigroup Capital XIII, Floating Rate Note, 10/30/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 26,307                                        |
|   | 3,484                                                             | 7.12             |                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 93,789                                        |
|   | 1,018                                                             | 6.00             |                                   | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 26,804                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 146,900                                       |
|   |                                                              |             |                                   | Regional Banks - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 111                                                               | 6.62             |                                   | Fifth Third Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 3,025                                         |
|   |                                                              |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 149,925                                       |
|   |                                                              |             |                                   | Diversified Financials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Consumer Finance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 15                                                                |             |                                   | Ally Financial, Inc., 7.0% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 15,122                                        |
|   | 1,950                                                             | 8.12             |                                   | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 49,784                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 64,906                                        |
|   |                                                              |             |                                   | Investment Banking & Brokerage - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 1,855                                                             | 6.38             |                                   | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 47,191                                        |
|   |                                                              |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 112,097                                       |
|   |                                                              |             |                                   | Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Property & Casualty Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 2,836                                                             | 5.10             |                                   | The Allstate Corp., Floating Rate Note, 1/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 71,978                                        |
|   |                                                              |             |                                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 71,978                                        |
|   |                                                              |             |                                   | Telecommunication Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   |                                                              |             |                                   | Integrated Telecommunication Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 4,000                                                             |             |                                   | Qwest Corp., 7.375%, 6/1/51                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 102,040                                       |
|   |                                                              |             |                                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 102,040                                       |
|   |                                                              |             |                                   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   |                                                              |             |                                   | (Cost $420,639)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 436,040                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | CONVERTIBLE PREFERRED STOCKS - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Diversified Banks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 22                                                                |             |                                   | Bank of America Corp., 7.25% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 23,694                                        |
|   | 170                                                               |             |                                   | Wells Fargo & Co., 7.5% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 198,560                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 222,254                                       |
|   |                                                              |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 222,254                                       |
|   |                                                              |             |                                   | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   |                                                              |             |                                   | (Cost $203,077)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 222,254                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | COMMON STOCK - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Capital Goods - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Construction & Engineering - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 53,917                                                            |             |                                   | Newhall Land Development LLC *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 204,885                                       |
|   |                                                              |             |                                   | TOTAL COMMON STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   |                                                              |             |                                   | (Cost $44,603)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 204,885                                       |
|   | Principal Amount ($)                                              | FloatingRate (b) |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | ASSET BACKED SECURITIES - 3.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   |                                                              |             |                                   | Materials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Steel - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 93,511                                                            | 0.56             |                                   | GSAA Home Equity Trust 2005-11, Floating Rate Note, 10/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 85,971                                        |
|   |                                                              |             |                                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 85,971                                        |
|   |                                                              |             |                                   | Consumer Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   |                                                              |             |                                   | Hotels, Resorts & Cruise Lines - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 71,530                                                            |             |                                   | Westgate Resorts 2014-1 LLC, 3.25%, 12/20/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 71,307                                        |
|   |                                                              |             |                                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 71,307                                        |
|   |                                                              |             |                                   | Food & Staples Retailing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Food Retail - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 48,125                                                            |             |                                   | CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 49,842                                        |
|   |                                                              |             |                                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 49,842                                        |
|   |                                                              |             |                                   | Banks - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Thrifts & Mortgage Finance - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 14,852                                                            | 0.35             |                                   | Accredited Mortgage Loan Trust 2006-2, Floating Rate Note, 9/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 14,656                                        |
|   | 54,801                                                            | 3.72             |                                   | Bayview Opportunity Master Fund IIA Trust 2012-4NPL Series III, Floating Rate Note, 2/28/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 54,886  |
|   | 100,000                                                           |             |                                   | BCC Funding Corp X, 4.544%, 12/21/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 101,294                                       |
|   | 25,889                                                            | 1.09             |                                   | Bear Stearns ALT-A Trust 2004-10, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 21,606                                        |
|   | 831                                                               | 6.24             |                                   | Conseco Financial Corp., Floating Rate Note, 12/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 854                                           |
|   | 5,419                                                             | 0.44             |                                   | Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 5,386                                         |
|   | 15,101                                                            | 0.37             |                                   | Countrywide Asset-Backed Certificates, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 14,803                                        |
|   | 43,971                                                            | 4.79             |                                   | Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 45,101                                        |
|   | 11,009                                                            | 0.28             |                                   | Credit-Based Asset Servicing and Securitization LLC, Floating Rate Note, 4/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 9,385   |
|   | 49,750                                                            |             |                                   | DB Master Finance LLC 2015-1, 3.98%, 2/21/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 50,178                                        |
|   | 53,311                                                            |             |                                   | Equifirst Mortgage Loan Trust 2003-1, 4.01%, 12/25/32 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 53,699                                        |
|   | 19                                                                | 0.87             |                                   | First Franklin Mortgage Loan Trust 2005-FF5, Floating Rate Note, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 19                                            |
|   | 86,966                                                            |             |                                   | GCAT 2015-1 LLC, 3.625%, 5/26/20 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 86,910                                        |
|   | 6,708                                                             | 0.36             |                                   | Home Equity Asset Trust 2006-4, Floating Rate Note, 8/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 6,598                                         |
|   | 28,494                                                            | 1.42             |                                   | HSBC Home Equity Loan Trust USA 2007-3, Floating Rate Note, 11/20/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 28,410                                        |
|   | 50,000                                                            |             |                                   | Navitas Equipment Receivables LLC 2015-1, 4.5%, 5/17/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 50,486                                        |
|   | 99,792                                                            |             |                                   | Store Master Funding I LLC, 3.75%, 4/20/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 100,618                                       |
|   | 8,429                                                             | 0.32             |                                   | Structured Asset Securities Corp Mortgage Loan Trust 2007-BC2, Floating Rate Note, 3/25/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 8,397   |
|   | 90,739                                                            |             |                                   | US Residential Opportunity Fund III Trust 2015-1, 3.7213%, 1/29/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 90,600                                        |
|   | 89,823                                                            |             |                                   | VOLT XXXI LLC, 3.375%, 2/25/55 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 89,516                                        |
|   | 90,986                                                            |             |                                   | VOLT XXXIII LLC, 3.5%, 3/25/55 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 90,637                                        |
|   | 98,012                                                            |             |                                   | VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 97,542                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,021,581                                     |
|   |                                                              |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,021,581                                     |
|   |                                                              |             |                                   | Diversified Financials - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Other Diversified Financial Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 99,989                                                            |             |                                   | AXIS Equipment Finance Receivables II LLC, 4.94%, 7/20/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 102,407                                       |
|   | 19,149                                                            |             |                                   | Sierra Timeshare 2012-2 Receivables Funding LLC, 2.38%, 3/20/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 19,321                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 121,728                                       |
|   |                                                              |             |                                   | Consumer Finance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 25,000                                                            |             |                                   | AmeriCredit Automobile Receivables Trust 2013-1, 1.57%, 1/8/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 25,046                                        |
|   | 20,000                                                            |             |                                   | Capital Auto Receivables Asset Trust 2013-1, 2.19%, 9/20/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 20,086                                        |
|   | 1,771                                                             |             |                                   | First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,772                                         |
|   | 25,000                                                            |             |                                   | First Investors Auto Owner Trust 2013-1, 2.53%, 1/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 24,962                                        |
|   | 40,000                                                            |             |                                   | First Investors Auto Owner Trust 2015-1, 3.59%, 1/18/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 39,693                                        |
|   | 25,000                                                            |             |                                   | Santander Drive Auto Receivables Trust 2012-5, 2.7%, 8/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 25,180                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 136,739                                       |
|   |                                                              |             |                                   | Asset Management & Custody Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 97,893                                                            |             |                                   | RMAT 2015-1 LLC, 4.09%, 7/27/20 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 97,955                                        |
|   |                                                              |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 356,422                                       |
|   |                                                              |             |                                   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | (Cost $1,571,578)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 1,585,123                                     |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | COLLATERALIZED MORTGAGE OBLIGATIONS - 10.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   |                                                              |             |                                   | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Oil & Gas Exploration & Production - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 100,000                                                           |             |                                   | JPMCC Re-REMIC Trust 2014-FRR1, 3.33303%, 4/27/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 96,472                                        |
|   |                                                              |             |                                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 96,472                                        |
|   |                                                              |             |                                   | Banks - 8.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Thrifts & Mortgage Finance - 8.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 35,162                                                            |             |                                   | Alternative Loan Trust 2003-16T1, 5.25%, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 37,036                                        |
|   | 19,741                                                            |             |                                   | Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 20,449                                        |
|   | 9,961                                                             |             |                                   | Banc of America Alternative Loan Trust 2004-10, 6.0%, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 10,131                                        |
|   | 25,255                                                            | 2.75             |                                   | Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 25,441                                        |
|   | 46,533                                                            | 1.12             |                                   | Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 39,183                                        |
|   | 12,395                                                            | 3.15             |                                   | Bear Stearns ARM Trust 2004-12, Floating Rate Note, 2/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 12,264                                        |
|   | 295                                                               | 3.03             |                                   | CHL Mortgage Pass-Through Trust 2003-42, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 278                                           |
|   | 20,554                                                            |             |                                   | Citigroup Mortgage Loan Trust, Inc., 5.5%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 22,077                                        |
|   | 32,258                                                            |             |                                   | Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 35,424                                        |
|   | 100,000                                                           | 4.65             |                                   | City Center Trust 2011-CCHP, Floating Rate Note, 7/17/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 100,788                                       |
|   | 25,000                                                            |             |                                   | COMM 2012-CCRE2 Mortgage Trust REMICS, 3.791%, 8/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 26,554                                        |
|   | 25,000                                                            |             |                                   | COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 25,916                                        |
|   | 25,000                                                            |             |                                   | COMM 2012-CCRE2 Mortgage Trust, 4.393%, 8/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 26,890                                        |
|   | 21,000                                                            |             |                                   | COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 21,259                                        |
|   | 12,271                                                            |             |                                   | COMM 2012-CCRE4 Mortgage Trust, 3.251%, 10/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 12,557                                        |
|   | 50,000                                                            |             |                                   | COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 50,931                                        |
|   | 100,000                                                           | 1.96             |                                   | COMM 2014-SAVA Mortgage Trust, Floating Rate Note, 6/15/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 99,484                                        |
|   | 67,334                                                            |             |                                   | Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 69,891                                        |
|   | 3,623                                                             |             |                                   | Credit Suisse First Boston Mortgage Securities Corp., 5.0%, 8/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 3,615                                         |
|   | 58,258                                                            | 3.50             |                                   | CSMC Trust 2014-IVR3 REMICS, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 59,041                                        |
|   | 132,636                                                           | 3.50             |                                   | CSMC Trust 2014-WIN2, Floating Rate Note, 10/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 136,787                                       |
|   | 98,923                                                            |             |                                   | CSMC Trust 2015-2, 3.5%, 2/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 100,271                                       |
|   | 74,000                                                            | 2.50             |                                   | EverBank Mortgage Loan Trust, Floating Rate Note, 4/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 70,705                                        |
|   | 33,098                                                            | 0.46             |                                   | Global Mortgage Securitization, Ltd., Floating Rate Note, 4/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 31,695                                        |
|   | 25,000                                                            |             |                                   | GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 25,229                                        |
|   | 83,645                                                            |             |                                   | GSR Mortgage Loan Trust 2005-3F, 5.5%, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 85,659                                        |
|   | 100,000                                                           | 1.29             |                                   | Homestar Mortgage Acceptance Corp., Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 97,439                                        |
|   | 28,192                                                            | 0.84             |                                   | Impac CMB Trust Series 2004-4, Floating Rate Note, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 26,936                                        |
|   | 100,000                                                           | 3.98             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2012-C8, Floating Rate Note, 10/17/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 103,552 |
|   | 18,125                                                            | 3.50             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2013-A5, Floating Rate Note, 7/25/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 18,548  |
|   | 60,000                                                            |             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2013-C16, 3.07%, 12/17/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 62,278  |
|   | 100,000                                                           |             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 REMICS, 3.8046%, 7/17/47                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 106,042 |
|   | 100,000                                                           | 2.41             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL4 REMICS, Floating Rate Note, 12/16/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 99,829  |
|   | 10,246                                                            | 2.11             |                                   | JP Morgan Mortgage Trust 2005-A3, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 10,019                                        |
|   | 187,132                                                           | 2.50             |                                   | JP Morgan Mortgage Trust 2013-1, Floating Rate Note, 3/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 187,580                                       |
|   | 131,316                                                           | 3.50             |                                   | JP Morgan Mortgage Trust 2013-2, Floating Rate Note, 5/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 133,660                                       |
|   | 20,076                                                            | 3.69             |                                   | JP Morgan Mortgage Trust 2013-2, Floating Rate Note, 5/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 20,498                                        |
|   | 70,775                                                            | 3.46             |                                   | JP Morgan Mortgage Trust 2013-3 REMICS, Floating Rate Note, 7/27/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 70,502  |
|   | 82,499                                                            | 3.50             |                                   | JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | 84,361  |
|   | 94,962                                                            | 3.00             |                                   | JP Morgan Mortgage Trust 2014-5, Floating Rate Note, 10/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 97,284                                        |
|   | 4,565                                                             | 1.15             |                                   | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 4,542   |
|   | 100,000                                                           | 6.03             |                                   | Merrill Lynch Mortgage Trust 2007-C1, Floating Rate Note, 6/12/50                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 104,276                                       |
|   | 50,000                                                            |             |                                   | Morgan Stanley Bank of America Merrill Lynch Trust 2014-C15 REMICS, 2.979%, 4/17/47                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 51,918  |
|   | 61,288                                                            | 6.01             |                                   | Morgan Stanley Capital I Trust 2006-TOP23, Floating Rate Note, 8/12/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 62,496                                        |
|   | 93,988                                                            | 2.99             |                                   | Morgan Stanley Residential Mortgage Loan Trust 2014-1, Floating Rate Note, 6/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 91,323  |
|   | 88,436                                                            | 3.25             |                                   | NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 87,768                                        |
|   | 991                                                               |             |                                   | PHH Mortgage Capital LLC, 3.11255%, 12/25/27 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 989                                           |
|   | 937                                                               |             |                                   | RALI Series 2003-QS1 Trust, 5.0%, 1/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 936                                           |
|   | 53,477                                                            | 0.65             |                                   | RALI Series 2003-QS22 Trust, Floating Rate Note, 12/26/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 48,441                                        |
|   | 51,568                                                            |             |                                   | RALI Series 2004-QS3 Trust, 5.0%, 3/25/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 52,174                                        |
|   | 7,043                                                             | 0.70             |                                   | RALI Series 2004-QS4 Trust, Floating Rate Note, 3/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 6,556                                         |
|   | 5,814                                                             | 0.80             |                                   | RALI Series 2004-QS5 Trust, Floating Rate Note, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 5,741                                         |
|   | 77,641                                                            | 1.60             |                                   | RESI Finance LP, Floating Rate Note, 9/10/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 70,978                                        |
|   | 47,063                                                            | 3.92             |                                   | Sequoia Mortgage Trust 2012-5, Floating Rate Note, 11/25/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 47,627                                        |
|   | 77,514                                                            | 2.50             |                                   | Sequoia Mortgage Trust 2012-6, Floating Rate Note, 12/26/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 75,680                                        |
|   | 39,908                                                            | 3.54             |                                   | Sequoia Mortgage Trust 2013-3, Floating Rate Note, 3/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 39,286                                        |
|   | 48,927                                                            | 2.50             |                                   | Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/27/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 47,268                                        |
|   | 102,304                                                           | 2.50             |                                   | Sequoia Mortgage Trust 2013-6, Floating Rate Note, 5/26/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 99,474                                        |
|   | 82,976                                                            | 3.00             |                                   | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 82,199                                        |
|   | 18,997                                                            |             |                                   | Sequoia Mortgage Trust 2013-9, 3.5%, 7/27/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 18,288                                        |
|   | 113,205                                                           | 3.50             |                                   | Sequoia Mortgage Trust 2015-3, Floating Rate Note, 7/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 114,129                                       |
|   | 39,777                                                            | 3.74             |                                   | Sequoia Mortgage Trust 2015-3, Floating Rate Note, 7/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 39,379                                        |
|   | 26,849                                                            | 3.74             |                                   | Sequoia Mortgage Trust 2015-3, Floating Rate Note, 7/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 26,532                                        |
|   | 12,570                                                            | 2.40             |                                   | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 12,438  |
|   | 14,264                                                            | 2.54             |                                   | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 14,326  |
|   | 16,067                                                            | 2.56             |                                   | Structured Asset Securities Corp. Mortgage Certificates Series 2003-31A, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 15,939  |
|   | 16,257                                                            | 2.25             |                                   | Thornburg Mortgage Securities Trust 2003-3, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 16,154                                        |
|   | 100,000                                                           |             |                                   | UBS Commercial Mortgage Trust 2012-C1, 3.4%, 5/12/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 104,771                                       |
|   | 91,941                                                            |             |                                   | VOLT XXX LLC, 3.625%, 10/25/57 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 91,809                                        |
|   | 10,000                                                            | 4.69             |                                   | Wells Fargo Commercial Mortgage Trust 2012-LC5, Floating Rate Note, 10/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 10,421  |
|   | 50,000                                                            |             |                                   | Wells Fargo Commercial Mortgage Trust 2014-LC16 REMICS, 2.819%, 8/17/50                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 51,535  |
|   | 50,000                                                            |             |                                   | Wells Fargo Commercial Mortgage Trust 2014-LC16 REMICS, 3.477%, 8/17/50                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 52,347  |
|   | 81,730                                                            | 3.50             |                                   | WinWater Mortgage Loan Trust 2015-1 REMICS, Floating Rate Note, 1/20/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 81,998  |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 3,897,821                                     |
|   |                                                              |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 3,897,821                                     |
|   |                                                              |             |                                   | Diversified Financials - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Other Diversified Financial Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 98,547                                                            | 1.70             |                                   | Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 98,393                                        |
|   | 92,439                                                            |             |                                   | Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 97,488                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 195,881                                       |
|   |                                                              |             |                                   | Asset Management & Custody Banks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 184,148                                                           | 3.50             |                                   | Agate Bay Mortgage Trust 2015-5, Floating Rate Note, 7/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 186,875                                       |
|   |                                                              |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 382,756                                       |
|   |                                                              |             |                                   | Government - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 100,000                                                           | 4.30             |                                   | Federal Home Loan Mortgage Corp., Floating Rate Note, 9/26/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 104,111                                       |
|   | 14,794                                                            |             |                                   | Federal National Mortgage Association REMICS, 4.5%, 6/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 15,883                                        |
|   | 1,295                                                             |             |                                   | Federal National Mortgage Association REMICS, 5.0%, 9/25/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 1,328                                         |
|   | 30,000                                                            | 4.49             |                                   | FREMF Mortgage Trust 2011-K12, Floating Rate Note, 1/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 32,483                                        |
|   | 25,000                                                            | 5.05             |                                   | FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 26,567                                        |
|   | 25,000                                                            | 3.54             |                                   | FREMF Mortgage Trust Class B, Floating Rate Note, 11/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 25,332                                        |
|   | 100,000                                                           | 3.95             |                                   | FREMF Mortgage Trust Class B, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 104,367                                       |
|   | 35,221                                                            |             |                                   | Government National Mortgage Association, 3.0%, 4/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 36,733                                        |
|   | 84,570                                                            |             |                                   | Government National Mortgage Association, 4.5%, 9/20/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 91,606                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 438,410                                       |
|   |                                                              |             |                                   | Total Government                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 438,410                                       |
|   |                                                              |             |                                   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   | (Cost $4,764,819)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 4,815,459                                     |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | CORPORATE BONDS - 35.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   |                                                              |             |                                   | Energy - 5.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Oil & Gas Drilling - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   | 10,000                                                            |             |                                   | Offshore Group Investment, Ltd., 7.5%, 11/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 3,250                                         |
|   | 100,000                                                           |             |                                   | Pride International, Inc., 6.875%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 95,152                                        |
|   | 100,000                                                           |             |                                   | Rowan Companies, Inc., 4.75%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 73,254                                        |
|   | 78,000                                                            |             |                                   | Rowan Companies, Inc., 5.85%, 1/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 48,739                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 220,395                                       |
|   |                                                              |             |                                   | Integrated Oil & Gas - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 75,000                                                            |             |                                   | Petrobras Global Finance BV, 3.0%, 1/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 54,188                                        |
| MXN    | 95,000                                                            |             |                                   | Petroleos Mexicanos, 7.19%, 9/12/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 5,332                                         |
|   | 100,000                                                           |             |                                   | Rosneft Finance SA, 7.25%, 2/2/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 101,375                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 160,895                                       |
|   |                                                              |             |                                   | Oil & Gas Exploration & Production - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 100,000                                                           |             |                                   | Antero Resources Corp., 5.625%, 6/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 87,750                                        |
|   | 30,000                                                            |             |                                   | Bonanza Creek Energy, Inc., 5.75%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 19,500                                        |
|   | 60,000                                                            |             |                                   | BreitBurn Energy Partners LP, 7.875%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 21,450                                        |
|   | 35,000                                                            |             |                                   | Carrizo Oil & Gas, Inc., 7.5%, 9/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 32,725                                        |
|   | 115,000                                                           |             |                                   | Denbury Resources, Inc., 4.625%, 7/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 62,100                                        |
|   | 50,000                                                            |             |                                   | Denbury Resources, Inc., 5.5%, 5/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 29,750                                        |
|   | 90,000                                                            |             |                                   | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 77,400                                        |
|   | 200,000                                                           |             |                                   | Gazprom OAO Via Gaz Capital SA, 4.95%, 7/19/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 182,036                                       |
|   | 75,000                                                            |             |                                   | Gulfport Energy Corp., 7.75%, 11/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 73,688                                        |
|   | 50,000                                                            |             |                                   | Hilcorp Energy I LP, 5.75%, 10/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 44,000                                        |
|   | 133,000                                                           |             |                                   | Linn Energy LLC, 6.25%, 11/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 33,915                                        |
|   | 75,000                                                            |             |                                   | Newfield Exploration Co., 5.625%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 70,875                                        |
|   | 60,000                                                            |             |                                   | Noble Energy, Inc., 5.625%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 60,360                                        |
|   | 5,000                                                             |             |                                   | Noble Energy, Inc., 5.875%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 4,991                                         |
|   | 6,000                                                             |             |                                   | Oasis Petroleum, Inc., 6.875%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 4,754                                         |
|   | 25,000                                                            |             |                                   | SM Energy Co., 5.625%, 6/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 21,500                                        |
|   | 25,000                                                            |             |                                   | Swift Energy Co., 7.875%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 6,625                                         |
|   | 50,000                                                            |             |                                   | Vanguard Natural Resources LLC, 7.875%, 4/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 30,375                                        |
|   | 50,000                                                            |             |                                   | WPX Energy, Inc., 7.5%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 45,750                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 909,544                                       |
|   |                                                              |             |                                   | Oil & Gas Refining & Marketing - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   | 134,000                                                           |             |                                   | Calumet Specialty Products Partners LP, 6.5%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 120,600                                       |
|   | 74,000                                                            |             |                                   | EnLink Midstream Partners LP, 4.4%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 70,452                                        |
|   | 45,000                                                            |             |                                   | Tesoro Corp., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 44,100                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 235,152                                       |
|   |                                                              |             |                                   | Oil & Gas Storage & Transportation - 2.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 75,000                                                            |             |                                   | Blue Racer Midstream LLC, 6.125%, 11/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 71,250                                        |
|   | 75,000                                                            |             |                                   | Boardwalk Pipelines LP, 4.95%, 12/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 69,470                                        |
|   | 35,000                                                            |             |                                   | Buckeye Partners LP, 6.05%, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 36,919                                        |
|   | 50,000                                                            |             |                                   | Crestwood Midstream Partners LP, 6.0%, 12/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 44,875                                        |
|   | 73,000                                                            |             |                                   | DCP Midstream LLC, 9.75%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 81,772                                        |
|   | 75,000                                                            | 5.85             |                                   | DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 60,000                                        |
|   | 25,000                                                            |             |                                   | Enterprise Products Operating LLC, 3.7%, 2/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 23,624                                        |
|   | 56,000                                                            | 8.38             |                                   | Enterprise Products Operating LLC, Floating Rate Note, 8/1/66                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 55,090                                        |
|   | 100,000                                                           |             |                                   | Genesis Energy LP, 6.75%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 93,850                                        |
|   | 100,000                                                           |             |                                   | Kinder Morgan, Inc. Delaware, 5.3%, 12/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 85,156                                        |
|   | 60,000                                                            |             |                                   | Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 49,838                                        |
|   | 105,000                                                           |             |                                   | MarkWest Energy Partners LP, 4.875%, 12/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 96,075                                        |
|   | 25,000                                                            |             |                                   | Plains All American Pipeline LP, 4.65%, 10/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 25,093                                        |
|   | 83,000                                                            |             |                                   | Plains All American Pipeline LP, 6.125%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 87,279                                        |
|   | 99,000                                                            |             |                                   | Questar Pipeline Co., 5.83%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 108,021                                       |
|   | 15,000                                                            |             |                                   | Sabine Pass Liquefaction LLC, 5.625%, 3/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 13,219                                        |
|   | 100,000                                                           |             |                                   | Sabine Pass Liquefaction LLC, 5.75%, 5/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 89,000                                        |
|   | 35,000                                                            |             |                                   | Spectra Energy Capital LLC, 6.75%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 38,732                                        |
|   | 45,000                                                            |             |                                   | Targa Resources Partners LP, 5.0%, 1/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 42,862                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,172,125                                     |
|   |                                                              |             |                                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 2,698,111                                     |
|   |                                                              |             |                                   | Materials - 3.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Commodity Chemicals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 100,000                                                           |             |                                   | Axiall Corp., 4.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 84,000                                        |
|   | 50,000                                                            |             |                                   | Methanex Corp., 4.25%, 12/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 48,142                                        |
|   | 20,000                                                            |             |                                   | NOVA Chemicals Corp., 5.0%, 5/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 18,800                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 150,942                                       |
|   |                                                              |             |                                   | Diversified Chemicals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 25,000                                                            |             |                                   | Blue Cube Spinco, Inc., 10.0%, 10/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 25,969                                        |
|   | 25,000                                                            |             |                                   | Blue Cube Spinco, Inc., 9.75%, 10/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 26,000                                        |
| EURO   | 100,000                                                           |             |                                   | Ineos Finance Plc, 4.0%, 5/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 102,155                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 154,124                                       |
|   |                                                              |             |                                   | Fertilizers & Agricultural Chemicals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 150,000                                                           |             |                                   | Agrium, Inc., 5.25%, 1/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 154,929                                       |
|   |                                                              |             |                                   | Specialty Chemicals - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 25,000                                                            |             |                                   | Platform Specialty Products Corp., 6.5%, 2/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 21,500                                        |
|   | 50,000                                                            |             |                                   | Rentech Nitrogen Partners LP, 6.5%, 4/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 49,500                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 71,000                                        |
|   |                                                              |             |                                   | Construction Materials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   | 150,000                                                           |             |                                   | Union Andina de Cementos SAA, 5.875%, 10/30/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 144,375                                       |
|   |                                                              |             |                                   | Metal & Glass Containers - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | 15,000                                                            |             |                                   | Owens-Brockway Glass Container, Inc., 5.875%, 8/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 15,094                                        |
|   |                                                              |             |                                   | Paper Packaging - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 116,000                                                           |             |                                   | AEP Industries, Inc., 8.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 118,030                                       |
|   |                                                              |             |                                   | Diversified Metals & Mining - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 150,000                                                           |             |                                   | FMG Resources August 2006 Pty, Ltd., 9.75%, 3/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 139,688                                       |
|   | 50,000                                                            |             |                                   | Freeport-McMoRan, Inc., 3.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 37,188                                        |
|   | 20,000                                                            |             |                                   | Volcan Cia Minera SAA, 5.375%, 2/2/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 16,550                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 193,426                                       |
|   |                                                              |             |                                   | Precious Metals & Minerals - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 200,000                                                           |             |                                   | Fresnillo Plc, 5.5%, 11/13/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 203,000                                       |
|   |                                                              |             |                                   | Steel - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 25,000                                                            |             |                                   | Glencore Funding LLC, 4.125%, 5/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 19,672                                        |
|   |                                                              |             |                                   | Paper Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 125,000                                                           |             |                                   | International Paper Co., 3.65%, 6/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 123,535                                       |
|   | 55,000                                                            |             |                                   | Resolute Forest Products, Inc., 5.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 40,975                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 164,510                                       |
|   |                                                              |             |                                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 1,389,102                                     |
|   |                                                              |             |                                   | Capital Goods - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Aerospace & Defense - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   | 100,000                                                           |             |                                   | Triumph Group, Inc., 5.25%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 92,000                                        |
|   |                                                              |             |                                   | Building Products - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 50,000                                                            |             |                                   | Building Materials Corp of America, 5.375%, 11/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 49,375                                        |
|   | 123,000                                                           |             |                                   | Griffon Corp., 5.25%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 117,004                                       |
|   | 25,000                                                            |             |                                   | Masco Corp., 5.95%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 27,281                                        |
|   | 85,000                                                            |             |                                   | Masco Corp., 7.125%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 97,962                                        |
|   | 25,000                                                            |             |                                   | Owens Corning, 4.2%, 12/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 24,835                                        |
|   | 50,000                                                            | 5.75             |                                   | Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 52,825                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 369,282                                       |
|   |                                                              |             |                                   | Construction & Engineering - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 100,000                                                           |             |                                   | Dycom Investments, Inc., 7.125%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 105,210                                       |
|   |                                                              |             |                                   | Construction & Farm Machinery & Heavy Trucks - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 75,000                                                            |             |                                   | Cummins, Inc., 5.65%, 3/1/98                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 80,148                                        |
|   | 8,000                                                             |             |                                   | Cummins, Inc., 6.75%, 2/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 10,156                                        |
|   | 100,000                                                           |             |                                   | Meritor, Inc., 6.25%, 2/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 95,250                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 185,554                                       |
|   |                                                              |             |                                   | Industrial Machinery - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 60,000                                                            |             |                                   | Apex Tool Group LLC, 7.0%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 49,200                                        |
|   |                                                              |             |                                   | Trading Companies & Distributors - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 125,000                                                           |             |                                   | Aircastle, Ltd., 6.25%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 134,062                                       |
|   | 75,000                                                            |             |                                   | WESCO Distribution, Inc., 5.375%, 12/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 71,719                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 205,781                                       |
|   |                                                              |             |                                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 1,007,027                                     |
|   |                                                              |             |                                   | Commercial Services & Supplies - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   | Commercial Printing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 65,000                                                            |             |                                   | Cenveo Corp., 6.0%, 8/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 54,600                                        |
|   |                                                              |             |                                   | Research & Consulting Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 50,000                                                            |             |                                   | FTI Consulting, Inc., 6.0%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 51,750                                        |
|   | 44,000                                                            |             |                                   | Verisk Analytics, Inc., 5.5%, 6/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 43,242                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 94,992                                        |
|   |                                                              |             |                                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 149,592                                       |
|   |                                                              |             |                                   | Transportation - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   |                                                              |             |                                   | Airlines - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 50,000                                                            |             |                                   | American Airlines 2015-2 Class AA Pass Through Trust, 3.6%, 9/22/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 50,250                                        |
|   | 25,000                                                            |             |                                   | American Airlines 2015-2 Class B Pass Through Trust, 4.4%, 9/22/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 24,625                                        |
|   | 92,186                                                            |             |                                   | Continental Airlines 2012-2 Class A Pass Through Trust, 4.0%, 10/29/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 93,799                                        |
|   | 22,073                                                            |             |                                   | Delta Air Lines 2010-2 Class A Pass Through Trust, 4.95%, 5/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 23,287                                        |
|   | 100,000                                                           |             |                                   | Latam Airlines 2015-1 Pass Through Trust A, 4.2%, 8/15/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 96,250                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 288,211                                       |
|   |                                                              |             |                                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 288,211                                       |
|   |                                                              |             |                                   | Automobiles & Components - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Auto Parts & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 45,000                                                            |             |                                   | Stackpole International Intermediate, 7.75%, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 48,938                                        |
|   |                                                              |             |                                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 48,938                                        |
|   |                                                              |             |                                   | Consumer Durables & Apparel - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   |                                                              |             |                                   | Home Furnishings - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 25,000                                                            |             |                                   | Mohawk Industries, Inc., 3.85%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 25,360                                        |
|   |                                                              |             |                                   | Homebuilding - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   | 85,000                                                            |             |                                   | Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 83,938                                        |
|   | 105,000                                                           |             |                                   | Desarrolladora Homex SAB de CV, 9.5%, 12/11/19 (144A) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 6,300                                         |
|   | 40,000                                                            |             |                                   | DR Horton, Inc., 5.75%, 8/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 43,300                                        |
|   | 100,000                                                           |             |                                   | Lennar Corp., 4.5%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 101,100                                       |
|   | 15,000                                                            |             |                                   | MDC Holdings, Inc., 5.5%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 15,150                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 249,788                                       |
|   |                                                              |             |                                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 275,148                                       |
|   |                                                              |             |                                   | Consumer Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   |                                                              |             |                                   | Casinos & Gaming - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 548                                                               |             |                                   | Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 3                                             |
|   | 100,000                                                           |             |                                   | Scientific Games International, Inc., 10.0%, 12/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 87,250                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 87,253                                        |
|   |                                                              |             |                                   | Hotels, Resorts & Cruise Lines - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 25,000                                                            |             |                                   | NCL Corp., Ltd., 5.25%, 11/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 25,484                                        |
|   |                                                              |             |                                   | Education Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 25,000                                                            |             |                                   | Bowdoin College, 4.693%, 7/1/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 24,491                                        |
|   | 50,000                                                            |             |                                   | President and Fellows of Harvard College, 2.3%, 10/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 47,989                                        |
|   | 25,000                                                            |             |                                   | Tufts University, 5.017%, 4/15/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 26,245                                        |
|   | 25,000                                                            |             |                                   | William Marsh Rice University, 4.626%, 5/15/63                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 24,775                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 123,500                                       |
|   |                                                              |             |                                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 236,237                                       |
|   |                                                              |             |                                   | Media - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Broadcasting - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   | 36,000                                                            |             |                                   | CBS Corp., 4.6%, 1/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 31,689                                        |
|   |                                                              |             |                                   | Cable & Satellite - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 150,000                                                           |             |                                   | CCO Safari II LLC, 6.384%, 10/23/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 151,762                                       |
|   | 25,000                                                            |             |                                   | DIRECTV Holdings LLC, 3.95%, 1/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 24,521                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 176,283                                       |
|   |                                                              |             |                                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 207,972                                       |
|   |                                                              |             |                                   | Retailing - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Catalog Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 100,000                                                           |             |                                   | QVC, Inc., 4.45%, 2/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 96,418                                        |
|   |                                                              |             |                                   | Internet Retail - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 125,000                                                           |             |                                   | Expedia, Inc., 5.95%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 138,550                                       |
|   |                                                              |             |                                   | Computer & Electronics Retail - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 25,000                                                            |             |                                   | Rent-A-Center, Inc., 6.625%, 11/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 24,500                                        |
|   |                                                              |             |                                   | Specialty Stores - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 60,000                                                            |             |                                   | Outerwall, Inc., 6.0%, 3/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 59,700                                        |
|   |                                                              |             |                                   | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 319,168                                       |
|   |                                                              |             |                                   | Food & Staples Retailing - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Drug Retail - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 35,164                                                            |             |                                   | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 38,716                                        |
|   | 74,662                                                            |             |                                   | CVS Pass-Through Trust, 6.036%, 12/10/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 84,339                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 123,055                                       |
|   |                                                              |             |                                   | Food Retail - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 119,000                                                           |             |                                   | C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 108,290                                       |
|   | 58,000                                                            |             |                                   | Darling Ingredients, Inc., 5.375%, 1/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 56,840                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 165,130                                       |
|   |                                                              |             |                                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 288,185                                       |
|   |                                                              |             |                                   | Food, Beverage & Tobacco - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Distillers & Vintners - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 15,000                                                            |             |                                   | Constellation Brands, Inc., 4.75%, 11/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 15,150                                        |
|   |                                                              |             |                                   | Agricultural Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 150,000                                                           |             |                                   | Viterra, Inc., 5.95%, 8/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 117,000                                       |
|   |                                                              |             |                                   | Packaged Foods & Meats - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 50,000                                                            |             |                                   | Agrokor dd, 8.875%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 53,500                                        |
|   | 45,000                                                            |             |                                   | JBS USA LLC, 5.75%, 6/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 41,400                                        |
|   | 150,000                                                           |             |                                   | Marfrig Overseas, Ltd., 9.5%, 5/4/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 145,500                                       |
|   | 200,000                                                           |             |                                   | Minerva Luxembourg SA, 7.75%, 1/31/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 175,000                                       |
|   | 25,000                                                            |             |                                   | Post Holdings, Inc., 6.75%, 12/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 25,000                                        |
|   | 50,000                                                            |             |                                   | Post Holdings, Inc., 7.375%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 50,750                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 491,150                                       |
|   |                                                              |             |                                   | Tobacco - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   | 55,000                                                            |             |                                   | Alliance One International, Inc., 9.875%, 7/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 47,025                                        |
|   | 25,000                                                            |             |                                   | Reynolds American, Inc., 3.75%, 5/20/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 25,113                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 72,138                                        |
|   |                                                              |             |                                   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 695,438                                       |
|   |                                                              |             |                                   | Health Care Equipment & Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   |                                                              |             |                                   | Health Care Supplies - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 75,000                                                            |             |                                   | Fresenius US Finance II, Inc., 4.5%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 74,812                                        |
|   |                                                              |             |                                   | Health Care Facilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   | 25,000                                                            |             |                                   | Kindred Healthcare Inc., 6.375%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 24,812                                        |
|   | 50,000                                                            |             |                                   | NYU Hospitals Center, 4.428%, 7/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 49,104                                        |
|   | 124,000                                                           |             |                                   | Universal Hospital Services, Inc., 7.625%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 116,250                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 190,166                                       |
|   |                                                              |             |                                   | Managed Health Care - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 95,000                                                            |             |                                   | WellCare Health Plans, Inc., 5.75%, 11/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 98,800                                        |
|   |                                                              |             |                                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 363,778                                       |
|   |                                                              |             |                                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   | Biotechnology - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | 50,000                                                            |             |                                   | Biogen, Inc., 3.625%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 50,394                                        |
|   | 75,000                                                            |             |                                   | Biogen, Inc., 4.05%, 9/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 75,764                                        |
|   | 50,000                                                            |             |                                   | Gilead Sciences, Inc., 4.6%, 9/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 50,043                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 176,201                                       |
|   |                                                              |             |                                   | Pharmaceuticals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 30,000                                                            |             |                                   | DPx Holdings BV, 7.5%, 2/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 30,300                                        |
|   | 121,000                                                           |             |                                   | Endo Finance LLC, 5.375%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 116,311                                       |
|   | 25,000                                                            |             |                                   | Endo Finance LLC, 5.75%, 1/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 24,750                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 171,361                                       |
|   |                                                              |             |                                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 347,562                                       |
|   |                                                              |             |                                   | Banks - 3.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Diversified Banks - 3.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 100,000                                                           | 7.38             |                                   | Banco Continental SA via Continental Trustees Cayman, Ltd., Floating Rate Note, 10/7/40 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 110,265                                       |
|   | 65,000                                                            | 6.88             |                                   | Banco de Credito del Peru Panama, Floating Rate Note, 9/16/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 70,180                                        |
|   | 175,000                                                           | 6.50             |                                   | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 178,500                                       |
|   | 100,000                                                           | 6.25             |                                   | Bank of America Corp., Floating Rate Note, 9/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 97,750                                        |
|   | 150,000                                                           |             |                                   | BBVA Bancomer SA Texas, 4.375%, 4/10/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 150,750                                       |
|   | 125,000                                                           |             |                                   | BNP Paribas SA, 4.375%, 9/28/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 121,968                                       |
|   | 82,000                                                            | 5.95             |                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 79,591                                        |
|   | 50,000                                                            | 5.90             |                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 48,750                                        |
|   | 125,000                                                           |             |                                   | Credit Suisse Group Funding Guernsey, Ltd., 3.8%, 9/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 124,857                                       |
| INR    | 1,150,000                                                         |             |                                   | Inter-American Development Bank, 6.0%, 9/5/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 17,313                                        |
| NZD    | 75,000                                                            |             |                                   | International Bank for Reconstruction & Development, 4.625%, 10/6/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 50,957                                        |
|   | 100,000                                                           |             |                                   | Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 115,497                                       |
|   | 200,000                                                           |             |                                   | Nordea Bank AB, 4.25%, 9/21/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 204,730                                       |
|   | 60,000                                                            | 4.50             |                                   | Scotiabank Peru SAA, Floating Rate Note, 12/13/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 57,990                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,429,098                                     |
|   |                                                              |             |                                   | Regional Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 50,000                                                            |             |                                   | SunTrust Banks, Inc., 3.5%, 1/20/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 51,227                                        |
|   | 60,000                                                            | 6.75             |                                   | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 65,100                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 116,327                                       |
|   |                                                              |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 1,545,425                                     |
|   |                                                              |             |                                   | Diversified Financials - 4.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Other Diversified Financial Services - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 90,000                                                            |             |                                   | Alterra Finance LLC, 6.25%, 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 103,540                                       |
|   | 115,000                                                           |             |                                   | Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 121,168                                       |
| INR    | 7,450,000                                                         |             |                                   | European Bank for Reconstruction & Development, 6.0%, 3/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 112,863                                       |
|   | 25,000                                                            |             |                                   | Hyundai Capital Services, Inc., 4.375%, 7/27/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 25,626                                        |
| NZD    | 100,000                                                           |             |                                   | JPMorgan Chase & Co., 4.25%, 11/2/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 64,989                                        |
|   | 155,000                                                           | 6.75             |                                   | JPMorgan Chase & Co., Floating Rate Note, 8/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 161,394                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 589,580                                       |
|   |                                                              |             |                                   | Specialized Finance - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 100,000                                                           |             |                                   | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 112,250                                       |
|   | 71,000                                                            |             |                                   | Cantor Fitzgerald LP, 7.875%, 10/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 78,010                                        |
|   | 200,000                                                           |             |                                   | Fly Leasing, Ltd., 6.375%, 10/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 202,000                                       |
|   | 35,000                                                            |             |                                   | Nationstar Mortgage LLC, 6.5%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 27,912                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 420,172                                       |
|   |                                                              |             |                                   | Consumer Finance - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 50,000                                                            |             |                                   | Ally Financial, Inc., 4.625%, 5/19/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 49,188                                        |
|   | 100,000                                                           | 5.55             |                                   | Capital One Financial Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 98,750                                        |
| INR    | 1,980,000                                                         |             |                                   | International Finance Corp., 6.3%, 11/25/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 28,234                                        |
| INR    | 5,670,000                                                         |             |                                   | International Finance Corp., 7.75%, 12/3/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 87,053                                        |
| INR    | 5,700,000                                                         |             |                                   | International Finance Corp., 8.25%, 6/10/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 91,937                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 355,162                                       |
|   |                                                              |             |                                   | Asset Management & Custody Banks - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 125,000                                                           |             |                                   | Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 152,144                                       |
|   | 100,000                                                           |             |                                   | KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 104,583                                       |
|   | 35,000                                                            |             |                                   | Legg Mason, Inc., 5.625%, 1/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 36,224                                        |
|   | 75,000                                                            |             |                                   | Neuberger Berman Group LLC, 4.875%, 4/15/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 68,709                                        |
|   | 25,000                                                            | 4.50             |                                   | The Bank of New York Mellon Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 23,062                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 384,722                                       |
|   |                                                              |             |                                   | Investment Banking & Brokerage - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 75,000                                                            |             |                                   | Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 84,153                                        |
|   | 85,000                                                            |             |                                   | Morgan Stanley, 4.1%, 5/22/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 86,030                                        |
|   | 25,000                                                            | 5.55             |                                   | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 24,625                                        |
| NZD    | 80,000                                                            |             |                                   | The Goldman Sachs Group, Inc., 5.2%, 12/17/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 53,452                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 248,260                                       |
|   |                                                              |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 1,997,896                                     |
|   |                                                              |             |                                   | Insurance - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Insurance Brokers - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 100,000                                                           |             |                                   | Brown & Brown, Inc., 4.2%, 9/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 100,828                                       |
|   |                                                              |             |                                   | Life & Health Insurance - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 50,000                                                            | 5.62             |                                   | Prudential Financial, Inc., Floating Rate Note, 6/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 51,600                                        |
|   | 50,000                                                            | 8.88             |                                   | Prudential Financial, Inc., Floating Rate Note, 6/15/68                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 57,388                                        |
|   | 50,000                                                            | 5.88             |                                   | Prudential Financial, Inc., Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 52,875                                        |
|   | 125,000                                                           |             |                                   | Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 156,516 |
|   | 50,000                                                            | 5.65             |                                   | Voya Financial, Inc., Floating Rate Note, 5/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 50,400                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 368,779                                       |
|   |                                                              |             |                                   | Multi-line Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 85,000                                                            |             |                                   | AXA SA, 8.6%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 115,335                                       |
|   |                                                              |             |                                   | Property & Casualty Insurance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 55,000                                                            |             |                                   | Delphi Financial Group, Inc., 7.875%, 1/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 65,342                                        |
|   | 20,000                                                            |             |                                   | OneBeacon US Holdings, Inc., 4.6%, 11/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 20,351                                        |
|   | 75,000                                                            |             |                                   | The Allstate Corp., 5.95%, 4/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 92,609                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 178,302                                       |
|   |                                                              |             |                                   | Reinsurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 31,264                                                            |             |                                   | Altair Re, Variable Rate Notes, 6/30/16 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 2,195                                         |
|   | 40,000                                                            |             |                                   | Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 42,324                                        |
|   | 30,000                                                            | 5.88             |                                   | Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 31,774                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 76,293                                        |
|   |                                                              |             |                                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 839,537                                       |
|   |                                                              |             |                                   | Real Estate - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   |                                                              |             |                                   | Diversified REIT - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 35,000                                                            |             |                                   | DCT Industrial Operating Partnership LP, 4.5%, 10/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 36,181                                        |
|   | 75,000                                                            |             |                                   | MPT Operating Partnership LP, 5.5%, 5/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 76,875                                        |
|   | 16,000                                                            |             |                                   | WP Carey, Inc., 4.6%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 16,316                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 129,372                                       |
|   |                                                              |             |                                   | Office REIT - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 75,000                                                            |             |                                   | Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 74,873                                        |
|   | 20,000                                                            |             |                                   | Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 21,018                                        |
|   | 50,000                                                            |             |                                   | Highwoods Realty LP, 3.625%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 50,195                                        |
|   | 60,000                                                            |             |                                   | Piedmont Operating Partnership LP, 3.4%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 56,852                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 202,938                                       |
|   |                                                              |             |                                   | Residential REIT - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 175,000                                                           |             |                                   | UDR, Inc., 4.0%, 10/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 177,687                                       |
|   |                                                              |             |                                   | Specialized REIT - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 15,000                                                            |             |                                   | CubeSmart LP, 4.8%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 16,306                                        |
|   | 95,000                                                            |             |                                   | DuPont Fabros Technology LP, 5.875%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 97,375                                        |
|   | 25,000                                                            |             |                                   | Equinix, Inc., 5.375%, 1/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 24,875                                        |
|   | 75,000                                                            |             |                                   | Equinix, Inc., 5.75%, 1/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 74,438                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 212,994                                       |
|   |                                                              |             |                                   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 722,991                                       |
|   |                                                              |             |                                   | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   |                                                              |             |                                   | Home Entertainment Software - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 25,000                                                            |             |                                   | Activision Blizzard, Inc., 5.625%, 9/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 26,312                                        |
|   |                                                              |             |                                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 26,312                                        |
|   |                                                              |             |                                   | Technology Hardware & Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   |                                                              |             |                                   | Communications Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 50,000                                                            |             |                                   | Brocade Communications Systems, Inc., 4.625%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 48,000                                        |
|   | 40,000                                                            |             |                                   | CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 38,375                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 86,375                                        |
|   |                                                              |             |                                   | Computer Hardware Storage & Peripherals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 30,000                                                            |             |                                   | NCR Corp., 6.375%, 12/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 29,400                                        |
|   | 100,000                                                           |             |                                   | Seagate HDD Cayman, 4.75%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 98,694                                        |
|   | 75,000                                                            |             |                                   | Seagate HDD Cayman, 4.875%, 6/1/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 69,762                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 197,856                                       |
|   |                                                              |             |                                   | Electronic Manufacturing Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 100,000                                                           |             |                                   | Flextronics International, Ltd., 5.0%, 2/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 100,000                                       |
|   |                                                              |             |                                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 384,231                                       |
|   |                                                              |             |                                   | Semiconductors & Semiconductor Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Semiconductors - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 52,000                                                            |             |                                   | Advanced Micro Devices, Inc., 7.0%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 32,240                                        |
|   | 160,000                                                           |             |                                   | Intel Corp., 4.9%, 7/29/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 165,627                                       |
|   | 80,000                                                            |             |                                   | Micron Technology, Inc., 5.25%, 8/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 73,584                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 271,451                                       |
|   |                                                              |             |                                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 271,451                                       |
|   |                                                              |             |                                   | Telecommunication Services - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   |                                                              |             |                                   | Integrated Telecommunication Services - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 50,000                                                            |             |                                   | AT&T, Inc., 4.75%, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 45,815                                        |
|   | 50,000                                                            |             |                                   | CenturyLink, Inc., 6.45%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 45,750                                        |
|   | 50,000                                                            |             |                                   | CenturyLink, Inc., 7.6%, 9/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 37,875                                        |
|   | 81,000                                                            |             |                                   | Cincinnati Bell, Inc., 8.375%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 81,557                                        |
|   | 13,000                                                            |             |                                   | Frontier Communications Corp., 7.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 10,685                                        |
|   | 112,000                                                           |             |                                   | Frontier Communications Corp., 8.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 108,920                                       |
|   | 100,000                                                           |             |                                   | GTP Acquisition Partners I LLC, 2.35%, 6/15/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 99,714                                        |
|   | 75,000                                                            |             |                                   | Telefonica Emisiones SAU, 6.221%, 7/3/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 80,963                                        |
|   | 25,000                                                            |             |                                   | Unison Ground Lease Funding LLC, 2.981%, 3/16/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 25,135                                        |
|   | 49,000                                                            |             |                                   | Verizon Communications, Inc., 5.012%, 8/21/54                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 44,597                                        |
|   | 75,000                                                            |             |                                   | Verizon Communications, Inc., 5.15%, 9/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 82,852                                        |
|   | 51,000                                                            |             |                                   | Verizon Communications, Inc., 6.55%, 9/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 60,254                                        |
|   | 80,000                                                            |             |                                   | Windstream Services LLC, 6.375%, 8/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 57,648                                        |
|   | 25,000                                                            |             |                                   | Windstream Services LLC, 7.75%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 21,250                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 803,015                                       |
|   |                                                              |             |                                   | Wireless Telecommunication Services - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 25,000                                                            |             |                                   | Crown Castle Towers LLC, 3.222%, 5/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 24,375                                        |
|   | 50,000                                                            |             |                                   | Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 54,009                                        |
|   | 150,000                                                           |             |                                   | SBA Tower Trust, 3.869%, 10/15/49 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 152,617                                       |
|   | 50,000                                                            |             |                                   | Sprint Corp., 7.25%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 40,938                                        |
|   | 100,000                                                           |             |                                   | T-Mobile USA, Inc., 6.542%, 4/28/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 101,625                                       |
|   | 200,000                                                           |             |                                   | VimpelCom Holdings BV, 7.5043%, 3/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 200,500                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 574,064                                       |
|   |                                                              |             |                                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 1,377,079                                     |
|   |                                                              |             |                                   | Utilities - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Electric Utilities - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 125,000                                                           |             |                                   | Electricite de France SA, 6.0%, 1/22/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 131,809                                       |
|   | 65,000                                                            |             |                                   | Iberdrola International BV, 6.75%, 7/15/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 80,550                                        |
|   | 50,000                                                            | 6.25             |                                   | Southern California Edison Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 55,625                                        |
|   | 65,000                                                            |             |                                   | Talen Energy Supply LLC, 4.625%, 7/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 59,150                                        |
|   | 40,000                                                            |             |                                   | TerraForm Power, 9.75%, 8/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 32,100                                        |
|   | 83,000                                                            |             |                                   | West Penn Power Co., 5.95%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 90,629                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 449,863                                       |
|   |                                                              |             |                                   | Multi-Utilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 100,000                                                           |             |                                   | Consolidated Edison Co. of New York, Inc., 4.625%, 12/1/54                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 100,352                                       |
|   | 78,204                                                            |             |                                   | Ormat Funding Corp., 8.25%, 12/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 78,204                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 178,556                                       |
|   |                                                              |             |                                   | Independent Power Producers & Energy Traders - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 78,188                                                            |             |                                   | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 86,665                                        |
|   | 25,000                                                            |             |                                   | TerraForm Power Operating LLC, 5.875%, 2/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 22,062                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 108,727                                       |
|   |                                                              |             |                                   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 737,146                                       |
|   |                                                              |             |                                   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   |                                                              |             |                                   | (Cost $16,798,166)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 16,216,537                                    |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 31.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   | 24,511                                                            |             |                                   | Fannie Mae, 2.5%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 25,034                                        |
|   | 24,467                                                            |             |                                   | Fannie Mae, 2.5%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 24,981                                        |
|   | 44,325                                                            |             |                                   | Fannie Mae, 2.5%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 45,270                                        |
|   | 49,308                                                            |             |                                   | Fannie Mae, 3.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 51,413                                        |
|   | 96,000                                                            |             |                                   | Fannie Mae, 3.5%, 11/12/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 99,929                                        |
|   | 90,183                                                            |             |                                   | Fannie Mae, 3.5%, 12/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 95,409                                        |
|   | 139,210                                                           |             |                                   | Fannie Mae, 3.5%, 12/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 147,306                                       |
|   | 40,713                                                            |             |                                   | Fannie Mae, 3.5%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 42,756                                        |
|   | 324,659                                                           |             |                                   | Fannie Mae, 3.5%, 2/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 339,163                                       |
|   | 141,289                                                           |             |                                   | Fannie Mae, 3.5%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 147,525                                       |
|   | 377,178                                                           |             |                                   | Fannie Mae, 3.5%, 5/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 394,591                                       |
|   | 82,407                                                            |             |                                   | Fannie Mae, 3.5%, 7/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 86,143                                        |
|   | 22,570                                                            |             |                                   | Fannie Mae, 4.0%, 1/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 24,153                                        |
|   | 317,258                                                           |             |                                   | Fannie Mae, 4.0%, 10/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 338,636                                       |
|   | 16,293                                                            |             |                                   | Fannie Mae, 4.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 17,425                                        |
|   | 56,849                                                            |             |                                   | Fannie Mae, 4.0%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 61,016                                        |
|   | 43,127                                                            |             |                                   | Fannie Mae, 4.0%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 46,288                                        |
|   | 61,516                                                            |             |                                   | Fannie Mae, 4.0%, 11/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 65,726                                        |
|   | 24,950                                                            |             |                                   | Fannie Mae, 4.0%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 26,673                                        |
|   | 5,915                                                             |             |                                   | Fannie Mae, 4.0%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 6,318                                         |
|   | 24,522                                                            |             |                                   | Fannie Mae, 4.0%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 26,328                                        |
|   | 112,409                                                           |             |                                   | Fannie Mae, 4.0%, 7/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 121,038                                       |
|   | 56,693                                                            |             |                                   | Fannie Mae, 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 60,513                                        |
|   | 370,247                                                           |             |                                   | Fannie Mae, 4.0%, 8/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 396,397                                       |
|   | 111,503                                                           |             |                                   | Fannie Mae, 4.0%, 8/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 119,017                                       |
|   | 846,000                                                           |             |                                   | Fannie Mae, 4.5%, 10/14/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 917,077                                       |
|   | 137,214                                                           |             |                                   | Fannie Mae, 4.5%, 11/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 149,121                                       |
|   | 17,638                                                            |             |                                   | Fannie Mae, 4.5%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 19,405                                        |
|   | 40,535                                                            |             |                                   | Fannie Mae, 4.5%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 44,079                                        |
|   | 4,194                                                             |             |                                   | Fannie Mae, 4.5%, 3/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 4,544                                         |
|   | 186,572                                                           |             |                                   | Fannie Mae, 4.5%, 6/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 202,818                                       |
|   | 17,119                                                            |             |                                   | Fannie Mae, 4.5%, 7/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 18,690                                        |
|   | 477,846                                                           |             |                                   | Fannie Mae, 4.5%, 8/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 519,210                                       |
|   | 59,220                                                            |             |                                   | Fannie Mae, 5.0%, 1/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 65,161                                        |
|   | 13,709                                                            |             |                                   | Fannie Mae, 5.0%, 6/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 15,135                                        |
|   | 307                                                               |             |                                   | Fannie Mae, 6.0%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 350                                           |
|   | 297                                                               |             |                                   | Fannie Mae, 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 339                                           |
|   | 214                                                               |             |                                   | Fannie Mae, 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 244                                           |
|   | 115                                                               |             |                                   | Fannie Mae, 7.0%, 9/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 124                                           |
|   | 64,296                                                            |             |                                   | Federal Home Loan Mortgage Corp., 3.0%, 10/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 66,957                                        |
|   | 40,547                                                            |             |                                   | Federal Home Loan Mortgage Corp., 3.5%, 10/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 42,308                                        |
|   | 46,922                                                            |             |                                   | Federal Home Loan Mortgage Corp., 3.5%, 11/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 49,950                                        |
|   | 366,906                                                           |             |                                   | Federal Home Loan Mortgage Corp., 3.5%, 12/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 382,173                                       |
|   | 142,069                                                           |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 1/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 151,385                                       |
|   | 44,706                                                            |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 12/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 47,711                                        |
|   | 70,970                                                            |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 5/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 75,624                                        |
|   | 78,199                                                            |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 83,327                                        |
|   | 746,735                                                           |             |                                   | Federal Home Loan Mortgage Corp., 4.5%, 3/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 809,188                                       |
|   | 13,471                                                            |             |                                   | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 14,751                                        |
|   | 42,019                                                            |             |                                   | Federal Home Loan Mortgage Corp., 5.0%, 11/1/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 46,148                                        |
|   | 666                                                               |             |                                   | Federal Home Loan Mortgage Corp., 5.0%, 5/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 733                                           |
|   | 4,175                                                             |             |                                   | Federal Home Loan Mortgage Corp., 5.0%, 6/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,570                                         |
|   | 210                                                               |             |                                   | Federal Home Loan Mortgage Corp., 5.5%, 10/1/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 211                                           |
|   | 26,451                                                            |             |                                   | Federal Home Loan Mortgage Corp., 5.5%, 6/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 29,297                                        |
|   | 52,062                                                            |             |                                   | Federal National Mortgage Association, 4.0%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 54,571                                        |
|   | 445,000                                                           |             |                                   | Government National Mortgage Association I, 3.5%, 10/21/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 465,658                                       |
|   | 41,507                                                            |             |                                   | Government National Mortgage Association I, 3.5%, 7/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 43,619                                        |
|   | 9,783                                                             |             |                                   | Government National Mortgage Association I, 4.0%, 12/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 10,436                                        |
|   | 29,687                                                            |             |                                   | Government National Mortgage Association I, 4.0%, 3/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 31,664                                        |
|   | 640,217                                                           |             |                                   | Government National Mortgage Association I, 4.0%, 4/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 682,779                                       |
|   | 81,340                                                            |             |                                   | Government National Mortgage Association I, 4.0%, 8/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 87,950                                        |
|   | 67,034                                                            |             |                                   | Government National Mortgage Association I, 4.0%, 9/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 71,497                                        |
|   | 48,009                                                            |             |                                   | Government National Mortgage Association I, 4.5%, 1/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 52,806                                        |
|   | 106,903                                                           |             |                                   | Government National Mortgage Association I, 4.5%, 3/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 116,421                                       |
|   | 19,907                                                            |             |                                   | Government National Mortgage Association I, 4.5%, 4/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 21,673                                        |
|   | 14,893                                                            |             |                                   | Government National Mortgage Association I, 4.5%, 5/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 16,277                                        |
|   | 37,596                                                            |             |                                   | Government National Mortgage Association I, 4.5%, 7/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 40,761                                        |
|   | 11,507                                                            |             |                                   | Government National Mortgage Association I, 4.5%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 12,664                                        |
|   | 42,320                                                            |             |                                   | Government National Mortgage Association I, 4.5%, 9/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 45,882                                        |
|   | 7,035                                                             |             |                                   | Government National Mortgage Association I, 5.0%, 4/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 7,909                                         |
|   | 8,318                                                             |             |                                   | Government National Mortgage Association I, 5.5%, 1/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 9,521                                         |
|   | 15,186                                                            |             |                                   | Government National Mortgage Association I, 5.5%, 11/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 17,155                                        |
|   | 12,868                                                            |             |                                   | Government National Mortgage Association I, 5.5%, 4/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 14,691                                        |
|   | 23,012                                                            |             |                                   | Government National Mortgage Association I, 5.5%, 6/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 25,865                                        |
|   | 3,636                                                             |             |                                   | Government National Mortgage Association I, 5.5%, 7/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 4,150                                         |
|   | 1,969                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 10/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 2,273                                         |
|   | 1,180                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 2/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 1,359                                         |
|   | 2,867                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 3,285                                         |
|   | 1,938                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,232                                         |
|   | 152                                                               |             |                                   | Government National Mortgage Association I, 6.0%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 154                                           |
|   | 371                                                               |             |                                   | Government National Mortgage Association I, 6.0%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 379                                           |
|   | 347                                                               |             |                                   | Government National Mortgage Association I, 6.0%, 6/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 390                                           |
|   | 2,924                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 6/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 3,380                                         |
|   | 2,298                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,656                                         |
|   | 2,168                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,501                                         |
|   | 3,088                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 3,229                                         |
|   | 12,905                                                            |             |                                   | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 14,755                                        |
|   | 3,567                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 4,040                                         |
|   | 1,309                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 1,471                                         |
|   | 1,320                                                             |             |                                   | Government National Mortgage Association I, 6.5%, 1/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 1,513                                         |
|   | 1,025                                                             |             |                                   | Government National Mortgage Association I, 6.5%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,216                                         |
|   | 699                                                               |             |                                   | Government National Mortgage Association I, 6.5%, 2/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 802                                           |
|   | 1,955                                                             |             |                                   | Government National Mortgage Association I, 6.5%, 3/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 2,242                                         |
|   | 749                                                               |             |                                   | Government National Mortgage Association I, 6.5%, 3/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 902                                           |
|   | 172                                                               |             |                                   | Government National Mortgage Association I, 7.0%, 3/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 196                                           |
|   | 24,459                                                            |             |                                   | Government National Mortgage Association II, 3.5%, 3/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 25,684                                        |
|   | 24,776                                                            |             |                                   | Government National Mortgage Association II, 3.5%, 4/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 26,053                                        |
|   | 99,795                                                            |             |                                   | Government National Mortgage Association II, 3.5%, 8/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 104,740                                       |
|   | 100,000                                                           |             |                                   | Government National Mortgage Association II, 4.0%, 9/20/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 106,629                                       |
|   | 26,197                                                            |             |                                   | Government National Mortgage Association II, 4.5%, 9/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 28,482                                        |
|   | 5,975                                                             |             |                                   | Government National Mortgage Association II, 5.5%, 3/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 6,757                                         |
|   | 9,986                                                             |             |                                   | Government National Mortgage Association II, 6.0%, 11/20/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 11,190                                        |
|   | 175,000                                                           |             |                                   | U.S. Treasury Bonds, 2.5%, 2/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 161,105                                       |
|   | 65,000                                                            |             |                                   | U.S. Treasury Bonds, 2.75%, 11/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 63,284                                        |
|   | 150,000                                                           |             |                                   | U.S. Treasury Bonds, 3.0%, 11/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 153,176                                       |
|   | 175,000                                                           |             |                                   | U.S. Treasury Bonds, 3.0%, 5/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 179,088                                       |
|   | 400,000                                                           |             |                                   | U.S. Treasury Bonds, 4.5%, 8/15/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 521,802                                       |
|   | 979,963                                                           |             |                                   | U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 934,998                                       |
|   | 841,180                                                           |             |                                   | U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 729,472                                       |
|   | 450,000                                                           | 0.06             |                                   | U.S. Treasury Note, Floating Rate Note, 1/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 449,996                                       |
|   | 225,000                                                           | 0.10             |                                   | U.S. Treasury Note, Floating Rate Note, 1/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 224,940                                       |
|   | 450,000                                                           | 0.07             |                                   | U.S. Treasury Note, Floating Rate Note, 10/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 449,866                                       |
|   | 450,000                                                           | 0.08             |                                   | U.S. Treasury Note, Floating Rate Note, 4/30/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 450,044                                       |
|   | 450,000                                                           | 0.09             |                                   | U.S. Treasury Note, Floating Rate Note, 7/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 450,038                                       |
|   | 225,000                                                           |             |                                   | U.S. Treasury Notes, 0.625%, 12/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 225,442                                       |
|   | 575,000                                                           | 0.09             |                                   | United States Treasury Floating Rate Note, Floating Rate Note, 7/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 574,408                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 14,329,796                                    |
|   |                                                              |             |                                   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | (Cost $14,236,279)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 14,329,796                                    |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | FOREIGN GOVERNMENT BONDS - 4.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 200,000                                                           |             |                                   | Africa Finance Corp., 4.375%, 4/29/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 201,050                                       |
| AUD    | 520,000                                                           |             |                                   | Australia Government Bond, 3.25%, 4/21/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 383,624                                       |
| CNY    | 500,000                                                           |             |                                   | China Government Bond, 3.0%, 11/21/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 77,197                                        |
| MXN    | 550,000                                                           |             |                                   | Mexican Bonos, 6.5%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 33,697                                        |
| MXN    | 520,000                                                           |             |                                   | Mexican Bonos, 7.5%, 6/3/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 33,516                                        |
| MXN    | 2,655,425                                                         |             |                                   | Mexican Udibonos, 2.0%, 6/9/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 150,761                                       |
| MXN    | 1,593,255                                                         |             |                                   | Mexican Udibonos, 3.5%, 12/14/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 100,100                                       |
| NZD    | 305,000                                                           |             |                                   | New Zealand Government Bond, 4.5%, 4/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 217,082                                       |
| NOK    | 750,000                                                           |             |                                   | Norway Government Bond, 2.0%, 5/24/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 92,485                                        |
| NOK    | 2,750,000                                                         |             |                                   | Norway Government Bond, 4.25%, 5/19/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 341,883                                       |
| NOK    | 1,250,000                                                         |             |                                   | Norway Government Bond, 4.5%, 5/22/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 166,703                                       |
|   | 50,000                                                            |             |                                   | Poland Government International Bond, 4.0%, 1/22/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 52,875                                        |
| RON    | 220,000                                                           |             |                                   | Romania Government Bond, 5.85%, 4/26/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 64,264                                        |
| RON    | 90,000                                                            |             |                                   | Romania Government Bond, 5.95%, 6/11/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 26,172                                        |
| RUB    | 8,062,000                                                         |             |                                   | Russian Federal Bond - OFZ, 7.0%, 8/16/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 98,104                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,039,513                                     |
|   |                                                              |             |                                   | TOTAL FOREIGN GOVERNMENT BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   |                                                              |             |                                   | (Cost $2,334,512)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 2,039,513                                     |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | MUNICIPAL BONDS - 3.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   |                                                              |             |                                   | Municipal Development - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 60,000                                                            | 5.90             |                                   | Brazos Harbor Industrial Development Corp., Floating Rate Note, 5/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 64,888                                        |
|   | 65,000                                                            |             |                                   | Louisiana Local Government Environmental Facilities & Community Development Authority, 6.75%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 70,546  |
|   | 100,000                                                           |             |                                   | New Jersey Economic Development Authority, 2/15/18 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 93,380                                        |
|   | 70,000                                                            |             |                                   | Parish of St. John the Baptist Louisiana, 5.125%, 6/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 71,225                                        |
|   | 60,000                                                            |             |                                   | Port of Corpus Christi Authority of Nueces County, 6.7%, 11/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 60,202                                        |
|   | 50,000                                                            |             |                                   | Selma Industrial Development Board, 6.25%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 57,871                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 418,112                                       |
|   |                                                              |             |                                   | Municipal Education - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 10,000                                                            |             |                                   | Amherst College, 3.794%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 9,718                                         |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Municipal General - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 90,000                                                            |             |                                   | JobsOhio Beverage System, 3.985%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 94,538                                        |
|   | 25,000                                                            |             |                                   | JobsOhio Beverage System, 4.532%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 26,408                                        |
|   | 75,000                                                            |             |                                   | New Jersey Transportation Trust Fund Authority, Transportation System-Series A, 5.5%, 6/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 78,235  |
|   | 25,000                                                            |             |                                   | New York City Transitional Finance Authority Future Tax Secured Revenue, 5.0%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 28,572  |
|   | 25,000                                                            |             |                                   | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 27,253                                        |
|   | 50,000                                                            |             |                                   | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 54,242                                        |
|   | 50,000                                                            |             |                                   | Virginia Commonwealth Transportation Board, 4.0%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 53,226                                        |
|   | 50,000                                                            |             |                                   | Virginia Commonwealth Transportation Board, 4.0%, 5/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 52,992                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 415,466                                       |
|   |                                                              |             |                                   | Higher Municipal Education - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 25,000                                                            |             |                                   | Baylor University, 4.313%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 25,589                                        |
|   | 45,000                                                            |             |                                   | California Educational Facilities Authority, 5.0%, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 58,710                                        |
|   | 25,000                                                            |             |                                   | Massachusetts Institute of Technology, 5.6%, 7/1/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 31,571                                        |
|   | 25,000                                                            |             |                                   | Permanent University Fund, 5.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 29,877                                        |
|   | 40,000                                                            |             |                                   | The George Washington University, 1.827%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 40,379                                        |
|   | 50,000                                                            |             |                                   | University of California, 3.38%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 50,312                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 236,438                                       |
|   |                                                              |             |                                   | Municipal Medical - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 50,000                                                            |             |                                   | Maryland Health & Higher Educational Facilities Authority, 5.0%, 7/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 55,520                                        |
|   | 25,000                                                            |             |                                   | Massachusetts Development Finance Agency, Broad Institute -Series A, 5.375%, 4/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 27,810  |
|   | 50,000                                                            |             |                                   | New Hampshire Health and Education Facilities Authority Act, 6.5%, 1/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 57,786                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 141,116                                       |
|   |                                                              |             |                                   | Municipal Pollution - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 135,000                                                           |             |                                   | Port Freeport Texas, 5.95%, 5/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 148,766                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Municipal School District - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   | 20,000                                                            |             |                                   | North East Independent School District Texas, 5.25%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 25,527                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Municipal Transportation - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 15,000                                                            |             |                                   | Port Authority of New York & New Jersey, 4.458%, 10/1/62                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 14,495                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Municipal Obligation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 20,000                                                            |             |                                   | State of Washington, 3.0%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 20,322                                        |
|   | 30,000                                                            |             |                                   | Washington Suburban Sanitary Commission, 4.0%, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 31,089                                        |
|   | 30,000                                                            |             |                                   | Washington Suburban Sanitary Commission, 4.0%, 6/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 31,067                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 82,478                                        |
|   |                                                              |             |                                   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   |                                                              |             |                                   | (Cost $1,394,204)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 1,492,116                                     |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | SENIOR FLOATING RATE LOAN INTERESTS - 6.2%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Energy - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Coal & Consumable Fuels - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 78,333                                                            | 18.15            |                                   | Bumi Resources Tbk PT, Term Loan, 8/15/13                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 29,375                                        |
|   |                                                              |             |                                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 29,375                                        |
|   |                                                              |             |                                   | Materials - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Specialty Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 69,875                                                            | 3.75             |                                   | Axalta Coating Systems US Holdings, Inc., Refinanced Term B Loan, 2/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 69,516                                        |
|   |                                                              |             |                                   | Aluminum - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 38,600                                                            | 5.75             |                                   | Noranda Aluminum Acquisition Corp., Term B Loan, 2/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 26,538                                        |
|   |                                                              |             |                                   | Paper Products - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 50,239                                                            | 5.81             |                                   | Appvion, Inc., Term Commitment, 6/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 47,256                                        |
|   |                                                              |             |                                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 143,310                                       |
|   |                                                              |             |                                   | Capital Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Construction & Farm Machinery & Heavy Trucks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 35,000                                                            | 6.50             |                                   | Navistar, Inc., Tranche B Term Loan, 8/17/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 34,212                                        |
|   |                                                              |             |                                   | Trading Companies & Distributors - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 24,964                                                            | 3.75             |                                   | WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 24,988                                        |
|   |                                                              |             |                                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 59,200                                        |
|   |                                                              |             |                                   | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   | Security & Alarm Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 15,302                                                            | 4.25             |                                   | Monitronics International, Inc., Term B Loan, 3/23/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 15,245                                        |
|   |                                                              |             |                                   | Research & Consulting Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 39,749                                                            | 5.00             |                                   | Wyle, Tranche B Loan (First Lien), 5/22/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 39,699                                        |
|   |                                                              |             |                                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 54,944                                        |
|   |                                                              |             |                                   | Automobiles & Components - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   | Auto Parts & Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 25,200                                                            | 4.50             |                                   | TI Group Automotive Systems LLC, Initial US Term Loan, 6/25/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 24,780                                        |
|   | 142,985                                                           | 4.00             |                                   | Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 141,734                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 166,514                                       |
|   |                                                              |             |                                   | Automobile Manufacturers - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | 143,625                                                           | 3.50             |                                   | Chrysler Group LLC, Term Loan B, 5/24/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 143,393                                       |
|   |                                                              |             |                                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 309,907                                       |
|   |                                                              |             |                                   | Consumer Durables & Apparel - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   |                                                              |             |                                   | Apparel, Accessories & Luxury Goods - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   | 33,980                                                            | 3.25             |                                   | PVH Corp., Tranche B Term Loan, 12/19/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 34,181                                        |
|   |                                                              |             |                                   | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 34,181                                        |
|   |                                                              |             |                                   | Consumer Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   |                                                              |             |                                   | Casinos & Gaming - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   | 126,425                                                           | 3.50             |                                   | MGM Resorts International, Term B Loan, 12/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 125,615                                       |
|   | 24,614                                                            | 3.75             |                                   | Pinnacle Entertainment, Inc., Tranche B-2 Term Loan, 8/13/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 24,633                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 150,248                                       |
|   |                                                              |             |                                   | Leisure Facilities - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   | 99,750                                                            | 3.50             |                                   | Six Flags Theme Parks, Inc., Tranche B Term Loan, 6/30/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 99,999                                        |
|   |                                                              |             |                                   | Restaurants - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 87,063                                                            | 3.75             |                                   | 1011778 BC ULC, Term B-2 Loan, 12/12/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 87,024                                        |
|   |                                                              |             |                                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 337,271                                       |
|   |                                                              |             |                                   | Media - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Cable & Satellite - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 55,000                                                            | 0.00             |                                   | Charter Communications Operating, Ltd., 1st Lien Bridge Loan  5/26/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 55,000                                        |
|   | 48,875                                                            | 3.25             |                                   | MCC Iowa LLC, Tranche H Term Loan, 1/29/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 48,355                                        |
|   | 72,577                                                            | 3.50             |                                   | Telesat Canada, U.S. Term B Loan, 3/28/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 72,229                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 175,584                                       |
|   |                                                              |             |                                   | Movies & Entertainment - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | 17,254                                                            | 3.75             |                                   | Rovi Solutions Corp., Term B Loan, 7/2/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 16,973                                        |
|   |                                                              |             |                                   | Publishing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | 23,161                                                            | 4.75             |                                   | Interactive Data Corp., Tranche B Term Loan (First Lien), 4/24/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 23,144                                        |
|   |                                                              |             |                                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 215,701                                       |
|   |                                                              |             |                                   | Household & Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   |                                                              |             |                                   | Personal Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 86,730                                                            | 4.75             |                                   | Federal-Mogul Corporation, Tranche C Term, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 82,719                                        |
|   |                                                              |             |                                   | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 82,719                                        |
|   |                                                              |             |                                   | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   |                                                              |             |                                   | Health Care Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 100,000                                                           | 4.50             |                                   | Kinetic Concepts, Inc., Term  DTL-E1 loan, 5/4/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 100,031                                       |
|   |                                                              |             |                                   | Health Care Facilities - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   | 69,217                                                            | 4.25             |                                   | Surgical Care Affiliates, Inc., 1st Lien Term Loan B, 3/12/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 69,217                                        |
|   | 30,857                                                            | 3.57             |                                   | CHS, Incremental 2018 Term F Loans, 12/31/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 30,874                                        |
|   | 28,959                                                            | 3.08             |                                   | CHS, Incremental 2019 Term G Loan, 12/31/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 28,977                                        |
|   | 53,284                                                            | 4.00             |                                   | CHS, Incremental 2021 Term H Loan, 1/27/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 53,395                                        |
|   | 100,000                                                           | 4.25             |                                   | Kindred Healthcare, Inc., Tranche B Loan (First Lien), 4/10/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 99,915                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 282,378                                       |
|   |                                                              |             |                                   | Managed Health Care - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 13,747                                                            | 9.75             |                                   | MMM Holdings, Inc., Term Loan, 10/9/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 10,310                                        |
|   | 9,994                                                             | 9.75             |                                   | MSO of Puerto Rico, Inc., MSO Term Loan, 12/12/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 7,495                                         |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 17,805                                        |
|   |                                                              |             |                                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 400,214                                       |
|   |                                                              |             |                                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   | Pharmaceuticals - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   | 98,500                                                            | 3.20             |                                   | Grifols Worldwide Operations USA, Inc., U.S. Tranche B Term Loam, 4/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 98,633                                        |
|   | 100,000                                                           | 4.25             |                                   | PharMEDium Healthcare Corp., Initial Term Loan (First Lien), 1/23/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 99,042                                        |
|   | 79,620                                                            | 3.75             |                                   | Valeant Pharmaceuticals International, Inc., Series E1 Tranche B Term Loan, 8/5/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 78,575  |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 276,250                                       |
|   |                                                              |             |                                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 276,250                                       |
|   |                                                              |             |                                   | Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   |                                                              |             |                                   | Thrifts & Mortgage Finance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                          |
|   | 95,029                                                            | 5.00             |                                   | Ocwen Financial Corp., Initial Term Loan, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 95,058                                        |
|   |                                                              |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 95,058                                        |
|   |                                                              |             |                                   | Diversified Financials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   | Specialized Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                          |
|   | 194,535                                                           | 4.25             |                                   | Mirror BidCo Corp., New Incremental Term Loan, 12/18/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 194,535                                       |
|   |                                                              |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 194,535                                       |
|   |                                                              |             |                                   | Insurance - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Insurance Brokers - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 145,897                                                           | 4.25             |                                   | USI Insurance Services LLC, Term B Loan, 12/30/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 144,864                                       |
|   |                                                              |             |                                   | Property & Casualty Insurance - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                          |
|   | 101,033                                                           | 5.75             |                                   | Confie Seguros Holding II Co., Term B Loan (First Lien), 11/9/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 101,285                                       |
|   |                                                              |             |                                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 246,149                                       |
|   |                                                              |             |                                   | Telecommunication Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   |                                                              |             |                                   | Integrated Telecommunication Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | 117,831                                                           | 3.50             |                                   | Virgin Media Investment Holdings, Ltd., Term Facility, 6/30/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 116,316                                       |
|   | 124,375                                                           | 4.00             |                                   | GCI Holdings, Inc., New Term B Loan, 2/2/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 125,230                                       |
|   | 85,953                                                            | 3.25             |                                   | West Corp., B-10 Term Loan (First Lien), 6/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 85,126                                        |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 326,672                                       |
|   |                                                              |             |                                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 326,672                                       |
|   |                                                              |             |                                   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   | (Cost $2,862,450)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 2,805,486                                     |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | TEMPORARY CASH INVESTMENT - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   | Commercial Paper - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                          |
|   | 115,000                                                           |             |                                   | Prudential Funding Commercial Paper, 10/1/15 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 115,000                                       |
|   |                                                              |             |                                   | TOTAL TEMPORARY CASH INVESTMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   |                                                              |             |                                   | (Cost $115,000)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 115,000                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | TOTAL INVESTMENT IN SECURITIES - 98.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 44,948,621                                    |
|   |                                                              |             |                                   | (Cost $45,489,850) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | OTHER ASSETS & LIABILITIES - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 538,791                                       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 45,487,413                                    |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | +                                                                 |             |                                   | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | Step                                                              |             |                                   | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | (PIK)                                                             |             |                                   | Represents a pay-in kind security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | (Perpetual)                                                       |             | Security with no stated maturity date. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | REMICS                                                            |             |                                   | Real Estate Mortgage Investment Conduits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | REIT                                                              |             |                                   | Real Estate Investment Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | *                                                                 |             |                                   | Non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | (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 September 30, 2015, the value of these securities amounted to $10,118,669 or 22.2% of total net assets.                                                                                                                                                                                                                                                |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | **                                                                |             |                                   | Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium.  These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the certificate of deposit or (iv) other base lending rates used by commercial lenders.  The rate shown is the coupon rate at period end. |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | (a)                                                               |             |                                   | At September 30, 2015, the net unrealized depreciation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                              |             |                                   | cost for federal income tax purposes of $45,489,850 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       |      1,077,913       |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |    (1,619,142)                 |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Net unrealized depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       |       (541,229) |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | (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 recognized through accretion of discount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | (e)                                                               |             |                                   | Structured reinsurance investment.  At September 30, 2015, the value of these securities amounted to $44,519 or 0.1% of total                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                              |             |                                   | net assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   |                                                              |             |                                   | Principal amounts are denominated in U.S. Dollars unless otherwise noted:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | AUD                                                               |             |                                   | Australian Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                          |
|   | CNY                                                               |             |                                   | New Chinese Yuan                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   | EURO                                                              |             |                                   | Euro                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | INR                                                               |             |                                   | Indian Rupee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | MXN                                                               |             |                                   | Mexican Peso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                          |
|   | NOK                                                               |             |                                   | Norwegian Krone                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                          |
|   | NZD                                                               |             |                                   | New Zealand Dollar                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                          |
|   | RON                                                               |             |                                   | Romanian New Leu                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                          |
|   | RUB                                                               |             |                                   | Russian Ruble                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                          |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |
|   | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENT - SELL PROTECTION |             |                                   |
|   |                                                              |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                          |

| Notional Principal ($) (1)                       |    | Counterparty | Obligation Entity/Index             |                                            | Coupon |   |   | Credit Rating (2) |   | ExpirationDate |   | Premiums (Received)Paid |     |   | Net Unrealized Appreciation (Depreciation) |   |
|--------------------------------------------------|---------|--------------|-------------------------------------|-------------------------------------------------|--------|--------|--------|-------------------|--------|----------------|--------|-------------------------|----------|--------|--------------------------------------------|--------|
|                                             | 990,000 |         | Chicago Mercantile Exchange         | Markit CDX North America High Yield Index       |   |   | 5.00   | %                 |   |           | B      | +                       | 6/20/20  |   |                                       | 55,932 |   |   |   | (27,118 | ) |
|                                             |    |         |                                |                                            |   |   |   |              |   |           |   |                    |     |   | $                                          | 55,932 |   |   | $ | (27,118 | ) |
| CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION |    |         |                                |                                            |   |   |   |              |   |           |   |                    |     |   |                                       |   |   |
|                                             |    |         |                                |                                            |   |   |   |              |   |           |   |                    |     |   |                                       |   |   |   |   |   |   |
| Notional Principal ($) (1)                       |    | Counterparty | Obligation Entity/Index             |                                            | Coupon |   |   | Credit Rating (2) |   | ExpirationDate |   | Premiums (Received)Paid |     |   | Net Unrealized Appreciation (Depreciation) |   |
|                                             | 75,000  |         | Morgan Stanley Capital Services LLC | Diamond Offshore Drilling Co.                   |   |   | 1.00   | %                 |   | BBB+           |   | 12/20/19                |     | $      | (2,810                                     | )      |   | $ | (7,068 | ) |
|                                             | 100,000 |         | J.P. Morgan Chase Bank NA           | American Axle & Manufacturing, Inc.         |   |   | 5.00   | %                 |   |           | B      | +                       | 12/20/17 |   |                                       | (3,000 | ) |   |   | 12,475 |   |
|                                             | 50,000  |         | J.P. Morgan Chase Bank NA           | Goodyear Tire & Rubber, Inc.                |   |   | 5.00   | %                 |   | BB             |   | 12/20/17                |     |   | (1,625                                     | )      |   |   | 6,510 |   |
|                                             | 900,000 |         | J.P. Morgan Chase Bank NA           | Markit CDX North America Investment Grade Index |   |   | 1.00   | %                 |   | BBB+           |   | 12/20/17                |     |   | (871                                       | )      |   |   | 11,844 |   |

|                                                                                                                                                                                                    |                                                                                                                                                 |   |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|--------|
|            (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.                                                                                           |
|                                                                                                                                                  |                                                                                                                                                 |
|                                                                                                                                                                                                    |                                                                                                                                                 |   |   |   |
| Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below.                                         |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio’s own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                 |
|                                                                                                                                                                                                    |                                                                                                                                                 |   |   |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                      |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) are categorized as Level 3. See Notes To Financial Satements - Note 1A.                         |
|                                                                                                                                                                                                    |                                                                                                                                                 |   |   |   |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's investments:                                                                                         |

|                                                                                              |   |   |                                                          |                                                                                                                                  | Level 1         |    |    | Level 2 |   |       | Level 3 |   |   | Total  |   |
|---------------------------------------------------------------------------------------------------|--------|--------|---------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------|-----------------|---------|---------|---------|--------|------------|---------|--------|--------|--------|--------|
|                                                                                              |   |   | Convertible Corporate Bonds                                   |                                                                                                                                  | $               | -       |    |    | $      | 686,412    |    |   | $      | -      |   |   | $ | 686,412 |   |
|                                                                                              |   |   | Preferred Stocks                                              |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |   Diversified Financials                            |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |     Consumer Finance                      |                                                                                                                                  |            | 49,784  |    |    |   | 15,122     |    |   |   | -      |   |   |   | 64,906 |   |
|                                                                                              |   |   |   All Other Preferred Stocks                        |                                                                                                                                  |            | 371,134 |    |    |   | -          |    |   |   | -      |   |   |   | 371,134 |   |
|                                                                                              |   |   | Convertible Preferred Stocks                                  |                                                                                                                                  |            | 222,254 |    |    |   | -          |    |   |   | -      |   |   |   | 222,254 |   |
|                                                                                              |   |   | Common Stocks                                                 |                                                                                                                                  |            | -       |    |    |   | 204,885    |    |   |   | -      |   |   |   | 204,885 |   |
|                                                                                              |   |   | Asset Backed Securities                                       |                                                                                                                                  |            | -       |    |    |   | 1,585,123  |    |   |   | -      |   |   |   | 1,585,123 |   |
|                                                                                              |   |   | Collateralized Mortgage Obligations                           |                                                                                                                                  |            | -       |    |    |   | 4,815,459  |    |   |   | -      |   |   |   | 4,815,459 |   |
|                                                                                              |   |   | Corporate Bonds                                               |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |   Insurance                                         |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |     Reinsurance                           |                                                                                                                                  |            | -       |    |    |   | 31,774     |    |   |   | 44,519 |   |   |   | 76,293 |   |
|                                                                                              |   |   |   All Other Corporate Bonds                         |                                                                                                                                  |            | -       |    |    |   | 16,140,244 |    |   |   | -      |   |   |   | 16,140,244 |   |
|                                                                                              |   |   | U.S. Government Agency Obligations                            |                                                                                                                                  |            | -       |    |    |   | 14,329,796 |    |   |   | -      |   |   |   | 14,329,796 |   |
|                                                                                              |   |   | Foreign Government Bonds                                      |                                                                                                                                  |            | -       |    |    |   | 2,039,513  |    |   |   | -      |   |   |   | 2,039,513 |   |
|                                                                                              |   |   | Municipal Bonds                                               |                                                                                                                                  |            | -       |    |    |   | 1,492,116  |    |   |   | -      |   |   |   | 1,492,116 |   |
|                                                                                              |   |   | Senior Floating Rate Loan Interests                           |                                                                                                                                  |            | -       |    |    |   | 2,805,486  |    |   |   | -      |   |   |   | 2,805,486 |   |
|                                                                                              |   |   | Commercial Paper                                              |                                                                                                                                  |            | -       |    |    |   | 115,000    |    |   |   | -      |   |   |   | 115,000 |   |
|                                                                                              |   |   | Total                                                         |                                                                                                                                  | $               | 643,172 |    |    | $      | 44,260,930 |    |   | $      | 44,519 |   |   | $ | 44,948,621 |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Other Financial Instruments                                   |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Net unrealized depreciation on swap contracts                 |                                                                                                                                  | $               | -       |    |    | $      | (3,357     | )       |   | $      | -      |   |   | $ | (3,357 | ) |
|                                                                                              |   |   | Net unrealized depreciation on futures contracts              |                                                                                                                                  |            | (57,945 | )       |    |   | -          |    |   |   | -      |   |   |   | (57,945 | ) |
|                                                                                              |   |   | Unrealized appreciation on forward foreign currency contracts |                                                                                                                                  |            | -       |    |    |   | 15,445     |    |   |   | -      |   |   |   | 15,445 |   |
|                                                                                              |   |   | Unrealized depreciation on forward foreign currency contracts |                                                                                                                                  |            | -       |    |    |   | (11,117    | )       |   |   | -      |   |   |   | (11,117 | ) |
|                                                                                              |   |   | Total Other Financial Instruments                             |                                                                                                                                  | $               | (57,945 | )       |    | $      | 971        |    |   | $      | -      |   |   | $ | (56,974 | ) |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
| The following is a reconciliation of assets valued using significant observable inputs (Level 3): |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  | Corporate Bonds |    |    |    |   |       |    |   |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Balance as of 12/31/14                                        |                                                                                                                                  | $               | 34,256  |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Realized gain (loss)1                                         |                                                                                                                                  |            | -       |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Change in unrealized appreciation (depreciation)2             |                                                                                                                                  |            | (29,737 | )       |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Purchases                                                     |                                                                                                                                  |            | 40,000  |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Sales                                                         |                                                                                                                                  |            | -       |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Transfers in to Level 3*                                      |                                                                                                                                  |            | -       |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Transfers out of Level 3*                                     |                                                                                                                                  |            | -       |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   | Balance as of 9/30/15                                         |                                                                                                                                  | $               | 44,519  |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                              |   | 1      |                                                          | Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations. |            |    |    |    |   |       |    |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                              |   | 2      |                                                          | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on     |            |    |    |    |   |       |    |   |   |
|                                                                                              |   |   |                                                          |  investments in the Statement of Operations.                                                                                     |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                              |   | *      |                                                          | Transfers are calculated on the beginning of period values.                                                                           |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          | During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3.                                   |            |    |    |    |   |       |    |   |   |
|                                                                                              |   |   |                                                          |                                                                                                                                  |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          | Net change in unrealized appreciation (depreciation) of investments                                                                   |            |    |    |    |   |       |    |   |   |   |   |   |   |   |   |   |
|                                                                                              |   |   |                                                          | still held as of 9/30/15                                                                                                              |            | $       | (29,737 | )       |   |       |    |   |   |   |   |   |   |   |   |   |

|   |                                                               |             |                                                                                                                                      | Pioneer High Yield VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|--------|--------------------------------------------------------------------|------------------|-------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|
|   |                                                               |             |                                                                                                                                      | Schedule of Investments 9/30/15 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | Principal Amount ($)                                               | FloatingRate (b) |                                                                                                                                      | Value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                               |             |                                                                                                                                      | CONVERTIBLE CORPORATE BONDS - 15.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Energy - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Equipment & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   | 85,000                                                             |             |                                                                                                                                      | SEACOR Holdings, Inc., 3.0%, 11/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 67,575                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 67,575                                                                                  |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Exploration & Production - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 220,000                                                            |             |                                                                                                                                      | Cobalt International Energy, Inc., 2.625%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 156,475                                                                                 |
|   | 65,000                                                             |             |                                                                                                                                      | Energy XXI, Ltd., 3.0%, 12/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 6,012                                                                                   |
|   | 150,000                                                            |             |                                                                                                                                      | Whiting Petroleum Corp., 1.25%, 4/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 122,156                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 284,643                                                                                 |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Storage & Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | Golar LNG, Ltd., 3.75%, 3/7/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 196,360                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 548,578                                                                                 |
|   |                                                               |             |                                                                                                                                      | Materials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Diversified Metals & Mining - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 117,000                                                            |             |                                                                                                                                      | RTI International Metals, Inc., 1.625%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 122,996                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 122,996                                                                                 |
|   |                                                               |             |                                                                                                                                      | Capital Goods - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Aerospace & Defense - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   | 95,000                                                             |             |                                                                                                                                      | The KEYW Holding Corp., 2.5%, 7/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 73,209                                                                                  |
|   |                                                               |             |                                                                                                                                      | Construction & Engineering - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 150,000                                                            |             |                                                                                                                                      | Dycom Industries, Inc., 0.75%, 9/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 148,763                                                                                 |
|   |                                                               |             |                                                                                                                                      | Electrical Components & Equipment - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 459,000                                                            |             |                                                                                                                                      | General Cable Corp., 4.5%, 11/15/29 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 276,261                                                                                 |
|   | 190,000                                                            |             |                                                                                                                                      | SolarCity Corp., 1.625%, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 148,081                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 424,342                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 646,314                                                                                 |
|   |                                                               |             |                                                                                                                                      | Consumer Durables & Apparel - 2.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Homebuilding - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   | 250,000                                                            |             |                                                                                                                                      | CalAtlantic Group, Inc., 0.25%, 6/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $      | 229,531                                                                                 |
|   | 245,000                                                            |             |                                                                                                                                      | CalAtlantic Group, Inc., 1.25%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 283,434                                                                                 |
|   | 450,000                                                            |             |                                                                                                                                      | KB Home, 1.375%, 2/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 417,938                                                                                 |
|   | 109,000                                                            |             |                                                                                                                                      | Lennar Corp., 2.75%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 236,121                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,167,024                                                                               |
|   |                                                               |             |                                                                                                                                      | Housewares & Specialties - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   | 365,000                                                            |             |                                                                                                                                      | Jarden Corp., 1.125%, 3/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 417,469                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 1,584,493                                                                               |
|   |                                                               |             |                                                                                                                                      | Consumer Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Specialized Consumer Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | 100,000                                                            |             |                                                                                                                                      | Ascent Capital Group, Inc., 4.0%, 7/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 72,000                                                                                  |
|   | 65,000                                                             |             |                                                                                                                                      | Carriage Services, Inc., 2.75%, 3/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 72,109                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 144,109                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 144,109                                                                                 |
|   |                                                               |             |                                                                                                                                      | Media - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Broadcasting - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   | 175,000                                                            |             |                                                                                                                                      | Liberty Media Corp., 1.375%, 10/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 165,484                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 165,484                                                                                 |
|   |                                                               |             |                                                                                                                                      | Retailing - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Internet Retail - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 380,000                                                            |             |                                                                                                                                      | Shutterfly, Inc., 0.25%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 352,212                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 352,212                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Equipment & Services - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Health Care Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 280,000                                                            |             |                                                                                                                                      | Insulet Corp., 2.0%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 258,300                                                                                 |
|   | 86,000                                                             |             |                                                                                                                                      | NuVasive, Inc., 2.75%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 108,414                                                                                 |
|   | 125,000                                                            |             |                                                                                                                                      | Wright Medical Group, Inc., 2.0%, 2/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 118,906                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 485,620                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Supplies - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 100,000                                                            |             |                                                                                                                                      | Alere, Inc., 3.0%, 5/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 113,438                                                                                 |
|   | 85,000                                                             |             |                                                                                                                                      | Endologix, Inc., 2.25%, 12/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 75,650                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 189,088                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 674,708                                                                                 |
|   |                                                               |             |                                                                                                                                      | Pharmaceuticals, Biotechnology & Life Sciences - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Biotechnology - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | 75,000                                                             |             |                                                                                                                                      | BioMarin Pharmaceutical, Inc., 1.5%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 100,781                                                                                 |
|   | 175,000                                                            |             |                                                                                                                                      | Cepheid, 1.25%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 177,625                                                                                 |
|   | 388,000                                                            |             |                                                                                                                                      | Emergent BioSolutions, Inc., 2.875%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 440,622                                                                                 |
|   | 70,000                                                             |             |                                                                                                                                      | Immunomedics, Inc., 4.75%, 2/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 49,831                                                                                  |
|   | 170,000                                                            |             |                                                                                                                                      | Ironwood Pharmaceuticals, Inc., 2.25%, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 151,088                                                                                 |
|   | 163,000                                                            |             |                                                                                                                                      | PDL BioPharma, Inc., 4.0%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 143,644                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,063,591                                                                               |
|   |                                                               |             |                                                                                                                                      | Pharmaceuticals - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 225,000                                                            |             |                                                                                                                                      | Impax Laboratories, Inc., 2.0%, 6/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 203,062                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | Jazz Investments I, Ltd., 1.875%, 8/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 203,250                                                                                 |
|   | 125,000                                                            |             |                                                                                                                                      | The Medicines Co., 2.5%, 1/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 162,656                                                                                 |
|   | 320,000                                                            |             |                                                                                                                                      | Theravance, Inc., 2.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 209,600                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 778,568                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 1,842,159                                                                               |
|   |                                                               |             |                                                                                                                                      | Software & Services - 3.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Internet Software & Services - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 240,000                                                            |             |                                                                                                                                      | Twitter, Inc., 0.25%, 9/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 209,850                                                                                 |
|   | 685,000                                                            |             |                                                                                                                                      | WebMD Health Corp., 1.5%, 12/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 700,412                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 910,262                                                                                 |
|   |                                                               |             |                                                                                                                                      | Data Processing & Outsourced Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   | 330,000                                                            |             |                                                                                                                                      | Cardtronics, Inc., 1.0%, 12/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 305,662                                                                                 |
|   |                                                               |             |                                                                                                                                      | Application Software - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 105,000                                                            |             |                                                                                                                                      | Citrix Systems, Inc., 0.5%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 110,709                                                                                 |
|   | 360,000                                                            |             |                                                                                                                                      | Mentor Graphics Corp., 4.0%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 453,825                                                                                 |
|   | 123,000                                                            |             |                                                                                                                                      | Nuance Communications, Inc., 1.5%, 11/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 126,613                                                                                 |
|   | 35,000                                                             |             |                                                                                                                                      | Synchronoss Technologies, Inc., 0.75%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 35,306                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 726,453                                                                                 |
|   |                                                               |             |                                                                                                                                      | Systems Software - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 30,000                                                             |             |                                                                                                                                      | FireEye, Inc., 1.0%, 6/1/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 27,056                                                                                  |
|   | 30,000                                                             |             |                                                                                                                                      | FireEye, Inc., 1.625%, 6/1/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 26,531                                                                                  |
|   | 40,000                                                             |             |                                                                                                                                      | Proofpoint, Inc., 0.75%, 6/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 41,825                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 95,412                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 2,037,789                                                                               |
|   |                                                               |             |                                                                                                                                      | Technology Hardware & Equipment - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Communications Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 360,000                                                            |             |                                                                                                                                      | Finisar Corp., 0.5%, 12/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 319,725                                                                                 |
|   |                                                               |             |                                                                                                                                      | Electronic Components - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 310,000                                                            |             |                                                                                                                                      | Vishay Intertechnology, Inc., 2.25%, 5/15/41 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 207,700                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 527,425                                                                                 |
|   |                                                               |             |                                                                                                                                      | Semiconductors & Semiconductor Equipment - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Semiconductor Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   | 125,000                                                            |             |                                                                                                                                      | SunEdison, Inc., 2.625%, 6/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $      | 62,969                                                                                  |
|   | 115,000                                                            |             |                                                                                                                                      | SunEdison, Inc., 3.375%, 6/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 58,434                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 121,403                                                                                 |
|   |                                                               |             |                                                                                                                                      | Semiconductors - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 220,000                                                            |             |                                                                                                                                      | ON Semiconductor Corp., 1.0%, 12/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 204,738                                                                                 |
|   | 13,000                                                             |             |                                                                                                                                      | ON Semiconductor Corp., 2.625%, 12/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 14,536                                                                                  |
|   | 235,000                                                            |             |                                                                                                                                      | SunPower Corp., 0.875%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 196,666                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 415,940                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 537,343                                                                                 |
|   |                                                               |             |                                                                                                                                      | TOTAL CONVERTIBLE CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $9,613,216)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 9,183,610                                                                               |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | PREFERRED STOCKS - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Diversified Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 14,011                                                             | 7.12             |                                                                                                                                      | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 377,176                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 377,176                                                                                 |
|   |                                                               |             |                                                                                                                                      | Diversified Financials - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Consumer Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 10,350                                                             | 8.12             |                                                                                                                                      | GMAC Capital Trust I, Floating Rate Note, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 264,236                                                                                 |
|   |                                                               |             |                                                                                                                                      | Investment Banking & Brokerage - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 197                                                                | 6.38             |                                                                                                                                      | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 5,012                                                                                   |
|   |                                                               |             |                                                                                                                                      | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 269,248                                                                                 |
|   |                                                               |             |                                                                                                                                      | Utilities - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Electric Utilities - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 6,066                                                              |             |                                                                                                                                      | PPL Capital Funding, Inc., 5.9%, 4/30/73                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 152,863                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 152,863                                                                                 |
|   |                                                               |             |                                                                                                                                      | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $762,152)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 799,287                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | CONVERTIBLE PREFERRED STOCKS - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Energy - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Exploration & Production - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 1,054                                                              |             |                                                                                                                                      | SandRidge Energy, Inc., 7.0% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 5,138                                                                                   |
|   |                                                               |             |                                                                                                                                      | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 5,138                                                                                   |
|   |                                                               |             |                                                                                                                                      | Consumer Durables & Apparel - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Home Furnishings - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 5,000                                                              |             |                                                                                                                                      | Sealy Corp., 8.0%, 7/15/16 (4.0% cash, 4.0% PIK) (PIK) (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 441,534                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 441,534                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Equipment & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Health Care Supplies - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 397                                                                |             |                                                                                                                                      | Alere, Inc., 3.0% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 129,595                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 129,595                                                                                 |
|   |                                                               |             |                                                                                                                                      | TOTAL CONVERTIBLE PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $568,037)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 576,267                                                                                 |
|   | Shares                                                             |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | COMMON STOCKS - 6.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Energy - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Exploration & Production - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 30,443                                                             |             |                                                                                                                                      | Halcon Resources Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 16,135                                                                                  |
|   | 5,400                                                              |             |                                                                                                                                      | Marathon Oil Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 83,160                                                                                  |
|   | 1,992                                                              |             |                                                                                                                                      | SandRidge Energy, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 538                                                                                     |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 99,833                                                                                  |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Refining & Marketing - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   | 2,156                                                              |             |                                                                                                                                      | Marathon Petroleum Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 99,887                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 199,720                                                                                 |
|   |                                                               |             |                                                                                                                                      | Materials - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Commodity Chemicals - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   | 6,049                                                              |             |                                                                                                                                      | Axiall Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 94,909                                                                                  |
|   | 2,531                                                              |             |                                                                                                                                      | LyondellBasell Industries NV                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 210,984                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 305,893                                                                                 |
|   |                                                               |             |                                                                                                                                      | Diversified Metals & Mining - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 2,641                                                              |             |                                                                                                                                      | Freeport-McMoRan, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $      | 25,591                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 331,484                                                                                 |
|   |                                                               |             |                                                                                                                                      | Capital Goods - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Aerospace & Defense - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   | 1,366                                                              |             |                                                                                                                                      | Orbital ATK, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 98,174                                                                                  |
|   |                                                               |             |                                                                                                                                      | Electrical Components & Equipment - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 6,183                                                              |             |                                                                                                                                      | General Cable Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 73,578                                                                                  |
|   |                                                               |             |                                                                                                                                      | Construction & Farm Machinery & Heavy Trucks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 15,596                                                             |             |                                                                                                                                      | Commercial Vehicle Group, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 62,852                                                                                  |
|   | 1,767                                                              |             |                                                                                                                                      | Joy Global, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 26,381                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 89,233                                                                                  |
|   |                                                               |             |                                                                                                                                      | Industrial Machinery - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 4,579                                                              |             |                                                                                                                                      | Kennametal, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 113,971                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 374,956                                                                                 |
|   |                                                               |             |                                                                                                                                      | Transportation - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Airlines - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 3,777                                                              |             |                                                                                                                                      | United Continental Holdings, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 200,370                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 200,370                                                                                 |
|   |                                                               |             |                                                                                                                                      | Automobiles & Components - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Automobile Manufacturers - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 32,788                                                             |             |                                                                                                                                      | Ford Motor Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 444,933                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 444,933                                                                                 |
|   |                                                               |             |                                                                                                                                      | Consumer Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Restaurants - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   | 2,937                                                              |             |                                                                                                                                      | Starbucks Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 166,939                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 166,939                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Equipment & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Health Care Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 9,932                                                              |             |                                                                                                                                      | BioScrip, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 18,573                                                                                  |
|   |                                                               |             |                                                                                                                                      | Managed Health Care - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   | 1,506                                                              |             |                                                                                                                                      | Aetna, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 164,771                                                                                 |
|   | 1,568                                                              |             |                                                                                                                                      | Cigna Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 211,711                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 376,482                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 395,055                                                                                 |
|   |                                                               |             |                                                                                                                                      | Pharmaceuticals, Biotechnology & Life Sciences - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Life Sciences Tools & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 733                                                                |             |                                                                                                                                      | Bio-Rad Laboratories, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 98,449                                                                                  |
|   | 2,741                                                              |             |                                                                                                                                      | Thermo Fisher Scientific, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 335,169                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 433,618                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 433,618                                                                                 |
|   |                                                               |             |                                                                                                                                      | Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Diversified Banks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 938                                                                |             |                                                                                                                                      | JPMorgan Chase & Co.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 57,190                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 57,190                                                                                  |
|   |                                                               |             |                                                                                                                                      | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Consumer Finance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 725                                                                |             |                                                                                                                                      | Capital One Financial Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 52,577                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 52,577                                                                                  |
|   |                                                               |             |                                                                                                                                      | Real Estate - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Specialized REIT - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 5,095                                                              |             |                                                                                                                                      | Communications Sales & Leasing, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 91,200                                                                                  |
|   |                                                               |             |                                                                                                                                      | Real Estate Operating Companies - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 18,825                                                             |             |                                                                                                                                      | Forest City Enterprises, Inc. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 378,947                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 470,147                                                                                 |
|   |                                                               |             |                                                                                                                                      | Technology Hardware & Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Computer Storage & Peripherals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 3,800                                                              |             |                                                                                                                                      | EMC Corp.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 91,808                                                                                  |
|   |                                                               |             |                                                                                                                                      | Technology Hardware, Storage & Peripherals - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 9,441                                                              |             |                                                                                                                                      | NCR Corp. *                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 214,783                                                                                 |
|   |                                                               |             |                                                                                                                                      | Electronic Manufacturing Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 2,564                                                              |             |                                                                                                                                      | TE Connectivity, Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 153,558                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 460,149                                                                                 |
|   |                                                               |             |                                                                                                                                      | Telecommunication Services - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Integrated Telecommunication Services - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | 4,246                                                              |             |                                                                                                                                      | Windstream Holdings, Inc.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 26,070                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 26,070                                                                                  |
|   |                                                               |             |                                                                                                                                      | TOTAL COMMON STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $2,743,659)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 3,613,208                                                                               |
|   | Principal Amount ($)                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |
|   |                                                               |             |                                                                                                                                      | COLLATERALIZED MORTGAGE OBLIGATIONS - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Materials - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Forest Products - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 450,000                                                            |             |                                                                                                                                      | TimberStar Trust I, 7.5296%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 459,922                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 459,922                                                                                 |
|   |                                                               |             |                                                                                                                                      | Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Thrifts & Mortgage Finance - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 100,000                                                            | 4.80             |                                                                                                                                      | CFCRE 2015-RUM Mortgage Trust, Floating Rate Note, 7/15/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 100,072                                                                                 |
|   | 100,000                                                            | 5.99             |                                                                                                                                      | COMM 2007-C9 Mortgage Trust, Floating Rate Note, 12/10/49 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 94,983                                                                                  |
|   | 150,000                                                            | N/A              |                                                                                                                                      | CSMC Trust 2015-SAND, Floating Rate Note, 8/15/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 150,005                                                                                 |
|   | 45,812                                                             |             |                                                                                                                                      | Global Mortgage Securitization, Ltd., 5.25%, 4/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 33,606                                                                                  |
|   | 23,654                                                             |             |                                                                                                                                      | RALI Series 2003-QS15 Trust, 5.5%, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 24,343                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 403,009                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 403,009                                                                                 |
|   |                                                               |             |                                                                                                                                      | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $863,657)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 862,931                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | CORPORATE BONDS - 62.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Energy - 11.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Drilling - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   | 140,000                                                            |             |                                                                                                                                      | Ocean Rig UDW, Inc., 7.25%, 4/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 77,832                                                                                  |
|   | 100,000                                                            |             |                                                                                                                                      | Offshore Group Investment, Ltd., 7.5%, 11/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 32,500                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 110,332                                                                                 |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Equipment & Services - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   | 225,000                                                            |             |                                                                                                                                      | Exterran Partners LP, 6.0%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 188,438                                                                                 |
|   | 350,000                                                            |             |                                                                                                                                      | Forum Energy Technologies, Inc., 6.25%, 10/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 294,000                                                                                 |
|   | 165,000                                                            |             |                                                                                                                                      | Hiland Partners LP, 7.25%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 173,456                                                                                 |
|   | 165,000                                                            |             |                                                                                                                                      | McDermott International, Inc., 8.0%, 5/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 137,775                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 793,669                                                                                 |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Exploration & Production - 6.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 120,000                                                            |             |                                                                                                                                      | Antero Resources Corp., 6.0%, 12/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 111,000                                                                                 |
|   | 150,000                                                            |             |                                                                                                                                      | Berry Petroleum Co., LLC, 6.375%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 44,907                                                                                  |
|   | 225,000                                                            |             |                                                                                                                                      | Carrizo Oil & Gas, Inc., 6.25%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 195,908                                                                                 |
|   | 255,000                                                            |             |                                                                                                                                      | Comstock Resources, Inc., 7.75%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 63,750                                                                                  |
|   | 150,000                                                            |             |                                                                                                                                      | Concho Resources, Inc., 5.5%, 4/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 142,875                                                                                 |
|   | 205,000                                                            |             |                                                                                                                                      | Denbury Resources, Inc., 5.5%, 5/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 121,975                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | EP Energy LLC, 7.75%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 160,000                                                                                 |
|   | 215,000                                                            |             |                                                                                                                                      | EP Energy LLC, 9.375%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 184,900                                                                                 |
|   | 195,000                                                            |             |                                                                                                                                      | EPL Oil & Gas, Inc., 8.25%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 47,775                                                                                  |
|   | 245,000                                                            |             |                                                                                                                                      | Gulfport Energy Corp., 7.75%, 11/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 240,712                                                                                 |
|   | 135,000                                                            |             |                                                                                                                                      | Halcon Resources Corp., 8.875%, 5/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 40,500                                                                                  |
|   | 170,000                                                            |             |                                                                                                                                      | Hilcorp Energy I LP, 5.75%, 10/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 149,600                                                                                 |
|   | 150,000                                                            |             |                                                                                                                                      | Legacy Reserves LP, 6.625%, 12/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 102,000                                                                                 |
|   | 400,000                                                            |             |                                                                                                                                      | Linn Energy LLC, 6.25%, 11/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 102,000                                                                                 |
|   | 116,000                                                            |             |                                                                                                                                      | Memorial Production Partners LP, 6.875%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 70,760                                                                                  |
|   | 135,000                                                            |             |                                                                                                                                      | Memorial Production Partners LP, 7.625%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 91,125                                                                                  |
|   | 155,000                                                            |             |                                                                                                                                      | Noble Energy, Inc., 5.875%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 154,708                                                                                 |
|   | 115,000                                                            |             |                                                                                                                                      | Northern Oil and Gas, Inc., 8.0%, 6/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 85,531                                                                                  |
|   | 210,000                                                            |             |                                                                                                                                      | Parsley Energy LLC, 7.5%, 2/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 203,700                                                                                 |
|   | 185,000                                                            |             |                                                                                                                                      | PDC Energy, Inc., 7.75%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 184,075                                                                                 |
|   | 190,000                                                            |             |                                                                                                                                      | Penn Virginia Corp., 7.25%, 4/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 42,750                                                                                  |
|   | 150,000                                                            |             |                                                                                                                                      | Penn Virginia Corp., 8.5%, 5/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 38,812                                                                                  |
|   | 145,000                                                            |             |                                                                                                                                      | Rice Energy Inc., 6.25%, 5/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 129,323                                                                                 |
|   | 105,000                                                            |             |                                                                                                                                      | RSP Permian, Inc., 6.625%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 100,800                                                                                 |
|   | 430,000                                                            |             |                                                                                                                                      | Sanchez Energy Corp., 6.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 288,100                                                                                 |
|   | 40,000                                                             |             |                                                                                                                                      | SM Energy Co., 5.625%, 6/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 34,400                                                                                  |
|   | 520,000                                                            |             |                                                                                                                                      | Swift Energy Co., 7.875%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 137,800                                                                                 |
|   | 355,000                                                            |             |                                                                                                                                      | Whiting Canadian Holding Co ULC, 8.125%, 12/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 342,575                                                                                 |
|   | 100,000                                                            |             |                                                                                                                                      | WPX Energy, Inc., 7.5%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 91,500                                                                                  |
|   | 200,000                                                            |             |                                                                                                                                      | WPX Energy, Inc., 8.25%, 8/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 181,500                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 3,885,361                                                                               |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Refining & Marketing - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   | 525,000                                                            |             |                                                                                                                                      | Calumet Specialty Products Partners LP, 6.5%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 472,500                                                                                 |
|   | 235,000                                                            |             |                                                                                                                                      | Tesoro Corp., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 230,300                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 702,800                                                                                 |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Storage & Transportation - 1.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 225,000                                                            |             |                                                                                                                                      | Global Partners LP, 6.25%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 198,000                                                                                 |
|   | 155,000                                                            |             |                                                                                                                                      | Global Partners LP, 7.0%, 6/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 144,538                                                                                 |
|   | 150,000                                                            |             |                                                                                                                                      | Holly Energy Partners LP, 6.5%, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 142,500                                                                                 |
|   | 140,000                                                            |             |                                                                                                                                      | ONEOK, Inc., 7.5%, 9/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 134,837                                                                                 |
|   | 395,000                                                            |             |                                                                                                                                      | Sabine Pass Liquefaction LLC, 5.75%, 5/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 351,550                                                                                 |
|   | 170,000                                                            |             |                                                                                                                                      | Western Refining Logistics LP, 7.5%, 2/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 168,725                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,140,150                                                                               |
|   |                                                               |             |                                                                                                                                      | Coal & Consumable Fuels - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | SunCoke Energy Partners LP, 7.375%, 2/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 176,960                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 6,809,272                                                                               |
|   |                                                               |             |                                                                                                                                      | Materials - 5.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Commodity Chemicals - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   | 85,000                                                             |             |                                                                                                                                      | Axiall Corp., 4.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 71,400                                                                                  |
|   | 60,000                                                             |             |                                                                                                                                      | Hexion, Inc., 6.625%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 51,000                                                                                  |
|   | 185,000                                                            |             |                                                                                                                                      | Hexion, Inc., 8.875%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 148,000                                                                                 |
|   | 225,000                                                            |             |                                                                                                                                      | Rain CII Carbon LLC, 8.0%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 185,062                                                                                 |
|   | 100,000                                                            |             |                                                                                                                                      | Tronox Finance LLC, 6.375%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 63,500                                                                                  |
|   | 220,000                                                            |             |                                                                                                                                      | Tronox Finance LLC, 7.5%, 3/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 139,150                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 658,112                                                                                 |
|   |                                                               |             |                                                                                                                                      | Diversified Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 30,000                                                             |             |                                                                                                                                      | Blue Cube Spinco, Inc., 10.0%, 10/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 31,162                                                                                  |
|   | 30,000                                                             |             |                                                                                                                                      | Blue Cube Spinco, Inc., 9.75%, 10/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 31,200                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 62,362                                                                                  |
|   |                                                               |             |                                                                                                                                      | Metal & Glass Containers - 2.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   | 350,000                                                            |             |                                                                                                                                      | Ball Corp., 5.25%, 7/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 344,967                                                                                 |
|   | 765,000                                                            |             |                                                                                                                                      | Crown Cork & Seal Co., Inc., 7.375%, 12/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 833,859                                                                                 |
|   | 225,000                                                            |             |                                                                                                                                      | Reynolds Group Issuer, Inc., 8.25%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 224,438                                                                                 |
|   | 350,000                                                            |             |                                                                                                                                      | Reynolds Group Issuer, Inc., 8.5%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 352,844                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,756,108                                                                               |
|   |                                                               |             |                                                                                                                                      | Paper Packaging - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | Coveris Holding Corp., 10.0%, 6/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 206,000                                                                                 |
|   |                                                               |             |                                                                                                                                      | Diversified Metals & Mining - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 155,000                                                            |             |                                                                                                                                      | Prince Mineral Holding Corp., 11.5%, 12/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 130,200                                                                                 |
|   |                                                               |             |                                                                                                                                      | Gold - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | IAMGOLD Corp., 6.75%, 10/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 144,000                                                                                 |
|   |                                                               |             |                                                                                                                                      | Steel - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 125,000                                                            |             |                                                                                                                                      | Cliffs Natural Resources, Inc., 8.25%, 3/31/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 110,000                                                                                 |
|   | 150,000                                                            |             |                                                                                                                                      | EVRAZ plc, 7.50%, 11/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 142,500                                                                                 |
|   | 230,000                                                            |             |                                                                                                                                      | JMC Steel Group, Inc., 8.25%, 3/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 156,400                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 408,900                                                                                 |
|   |                                                               |             |                                                                                                                                      | Paper Products - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 165,000                                                            |             |                                                                                                                                      | Resolute Forest Products, Inc., 5.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 122,925                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 3,488,607                                                                               |
|   |                                                               |             |                                                                                                                                      | Capital Goods - 3.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Aerospace & Defense - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   | 240,000                                                            |             |                                                                                                                                      | Bombardier, Inc., 6.0%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 178,200                                                                                 |
|   | 210,000                                                            |             |                                                                                                                                      | DigitalGlobe, Inc., 5.25%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 198,975                                                                                 |
|   | 25,000                                                             |             |                                                                                                                                      | DynCorp International, Inc., 10.375%, 7/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 17,875                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 395,050                                                                                 |
|   |                                                               |             |                                                                                                                                      | Building Products - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 330,000                                                            |             |                                                                                                                                      | Griffon Corp., 5.25%, 3/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 313,912                                                                                 |
|   |                                                               |             |                                                                                                                                      | Construction & Engineering - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 170,000                                                            |             |                                                                                                                                      | AECOM, 5.75%, 10/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 170,957                                                                                 |
|   | 90,000                                                             |             |                                                                                                                                      | MasTec, Inc., 4.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 74,250                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 245,207                                                                                 |
|   |                                                               |             |                                                                                                                                      | Industrial Conglomerates - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 240,000                                                            |             |                                                                                                                                      | JB Poindexter & Co., Inc., 9.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 252,600                                                                                 |
|   |                                                               |             |                                                                                                                                      | Construction & Farm Machinery & Heavy Trucks - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 350,000                                                            |             |                                                                                                                                      | Titan International, Inc., 6.875%, 10/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 293,344                                                                                 |
|   |                                                               |             |                                                                                                                                      | Industrial Machinery - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 325,000                                                            |             |                                                                                                                                      | Apex Tool Group LLC, 7.0%, 2/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 266,500                                                                                 |
|   | 155,000                                                            |             |                                                                                                                                      | Xerium Technologies, Inc., 8.875%, 6/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 157,325                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 423,825                                                                                 |
|   |                                                               |             |                                                                                                                                      | Trading Companies & Distributors - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | Rexel SA, 5.25%, 6/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 204,484                                                                                 |
|   | 100,000                                                            |             |                                                                                                                                      | WESCO Distribution, Inc., 5.375%, 12/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 95,625                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 300,109                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 2,224,047                                                                               |
|   |                                                               |             |                                                                                                                                      | Commercial Services & Supplies - 1.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Environmental & Facilities Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   | 110,000                                                            |             |                                                                                                                                      | Safway Group Holding LLC, 7.0%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 112,612                                                                                 |
|   |                                                               |             |                                                                                                                                      | Diversified Support Services - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   | 165,000                                                            |             |                                                                                                                                      | Allegion US Holding Co, Inc., 5.75%, 10/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 169,125                                                                                 |
|   | 230,000                                                            |             |                                                                                                                                      | NANA Development Corp., 9.5%, 3/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 204,700                                                                                 |
|   | 275,000                                                            |             |                                                                                                                                      | The GEO Group, Inc., 5.875%, 10/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 277,750                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 651,575                                                                                 |
|   |                                                               |             |                                                                                                                                      | Research & Consulting Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 145,000                                                            |             |                                                                                                                                      | IHS, Inc., 5.0%, 11/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 139,381                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 903,568                                                                                 |
|   |                                                               |             |                                                                                                                                      | Transportation - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Airlines - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 9,503                                                              |             |                                                                                                                                      | Continental Airlines 1997-4 Class B Pass Through Trust, 6.9%, 1/2/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 9,770                                                                                   |
|   | 175,000                                                            |             |                                                                                                                                      | Intrepid Aviation Group Holdings LLC, 6.875%, 2/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 157,500                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 167,270                                                                                 |
|   |                                                               |             |                                                                                                                                      | Railroads - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   | 245,000                                                            |             |                                                                                                                                      | Florida East Coast Holdings Corp., 9.75%, 5/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 220,500                                                                                 |
|   |                                                               |             |                                                                                                                                      | Trucking - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | syncreon Group BV, 8.625%, 11/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 149,000                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 536,770                                                                                 |
|   |                                                               |             |                                                                                                                                      | Automobiles & Components - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Auto Parts & Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 345,000                                                            |             |                                                                                                                                      | Stackpole International Intermediate, 7.75%, 10/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 375,188                                                                                 |
|   | 150,000                                                            |             |                                                                                                                                      | ZF North America Capital, Inc., 4.75%, 4/29/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 137,438                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 512,626                                                                                 |
|   |                                                               |             |                                                                                                                                      | Consumer Durables & Apparel - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Homebuilding - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   | 35,000                                                             |             |                                                                                                                                      | Brookfield Residential Properties, Inc., 6.375%, 5/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 32,988                                                                                  |
|   | 75,000                                                             |             |                                                                                                                                      | Brookfield Residential Properties, Inc., 6.5%, 12/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 74,062                                                                                  |
|   | 105,000                                                            |             |                                                                                                                                      | CalAtlantic Group, Inc., 5.375%, 10/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 106,050                                                                                 |
|   | 190,000                                                            |             |                                                                                                                                      | KB Home, 7.5%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 193,325                                                                                 |
|   | 175,000                                                            |             |                                                                                                                                      | Lennar Corp., 4.5%, 6/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 176,925                                                                                 |
|   | 225,000                                                            |             |                                                                                                                                      | Lennar Corp., 4.75%, 11/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 218,430                                                                                 |
|   | 180,000                                                            |             |                                                                                                                                      | MDC Holdings, Inc., 5.5%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 181,800                                                                                 |
|   | 115,000                                                            |             |                                                                                                                                      | Meritage Homes Corp., 7.0%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 124,056                                                                                 |
|   | 75,000                                                             |             |                                                                                                                                      | Rialto Holdings LLC, 7.0%, 12/1/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 76,125                                                                                  |
|   | 70,000                                                             |             |                                                                                                                                      | Shea Homes LP, 5.875%, 4/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 71,575                                                                                  |
|   | 155,000                                                            |             |                                                                                                                                      | Taylor Morrison Communities, Inc., 5.875%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 155,000                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,410,336                                                                               |
|   |                                                               |             |                                                                                                                                      | Total Consumer Durables & Apparel                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 1,410,336                                                                               |
|   |                                                               |             |                                                                                                                                      | Consumer Services - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Casinos & Gaming - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 18,026                                                             |             |                                                                                                                                      | Mashantucket Western Pequot Tribe, 6.5%, 7/1/36 (1.0% cash, 5.50% PIK) (PIK) (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 90                                                                                      |
|   | 300,000                                                            |             |                                                                                                                                      | Scientific Games International, Inc., 10.0%, 12/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 261,750                                                                                 |
|   | 250,000                                                            |             |                                                                                                                                      | Scientific Games International, Inc., 6.25%, 9/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 179,375                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 441,215                                                                                 |
|   |                                                               |             |                                                                                                                                      | Hotels, Resorts & Cruise Lines - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | NCL Corp., Ltd., 5.25%, 11/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 203,876                                                                                 |
|   | 155,000                                                            |             |                                                                                                                                      | Sabre GLBL, Inc., 5.375%, 4/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 152,675                                                                                 |
|   | 210,000                                                            |             |                                                                                                                                      | Viking Cruises, Ltd., 8.5%, 10/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 229,950                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 586,501                                                                                 |
|   |                                                               |             |                                                                                                                                      | Specialized Consumer Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | 250,000                                                            |             |                                                                                                                                      | Sotheby's, 5.25%, 10/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 231,250                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 1,258,966                                                                               |
|   |                                                               |             |                                                                                                                                      | Media - 4.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Broadcasting - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   | 280,000                                                            |             |                                                                                                                                      | Gannett Co., Inc., 6.375%, 10/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 294,000                                                                                 |
|   | 215,000                                                            |             |                                                                                                                                      | LIN Television Corp., 5.875%, 11/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 213,388                                                                                 |
|   | 90,000                                                             |             |                                                                                                                                      | Univision Communications, Inc., 5.125%, 2/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 84,375                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 591,763                                                                                 |
|   |                                                               |             |                                                                                                                                      | Cable & Satellite - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 560,000                                                            |             |                                                                                                                                      | CCO Holdings LLC, 5.75%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 534,800                                                                                 |
|   | 250,000                                                            |             |                                                                                                                                      | CCO Holdings LLC, 6.5%, 4/30/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 251,250                                                                                 |
|   | 225,000                                                            |             |                                                                                                                                      | Intelsat Jackson Holdings SA, 7.25%, 4/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 210,938                                                                                 |
|   | 125,000                                                            |             |                                                                                                                                      | Intelsat Luxembourg SA, 7.75%, 6/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 82,500                                                                                  |
|   | 350,000                                                            |             |                                                                                                                                      | Quebecor Media, Inc., 5.75%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 344,750                                                                                 |
|   | 375,000                                                            |             |                                                                                                                                      | Videotron, Ltd., 5.375%, 6/15/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 369,375                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,793,613                                                                               |
|   |                                                               |             |                                                                                                                                      | Movies & Entertainment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 220,000                                                            |             |                                                                                                                                      | Cinemark USA, Inc., 4.875%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 210,100                                                                                 |
|   | 180,000                                                            |             |                                                                                                                                      | Regal Entertainment Group, Inc., 5.75%, 2/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 170,100                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 380,200                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 2,765,576                                                                               |
|   |                                                               |             |                                                                                                                                      | Retailing - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Department Stores - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 140,000                                                            |             |                                                                                                                                      | Dollar Tree, Inc., 5.75%, 3/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 145,250                                                                                 |
|   |                                                               |             |                                                                                                                                      | Computer & Electronics Retail - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | Rent-A-Center, Inc., 4.75%, 5/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 170,000                                                                                 |
|   |                                                               |             |                                                                                                                                      | Specialty Stores - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 195,000                                                            |             |                                                                                                                                      | Outerwall, Inc., 5.875%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 182,569                                                                                 |
|   |                                                               |             |                                                                                                                                      | Automotive Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 230,000                                                            |             |                                                                                                                                      | CST Brands, Inc., 5.0%, 5/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 228,275                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 726,094                                                                                 |
|   |                                                               |             |                                                                                                                                      | Food & Staples Retailing - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Food Retail - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   | 140,000                                                            |             |                                                                                                                                      | C&S Group Enterprises LLC, 5.375%, 7/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 127,400                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | Darling Ingredients, Inc., 5.375%, 1/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 196,000                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 323,400                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 323,400                                                                                 |
|   |                                                               |             |                                                                                                                                      | Food, Beverage & Tobacco - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Packaged Foods & Meats - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 42,000                                                             |             |                                                                                                                                      | Chiquita Brands International, Inc., 7.875%, 2/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 44,625                                                                                  |
|   | 200,000                                                            |             |                                                                                                                                      | Dole Food Co., Inc., 7.25%, 5/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 199,500                                                                                 |
|   | 315,000                                                            |             |                                                                                                                                      | Post Holdings, Inc., 6.75%, 12/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 315,000                                                                                 |
|   | 75,000                                                             |             |                                                                                                                                      | Post Holdings, Inc., 7.375%, 2/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   | 76,125                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 635,250                                                                                 |
|   |                                                               |             |                                                                                                                                      | Tobacco - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   | 365,000                                                            |             |                                                                                                                                      | Alliance One International, Inc., 9.875%, 7/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 312,075                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 947,325                                                                                 |
|   |                                                               |             |                                                                                                                                      | Household & Personal Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Personal Products - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | Revlon Consumer Products Corp., 5.75%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 194,000                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 194,000                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Equipment & Services - 3.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Health Care Supplies - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 85,000                                                             |             |                                                                                                                                      | Alere, Inc., 6.375%, 7/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 86,275                                                                                  |
|   | 105,000                                                            |             |                                                                                                                                      | Sterigenics-Nordion Holdings LLC, 6.5%, 5/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   | 104,212                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 190,487                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 150,000                                                            |             |                                                                                                                                      | BioScrip, Inc., 8.875%, 2/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 115,500                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Facilities - 3.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   | 730,000                                                            |             |                                                                                                                                      | CHS, Inc., 7.125%, 7/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 759,200                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | Kindred Healthcare Inc., 6.375%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 198,500                                                                                 |
|   | 500,000                                                            |             |                                                                                                                                      | Tenet Healthcare Corp., 6.0%, 10/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 527,500                                                                                 |
|   | 370,000                                                            |             |                                                                                                                                      | Universal Hospital Services, Inc., 7.625%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 346,875                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,832,075                                                                               |
|   |                                                               |             |                                                                                                                                      | Managed Health Care - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   | 75,000                                                             |             |                                                                                                                                      | WellCare Health Plans, Inc., 5.75%, 11/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 78,000                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 2,216,062                                                                               |
|   |                                                               |             |                                                                                                                                      | Pharmaceuticals, Biotechnology & Life Sciences - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Pharmaceuticals - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   | 203,000                                                            |             |                                                                                                                                      | DPx Holdings BV, 7.5%, 2/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 205,030                                                                                 |
|   | 140,000                                                            |             |                                                                                                                                      | Endo Finance LLC, 5.375%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 134,575                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | Endo Finance LLC, 5.75%, 1/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 198,000                                                                                 |
|   | 205,000                                                            |             |                                                                                                                                      | Endo, Ltd., 6.0%, 7/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   | 202,438                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 740,043                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 740,043                                                                                 |
|   |                                                               |             |                                                                                                                                      | Banks - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Diversified Banks - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 425,000                                                            | 6.50             |                                                                                                                                      | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 433,500                                                                                 |
|   | 175,000                                                            | 6.25             |                                                                                                                                      | Bank of America Corp., Floating Rate Note, 9/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 171,062                                                                                 |
|   | 75,000                                                             | 5.90             |                                                                                                                                      | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 73,125                                                                                  |
|   | 175,000                                                            | 5.88             |                                                                                                                                      | Wells Fargo & Company, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 179,156                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 856,843                                                                                 |
|   |                                                               |             |                                                                                                                                      | Thrifts & Mortgage Finance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 255,000                                                            |             |                                                                                                                                      | Provident Funding Associates LP, 6.75%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $      | 241,612                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 1,098,455                                                                               |
|   |                                                               |             |                                                                                                                                      | Diversified Financials - 4.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Specialized Finance - 2.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   | 175,000                                                            |             |                                                                                                                                      | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 196,438                                                                                 |
|   | 400,000                                                            |             |                                                                                                                                      | Fly Leasing, Ltd., 6.375%, 10/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 404,000                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | Fly Leasing, Ltd., 6.75%, 12/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 205,000                                                                                 |
|   | 315,000                                                            |             |                                                                                                                                      | Nationstar Mortgage LLC, 6.5%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 261,450                                                                                 |
|   | 300,000                                                            |             |                                                                                                                                      | Oxford Finance LLC, 7.25%, 1/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   | 305,250                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,372,138                                                                               |
|   |                                                               |             |                                                                                                                                      | Consumer Finance - 1.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 300,000                                                            |             |                                                                                                                                      | Ally Financial, Inc., 4.625%, 3/30/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 283,500                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | Ally Financial, Inc., 4.625%, 5/19/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 196,750                                                                                 |
|   | 200,000                                                            | 5.55             |                                                                                                                                      | Capital One Financial Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 197,500                                                                                 |
|   | 110,000                                                            |             |                                                                                                                                      | TMX Finance LLC, 8.5%, 9/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 86,625                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 764,375                                                                                 |
|   |                                                               |             |                                                                                                                                      | Investment Banking & Brokerage - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 200,000                                                            | 5.55             |                                                                                                                                      | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 197,000                                                                                 |
|   | 175,000                                                            | 5.38             |                                                                                                                                      | The Goldman Sachs Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 170,953                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 367,953                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 2,504,466                                                                               |
|   |                                                               |             |                                                                                                                                      | Insurance - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Life & Health Insurance - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   | 110,000                                                            |             |                                                                                                                                      | CNO Financial Group, Inc., 4.5%, 5/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 112,200                                                                                 |
|   | 200,000                                                            |             |                                                                                                                                      | Fidelity & Guaranty Life Holdings, Inc., 6.375%, 4/1/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 208,000                                                                                 |
|   | 185,000                                                            | 5.65             |                                                                                                                                      | Voya Financial, Inc., Floating Rate Note, 5/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 186,480                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 506,680                                                                                 |
|   |                                                               |             |                                                                                                                                      | Reinsurance - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   | 70,000                                                             |             |                                                                                                                                      | Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (f)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 74,067                                                                                  |
|   | 250,000                                                            | 12.79            |                                                                                                                                      | Residential Reinsurance 2012, Ltd., Floating Rate Note, 12/6/16 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 265,275                                                                                 |
|   | 500,000                                                            | 4.02             |                                                                                                                                      | Sanders Re, Ltd., Floating Rate Note, 5/5/17 (Cat Bond) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 503,800                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 843,142                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 1,349,822                                                                               |
|   |                                                               |             |                                                                                                                                      | Real Estate - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Diversified REIT - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 210,000                                                            |             |                                                                                                                                      | MPT Operating Partnership LP, 5.5%, 5/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 215,250                                                                                 |
|   |                                                               |             |                                                                                                                                      | Specialized REIT - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 138,418                                                            |             |                                                                                                                                      | AAF Holdings LLC, 12.0%, 7/1/19 (144A) (12.0% cash, 0.0% PIK) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 136,342                                                                                 |
|   | 175,000                                                            |             |                                                                                                                                      | Communications Sales & Leasing, Inc., 6.0%, 4/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 155,750                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 292,092                                                                                 |
|   |                                                               |             |                                                                                                                                      | Real Estate Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 235,000                                                            |             |                                                                                                                                      | Kennedy-Wilson, Inc., 5.875%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 229,712                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 737,054                                                                                 |
|   |                                                               |             |                                                                                                                                      | Software & Services - 1.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Internet Software & Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 75,000                                                             |             |                                                                                                                                      | IAC, 4.875%, 11/30/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 77,062                                                                                  |
|   | 365,000                                                            |             |                                                                                                                                      | j2 Global, Inc., 8.0%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 388,725                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 465,787                                                                                 |
|   |                                                               |             |                                                                                                                                      | Data Processing & Outsourced Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   | 150,000                                                            |             |                                                                                                                                      | Audatex North America, Inc., 6.0%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 150,298                                                                                 |
|   | 100,000                                                            |             |                                                                                                                                      | NeuStar, Inc., 4.5%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 84,000                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 234,298                                                                                 |
|   |                                                               |             |                                                                                                                                      | Application Software - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 125,000                                                            |             |                                                                                                                                      | Igloo Holdings Corp., 8.25%, 12/15/17 (8.25% Cash, 9.00% PIK) (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 125,312                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 125,312                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 825,397                                                                                 |
|   |                                                               |             |                                                                                                                                      | Technology Hardware & Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Communications Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 90,000                                                             |             |                                                                                                                                      | CommScope Technologies Finance LLC, 6.0%, 6/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 86,344                                                                                  |
|   | 175,000                                                            |             |                                                                                                                                      | CommScope, Inc., 5.0%, 6/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   | 171,062                                                                                 |
|   | 75,000                                                             |             |                                                                                                                                      | Plantronics, Inc., 5.5%, 5/31/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   | 75,188                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 332,594                                                                                 |
|   |                                                               |             |                                                                                                                                      | Electronic Components - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 130,000                                                            |             |                                                                                                                                      | Belden, Inc., 5.5%, 9/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 125,775                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 458,369                                                                                 |
|   |                                                               |             |                                                                                                                                      | Semiconductors & Semiconductor Equipment - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Semiconductor Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   | 325,000                                                            |             |                                                                                                                                      | Entegris, Inc., 6.0%, 4/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 329,875                                                                                 |
|   |                                                               |             |                                                                                                                                      | Semiconductors - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   | 160,000                                                            |             |                                                                                                                                      | Advanced Micro Devices, Inc., 7.0%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 99,200                                                                                  |
|   | 160,000                                                            |             |                                                                                                                                      | Advanced Micro Devices, Inc., 7.5%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   | 102,400                                                                                 |
|   | 130,000                                                            |             |                                                                                                                                      | Micron Technology, Inc., 5.25%, 8/1/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 119,574                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 321,174                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 651,049                                                                                 |
|   |                                                               |             |                                                                                                                                      | Telecommunication Services - 5.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Integrated Telecommunication Services - 3.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 375,000                                                            |             |                                                                                                                                      | CenturyLink, Inc., 6.45%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 343,125                                                                                 |
|   | 75,000                                                             |             |                                                                                                                                      | CenturyLink, Inc., 6.75%, 12/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 65,625                                                                                  |
|   | 731,000                                                            |             |                                                                                                                                      | Frontier Communications Corp., 8.75%, 4/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 650,977                                                                                 |
|   | 250,000                                                            |             |                                                                                                                                      | GCI, Inc., 6.875%, 4/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 251,250                                                                                 |
|   | 405,000                                                            |             |                                                                                                                                      | Windstream Corp., 7.5%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   | 305,775                                                                                 |
|   | 500,000                                                            |             |                                                                                                                                      | Windstream Services LLC, 7.75%, 10/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 425,000                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 2,041,752                                                                               |
|   |                                                               |             |                                                                                                                                      | Wireless Telecommunication Services - 2.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   |                                                                                    |
|   | 200,000                                                            |             |                                                                                                                                      | Altice Financing SA, 6.625%, 2/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 192,375                                                                                 |
|   | 685,000                                                            |             |                                                                                                                                      | Sprint Corp., 7.125%, 6/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   | 527,176                                                                                 |
|   | 330,000                                                            |             |                                                                                                                                      | Sprint Corp., 7.25%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 270,188                                                                                 |
|   | 285,000                                                            |             |                                                                                                                                      | T-Mobile USA, Inc., 6.542%, 4/28/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   | 289,631                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 1,279,370                                                                               |
|   |                                                               |             |                                                                                                                                      | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $      | 3,321,122                                                                               |
|   |                                                               |             |                                                                                                                                      | Utilities - 2.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Electric Utilities - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   | 445,000                                                            |             |                                                                                                                                      | Talen Energy Supply LLC, 4.625%, 7/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 404,950                                                                                 |
|   | 100,000                                                            |             |                                                                                                                                      | Talen Energy Supply LLC, 6.5%, 6/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 86,000                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 490,950                                                                                 |
|   |                                                               |             |                                                                                                                                      | Independent Power Producers & Energy Traders - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 330,000                                                            |             |                                                                                                                                      | AES Corp. Virginia, 4.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 289,575                                                                                 |
|   | 100,000                                                            |             |                                                                                                                                      | AES Corp., 5.5%, 4/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   | 87,500                                                                                  |
|   | 200,000                                                            |             |                                                                                                                                      | NRG Energy, Inc., 6.25%, 5/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   | 176,500                                                                                 |
|   | 450,000                                                            |             |                                                                                                                                      | NRG Energy, Inc., 6.625%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   | 414,000                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 967,575                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 1,458,525                                                                               |
|   |                                                               |             |                                                                                                                                      | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $41,848,925)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 37,460,951                                                                              |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | SENIOR FLOATING RATE LOAN INTERESTS - 4.0% **                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Energy - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Oil & Gas Drilling - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   | 169,390                                                            | 7.50             |                                                                                                                                      | Jonah Energy LLC, Term Loan (Second Lien), 5/8/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 137,206                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 137,206                                                                                 |
|   |                                                               |             |                                                                                                                                      | Capital Goods - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Industrial Conglomerates - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 20,213                                                             | 8.25             |                                                                                                                                      | Filtration Group Corp., Initial Term Loan (Second Lien), 11/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 20,389                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 20,389                                                                                  |
|   |                                                               |             |                                                                                                                                      | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Security & Alarm Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | 83,068                                                             | 4.25             |                                                                                                                                      | Monitronics International, Inc., Term B Loan, 3/23/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 82,756                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 82,756                                                                                  |
|   |                                                               |             |                                                                                                                                      | Automobiles & Components - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Auto Parts & Equipment - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   | 281,358                                                            | 4.00             |                                                                                                                                      | Tower Automotive Holdings USA LLC, Initial Term Loan (2014), 4/23/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 278,896                                                                                 |
|   |                                                               |             |                                                                                                                                      | Automobile Manufacturers - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |   |                                                                                    |
|   | 373,425                                                            | 3.50             |                                                                                                                                      | Chrysler Group LLC, Term Loan B, 5/24/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 372,821                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 651,717                                                                                 |
|   |                                                               |             |                                                                                                                                      | Consumer Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Restaurants - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   | 78,010                                                             | 4.00             |                                                                                                                                      | Landry's, Inc., B Term Loan, 4/24/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 78,132                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $      | 78,132                                                                                  |
|   |                                                               |             |                                                                                                                                      | Media - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Broadcasting - 0.0% †                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 38,964                                                             | 4.00             |                                                                                                                                      | Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 38,677                                                                                  |
|   |                                                               |             |                                                                                                                                      | Cable & Satellite - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   |                                                                                    |
|   | 345,000                                                            | 0.00             |                                                                                                                                      | Charter Communications, First-Lien Bridge Loan, 5/26/16 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 345,000                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      | 383,677                                                                                 |
|   |                                                               |             |                                                                                                                                      | Food & Staples Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Food Distributors - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   | 3,078                                                              | 5.75             |                                                                                                                                      | AdvancePierre Foods, Inc., Term Loan (First Lien), 7/10/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 3,084                                                                                   |
|   | 280,000                                                            | 8.25             |                                                                                                                                      | Del Monte Foods Consumer Products,Term Loan (Second Lien), 5/26/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 251,067                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 254,151                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 254,151                                                                                 |
|   |                                                               |             |                                                                                                                                      | Health Care Equipment & Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Health Care Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 25,438                                                             | 0.00             |                                                                                                                                      | Ardent Legacy Acquisitions, Inc., First-Lien Term Loan, 7/31/21 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $      | 25,502                                                                                  |
|   | 33,414                                                             | 6.25             |                                                                                                                                      | BioScrip, Inc., Initial Term B Loan, 7/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |   | 31,409                                                                                  |
|   | 30,629                                                             | 6.50             |                                                                                                                                      | BioScrip, Inc., Term Loan, 7/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   | 28,791                                                                                  |
|   | 165,000                                                            | 8.33             |                                                                                                                                      | MJ Acquisition Corporation, Second-Lien Term Loan, 4/8/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 165,924                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 251,626                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $      | 251,626                                                                                 |
|   |                                                               |             |                                                                                                                                      | Pharmaceuticals, Biotechnology & Life Sciences - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Biotechnology - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | 394,013                                                            | 0.00             |                                                                                                                                      | Lantheus Medical Imaging, Inc., First-Lien Term Loan, 6/25/22 (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 374,312                                                                                 |
|   |                                                               |             |                                                                                                                                      | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 374,312                                                                                 |
|   |                                                               |             |                                                                                                                                      | Diversified Financials - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Other Diversified Financial Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 98,432                                                             | 5.25             |                                                                                                                                      | WorldPay, Facility B2A Term Loan, 8/6/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $      | 98,801                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $      | 98,801                                                                                  |
|   |                                                               |             |                                                                                                                                      | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Application Software - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |   |                                                                                    |
|   | 20,474                                                             | 8.50             |                                                                                                                                      | Expert Global Solutions, Inc., Term B Advance (First Lien), 4/3/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $      | 20,499                                                                                  |
|   | 47,774                                                             | 4.25             |                                                                                                                                      | Vertafore, Inc., Term Loan (2013), 10/3/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |   | 47,789                                                                                  |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $      | 68,288                                                                                  |
|   |                                                               |             |                                                                                                                                      | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $      | 68,288                                                                                  |
|   |                                                               |             |                                                                                                                                      | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $2,469,960)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $      | 2,401,055                                                                               |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | TEMPORARY CASH INVESTMENTS - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Commercial Paper - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   | 150,000                                                            |             |                                                                                                                                      | Prudential Funding LLC, Discount Commercial Paper, 10/1/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $      | 150,000                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | TOTAL TEMPORARY CASH INVESTMENTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $150,000)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $      | 150,000                                                                                 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | TOTAL INVESTMENT IN SECURITIES - 91.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | (Cost $59,019,606) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $      | 55,047,309                                                                              |
|   |                                                               |             |                                                                                                                                      | OTHER ASSETS & LIABILITIES - 8.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $      | 5,279,432                                                                               |
|   |                                                               |             |                                                                                                                                      | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      | 60,326,741                                                                              |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | *                                                                  |             |                                                                                                                                      | Non-income producing security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | †                                                            |             |                                                                                                                                      | Amount rounds to less than 0.1%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (PIK)                                                              |             |                                                                                                                                      | Represents a pay-in-kind security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | REIT                                                               |             |                                                                                                                                      | Real Estate Investment Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (Cat Bond)                                                         |             | Catastrophe or Event Linked Bond. At September 30, 2015, the value of these securities amounted to $769,075, or 1.3% 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.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (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 September 30, 2015, the value of these securities amounted to $15,055,402, or 25.0% of total net assets.                                                                                                                                                                                                                                                              |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | **                                                                 |             |                                                                                                                                      | Senior floating rate loan interests in which the Portfolio invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (a)                                                                |             |                                                                                                                                      | At September 30, 2015, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | cost for federal income tax purposes of $59,047,948 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $      |              2,548,371 |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |   |            (6,549,010)           |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      | Net unrealized depreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $      |            (4,000,639)           |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (b)                                                                |             |                                                                                                                                      | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (c)                                                                |             |                                                                                                                                      | Security issued with a zero coupon. Income is recognized through accretion of discount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (d)                                                                |             |                                                                                                                                      | Security is in default and is non-income producing.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (e)                                                                |             |                                                                                                                                      | Rate to be determined                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |   |                                                                                    |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | (f)                                                                |             |                                                                                                                                      | Structured reinsurance investment. At September 30, 2015, the value of these securitiesamounted to $74,067 or 0.1% of total net assets.                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |
|   | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION |             |                                                                                                                                      |
|   |                                                               |             |                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |   |                                                                                    |

| Notional Principal ($) (1) |      | Counterparty | Obligation Entity/Index     |                                      | Coupon |   | Credit Rating (2) | Expiration Date |   | Premiums Received |   |   | Unrealized Depreciation |   |
|----------------------------|-----------|--------------|-----------------------------|-------------------------------------------|--------|--------|-------------------|-----------------|--------|-------------------|--------|--------|-------------------------|--------|
|                       | 1,829,420 |         | Chicago Mercantile Exchange | Markit CDX North America High Yield Index |   |   | 5.00              | %               | BBB+   | 12/20/19          |   | $      | 108,936                 |   |   | $ | (20,905 | ) |

----

|                                                                                                                                                       |   |            (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.                                                                                     |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |
| Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.  |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |
| Level 1 – quoted prices in active markets for identical securities.                                                                                  |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.                                        |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's investments:                                            |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   | Level 1         |      |   | Level 2 |   |       | Level 3 |   |   | Total |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Convertible Corporate Bonds                                                                                                                                                   |   | $               | -         |   |    | $      | 9,183,610  |    |   | $ | - |   |   | $ | 9,183,610 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Preferred Stocks                                                                                                                                                              |   |            | 799,287   |   |    |   | -          |    |   |   | - |   |   |   | 799,287 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Convertible Preferred Stocks                                                                                                                                                  |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |   Energy                                                                                                                                                            |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |     Oil & Gas Exploration & Production                                                                                                            |   |            | -         |   |    |   | 5,138      |    |   |   | - |   |   |   | 5,138 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |   Consumer Durables & Apparel                                                                                                                                   |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |     Home Furnishings                                                                                                                                      |   |            | -         |   |    |   | 441,534    |    |   |   | - |   |   |   | 441,534 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |   Health Care Equipment & Services                                                                                                                              |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |     Health Care Supplies                                                                                                                                  |   |            | 129,595   |   |    |   | -          |    |   |   | - |   |   |   | 129,595 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Common Stocks                                                                                                                                                                 |   |            | 3,613,208 |   |    |   | -          |    |   |   | - |   |   |   | 3,613,208 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Collateralized Mortgage Obligations                                                                                                                                           |   |            | -         |   |    |   | 862,931    |    |   |   | - |   |   |   | 862,931 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Corporate Bonds                                                                                                                                                               |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |   Insurance                                                                                                                                                         |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |     Reinsurance                                                                                                                                           |   |            | -         |   |    |   | 769,075    |    |   |   | 74,067 |   |   |   | 843,142 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |   All Other Corporate Bonds                                                                                                                                         |   |            | -         |   |    |   | 36,617,809 |    |   |   |   |   |   |   | 36,617,809 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Senior Floating Rate Loan Interests                                                                                                                                           |   |            | -         |   |    |   | 2,401,055  |    |   |   | - |   |   |   | 2,401,055 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Commercial Paper                                                                                                                                                              |   |            | -         |   |    |   | 150,000    |    |   |   | - |   |   |   | 150,000 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Total                                                                                                                                                                         |   | $               | 4,542,090 |   |    | $      | 50,431,152 |    |   | $ | 74,067 |   |   | $ | 55,047,309 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Other Financial Instruments                                                                                                                                                   |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Net Unrealized appreciation on Futures Contracts                                                                                                                              |   | $               | 82,215    |   |    | $      | -          |    |   | $ | - |   |   | $ | 82,215 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Net Unrealized depreciation on Swap Contracts                                                                                                                                 |   |            | -         |   |    |   | (20,905    | )       |   |   | - |   |   |   | (20,905 | ) |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |  Total Other Financial Instruments                                                                                                                                       |   | $               | 82,215    |   |    |   | (20,905    | )       |   | $ | - |   |   | $ | 61,310 |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  | The following is a reconciliation of assets valued using significant observable inputs (Level 3):                                              |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   | Corporate Bonds |      |   |    |   |       |    |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Balance as of 12/31/14                                                                                                                                                        |   | $               | -         |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Realized gain (loss)1                                                                                                                                                         |   |            | -         |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Change in unrealized appreciation (depreciation)2                                                                                                                             |   |            | 4,067     |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Purchases                                                                                                                                                                     |   |            | 70,000    |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Sales                                                                                                                                                                         |   |            | -         |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Transfers in and out of Level 3*                                                                                                                                              |   |            | -         |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Transfers in and out of Level 3 categories*                                                                                                                                   |   |            | -         |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Balance as of 9/30/15                                                                                                                                                         |   | $               | 74,067    |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  | 1                                                                                                                                              | Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.                                         |   |            |      |   |    |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  | 2                                                                                                                                              | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  | *                                                                                                                                              | Transfers are calculated on the beginning of period values.  During the period ended                                                                                |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | September 30, 2015, there were no transfers between Levels 1, 2 and 3.                                                                                                        |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           |                                                                                                                                                                          |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | Net change in unrealized appreciation (depreciation) of investments                                                                                                           |   |            |      |   |    |   |       |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                       |   |                                                                  |                                                                                                                                           | still held as of 9/30/15                                                                                                                                                      |   | $               | 4,067     |   |    |   |       |    |   |   |   |   |   |   |   |   |

|   |                                                               |             |                                   | Pioneer Bond VCT Portfolio                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                    |
|--------|--------------------------------------------------------------------|------------------|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|---------------------------------------------------------|
|   |                                                               |             |                                   | Schedule of Investments 9/30/15 (unaudited)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | Shares                                                             | FloatingRate (b) |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | Value                                                   |
|   |                                                               |             |                                   | PREFERRED STOCKS - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   |                                                               |             |                                   | Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   |                                                               |             |                                   | Diversified Banks - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 7,837                                                              | 7.12             |                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 210,972                                                 |
|   | 712                                                                | 6.00             |                                   | US Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 18,747                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 229,719                                                 |
|   |                                                               |             |                                   | Regional Banks - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   | 67                                                                 | 6.62             |                                   | Fifth Third Bancorp, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 1,826                                                   |
|   |                                                               |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 231,545                                                 |
|   |                                                               |             |                                   | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   | Investment Banking & Brokerage - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 2,470                                                              | 6.38             |                                   | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 62,837                                                  |
|   |                                                               |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 62,837                                                  |
|   |                                                               |             |                                   | Insurance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   |                                                               |             |                                   | Property & Casualty Insurance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 2,476                                                              | 5.10             |                                   | The Allstate Corp., Floating Rate Note, 1/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 62,841                                                  |
|   |                                                               |             |                                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 62,841                                                  |
|   |                                                               |             |                                   | TOTAL PREFERRED STOCKS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   |                                                               |             |                                   | (Cost $339,050)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 357,223                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | CONVERTIBLE PREFERRED STOCK - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   |                                                               |             |                                   | Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   |                                                               |             |                                   | Diversified Banks - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 155                                                                |             |                                   | Wells Fargo & Co., 7.5% (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 181,040                                                 |
|   |                                                               |             |                                   | TOTAL CONVERTIBLE PREFERRED STOCK                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   |                                                               |             |                                   | (Cost $152,770)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 181,040                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | Principal Amount ($)                                               | FloatingRate (b) |                                   | ASSET BACKED SECURITIES - 3.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                    |
|   | 2,349                                                              | 6.50             |                                   | ACE Securities Corp. Manufactured Housing Trust Series 2003-MH1, Floating Rate Note, 8/15/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 2,351                                                   |
|   | 100,000                                                            |             |                                   | American Homes 4 Rent 2015-SFR1, 4.11%, 4/18/52 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 96,939                                                  |
|   | 25,000                                                             |             |                                   | AmeriCredit Automobile Receivables Trust 2013-1, 1.57%, 1/8/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 25,046                                                  |
|   | 40,000                                                             |             |                                   | Ascentium Equipment Receivables 2015-1 LLC, 3.24%, 1/10/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 40,557                                                  |
|   | 105,000                                                            |             |                                   | Bayview Financial Mortgage Pass-Through Trust 2006-A, 6.087%, 2/28/41 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 110,065 |
|   | 100,000                                                            |             |                                   | BCC Funding Corp X, 3.622%, 11/20/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 101,254                                                 |
|   | 29,964                                                             | 0.69             |                                   | Bear Stearns Asset Backed Securities I Trust 2005-FR1, Floating Rate Note, 6/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 29,831  |
|   | 18,055                                                             | 0.68             |                                   | Bear Stearns Asset Backed Securities Trust 2006-SD2, Floating Rate Note, 6/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 17,684  |
|   | 50,000                                                             |             |                                   | Capital Auto Receivables Asset Trust 2013-1, 1.74%, 10/22/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 50,198                                                  |
|   | 2,143                                                              | 0.60             |                                   | Carrington Mortgage Loan Trust Series 2005-NC4, Floating Rate Note, 9/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 2,135                                                   |
|   | 48,125                                                             |             |                                   | CKE Restaurant Holdings, Inc., 4.474%, 3/20/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 49,842                                                  |
|   | 11,414                                                             |             |                                   | CNH Equipment Trust 2013-A, 0.69%, 6/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 11,415                                                  |
|   | 121,971                                                            | 4.79             |                                   | Countrywide Asset-Backed Certificates, Floating Rate Note, 12/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 125,105                                                 |
|   | 115,950                                                            |             |                                   | Domino's Pizza Master Issuer LLC, 5.216%, 1/27/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 119,425                                                 |
|   | 87,085                                                             |             |                                   | Engs Commercial Finance Trust 2015-1, 0.7%, 8/22/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 87,086                                                  |
|   | 53,311                                                             |             |                                   | Equifirst Mortgage Loan Trust 2003-1, 4.01%, 12/25/32 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 53,699                                                  |
|   | 1,771                                                              |             |                                   | First Investors Auto Owner Trust 2012-2, 1.47%, 5/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 1,772                                                   |
|   | 25,000                                                             |             |                                   | First Investors Auto Owner Trust 2013-1, 2.02%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 24,935                                                  |
|   | 14,950                                                             | 0.49             |                                   | GSRPM Mortgage Loan Trust 2006-2, Floating Rate Note, 9/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 14,222                                                  |
|   | 43,664                                                             |             |                                   | JG Wentworth XXII LLC, 3.82%, 12/15/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 46,525                                                  |
|   | 100,000                                                            |             |                                   | Leaf Receivables Funding 10 LLC, 2.74%, 3/15/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 99,279                                                  |
|   | 10,540                                                             |             |                                   | Lehman ABS Manufactured Housing Contract Trust 2001-B, 5.873%, 5/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 11,095                                                  |
|   | 63,724                                                             | 0.90             |                                   | New Century Home Equity Loan Trust 2005-1, Floating Rate Note, 3/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 63,207                                                  |
|   | 150,000                                                            |             |                                   | Newstar Commercial Lease Funding 2015-1 LLC, 3.27%, 4/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 149,673                                                 |
|   | 100,000                                                            |             |                                   | OneMain Financial Issuance Trust 2015-1, 3.19%, 3/18/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 101,008                                                 |
|   | 53,041                                                             | 0.45             |                                   | Option One Mortgage Loan Trust 2005-4 Asset-Backed Certificates Series 2005-4, Floating Rate Note, 11/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 52,489  |
|   | 17,628                                                             | 5.46             |                                   | Origen Manufactured Housing Contract Trust 2004-B, Floating Rate Note, 11/15/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 17,897  |
|   | 21,553                                                             | 0.44             |                                   | RAAC Series 2006-RP2 Trust, Floating Rate Note, 2/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 21,276                                                  |
|   | 7,940                                                              |             |                                   | Santander Drive Auto Receivables Trust 2012-1, 3.78%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 7,966                                                   |
|   | 25,000                                                             |             |                                   | Santander Drive Auto Receivables Trust 2012-5, 2.7%, 8/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 25,180                                                  |
|   | 100,000                                                            | 2.66             |                                   | Springleaf Mortgage Loan Trust 2012-3, Floating Rate Note, 12/26/59 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 100,046                                                 |
|   | 99,792                                                             |             |                                   | Store Master Funding I LLC, 3.75%, 4/20/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 100,618                                                 |
|   | 23,809                                                             | 0.41             |                                   | Structured Asset Securities Corp Mortgage Loan Trust 2006-GEL4, Floating Rate Note, 10/25/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                | 23,598  |
|   | 2,811                                                              |             |                                   | Structured Asset Securities Corp., 4.77%, 10/25/34 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,914                                                   |
|   | 17,681                                                             | 1.13             |                                   | Terwin Mortgage Trust Series TMTS 2003-8HE, Floating Rate Note, 12/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 17,203                                                  |
|   | 72,449                                                             |             |                                   | Terwin Mortgage Trust Series TMTS 2005-16HE, 4.34011%, 9/25/36 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 74,633                                                  |
|   | 40,000                                                             |             |                                   | United Auto Credit Securitization Trust 2015-1, 2.92%, 6/17/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 40,242                                                  |
|   | 90,739                                                             |             |                                   | US Residential Opportunity Fund III Trust 2015-1, 3.7213%, 1/29/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 90,600                                                  |
|   | 98,012                                                             |             |                                   | VOLT XXXVI LLC, 3.625%, 7/25/45 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 97,542                                                  |
|   | 197,377                                                            |             |                                   | VOLT XXXVII LLC, 3.625%, 7/25/45 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 196,989                                                 |
|   | 46,997                                                             |             |                                   | Welk Resorts 2015-A LLC, 2.79%, 6/16/31 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 47,188                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 2,350,729                                               |
|   |                                                               |             |                                   | TOTAL ASSET BACKED SECURITIES                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   | (Cost $2,328,621)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 2,350,729                                               |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | COLLATERALIZED MORTGAGE OBLIGATIONS - 15.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 202,408                                                            | 3.50             |                                   | Agate Bay Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 204,440                                                 |
|   | 103,232                                                            | 3.50             |                                   | Agate Bay Mortgage Trust 2015-2, Floating Rate Note, 3/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 105,942                                                 |
|   | 119,447                                                            | 3.50             |                                   | Agate Bay Mortgage Trust 2015-5, Floating Rate Note, 7/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 121,216                                                 |
|   | 61,022                                                             |             |                                   | Alternative Loan Trust 2003-21T1, 5.75%, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 63,844                                                  |
|   | 1,274                                                              |             |                                   | Alternative Loan Trust 2004-4CB, 4.25%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 1,275                                                   |
|   | 170,000                                                            | 1.09             |                                   | Alternative Loan Trust 2004-J5, Floating Rate Note, 8/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 157,056                                                 |
|   | 100,000                                                            | 2.41             |                                   | BAMLL Commercial Mortgage Securities Trust 2014-FL1, Floating Rate Note, 12/17/31 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 99,939  |
|   | 100,000                                                            | 1.92             |                                   | BAMLL Commercial Mortgage Securities Trust 2015-ASHF, Floating Rate Note, 1/18/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 99,846  |
|   | 200,000                                                            | N/A              |                                   | BAMLL Re-REMIC Trust 2014-FRR7, Floating Rate Note, 10/26/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 196,988                                                 |
|   | 33,340                                                             |             |                                   | Banc of America Alternative Loan Trust 2003-2, 5.75%, 4/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 34,536                                                  |
|   | 15,043                                                             |             |                                   | Banc of America Funding 2003-3 Trust, 5.5%, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 15,591                                                  |
|   | 51,984                                                             | 2.75             |                                   | Banc of America Mortgage 2003-F Trust, Floating Rate Note, 7/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 52,368                                                  |
|   | 13,094                                                             |             |                                   | Banc of America Mortgage Trust 2004-11, 5.75%, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 13,383                                                  |
|   | 45,091                                                             |             |                                   | Banc of America Mortgage Trust 2004-9, 5.5%, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 46,862                                                  |
|   | 32,810                                                             | 0.89             |                                   | Bear Stearns ALT-A Trust 2004-12, Floating Rate Note, 1/25/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 32,013                                                  |
|   | 55,627                                                             | 0.79             |                                   | Bear Stearns ALT-A Trust 2004-4, Floating Rate Note, 6/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 53,257                                                  |
|   | 34,471                                                             | 0.92             |                                   | Bella Vista Mortgage Trust 2004-1, Floating Rate Note, 11/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 30,675                                                  |
|   | 27,852                                                             | 2.64             |                                   | CHL Mortgage Pass-Through Trust 2003-56, Floating Rate Note, 12/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 28,063                                                  |
|   | 22,610                                                             |             |                                   | Citigroup Mortgage Loan Trust, Inc., 5.5%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 24,285                                                  |
|   | 40,323                                                             |             |                                   | Citigroup Mortgage Loan Trust, Inc., 6.75%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 44,280                                                  |
|   | 25,000                                                             |             |                                   | COMM 2012-CCRE2 Mortgage Trust REMICS, 3.791%, 8/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 26,554                                                  |
|   | 25,000                                                             |             |                                   | COMM 2012-CCRE2 Mortgage Trust, 3.147%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 25,916                                                  |
|   | 23,000                                                             |             |                                   | COMM 2012-CCRE4 Mortgage Trust, 2.436%, 10/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 23,284                                                  |
|   | 100,000                                                            |             |                                   | COMM 2012-LC4 Mortgage Trust, 4.063%, 12/12/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 107,585                                                 |
|   | 50,000                                                             |             |                                   | COMM 2013-LC6 Mortgage Trust, 2.941%, 1/12/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 50,931                                                  |
|   | 100,000                                                            | 2.36             |                                   | COMM 2014-FL5 Mortgage Trust, Floating Rate Note, 10/17/31 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 99,466                                                  |
|   | 115,000                                                            | 1.96             |                                   | COMM 2014-SAVA Mortgage Trust, Floating Rate Note, 6/15/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 114,406                                                 |
|   | 100,000                                                            | 3.81             |                                   | COMM 2015-CCRE23 Mortgage Trust, Floating Rate Note, 5/12/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 102,515                                                 |
|   | 120,000                                                            | 4.70             |                                   | COMM 2015-CCRE25 Mortgage Trust, Floating Rate Note, 8/12/48                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 125,322                                                 |
|   | 125,000                                                            |             |                                   | Commercial Mortgage Pass Through Certificates, 2.822%, 10/17/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 126,567                                                 |
|   | 30,998                                                             | 2.14             |                                   | Commercial Mortgage Pass Through Certificates, Floating Rate Note, 11/19/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 30,942  |
|   | 67,334                                                             |             |                                   | Credit Suisse Commercial Mortgage Trust Series 2007-C1, 5.361%, 2/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 69,891                                                  |
|   | 129,267                                                            | 3.00             |                                   | CSMC Trust 2014-WIN1, Floating Rate Note, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 131,054                                                 |
|   | 151,584                                                            | 3.50             |                                   | CSMC Trust 2014-WIN2, Floating Rate Note, 10/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 156,328                                                 |
|   | 161,026                                                            |             |                                   | CSMC Trust 2015-2, 3.0%, 2/25/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 163,164                                                 |
|   | 72,169                                                             |             |                                   | Federal Home Loan Mortgage Corp. REMICS, 4.0%, 6/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 75,884                                                  |
|   | 25,000                                                             | 4.30             |                                   | Federal Home Loan Mortgage Corp., Floating Rate Note, 9/26/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 26,028                                                  |
|   | 14,794                                                             |             |                                   | Federal National Mortgage Association REMICS, 4.5%, 6/25/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 15,883                                                  |
|   | 1,457                                                              |             |                                   | Federal National Mortgage Association REMICS, 5.0%, 9/25/39                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 1,494                                                   |
|   | 125,000                                                            | 4.93             |                                   | FREMF Mortgage Trust 2011-K702, Floating Rate Note, 4/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 133,046                                                 |
|   | 50,000                                                             | 5.05             |                                   | FREMF Mortgage Trust 2011-K703, Floating Rate Note, 7/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 53,134                                                  |
|   | 388,023                                                            | 4.20             |                                   | FREMF Mortgage Trust 2014-KF05 REMICS, Floating Rate Note, 9/25/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 388,236 |
|   | 25,000                                                             | 3.54             |                                   | FREMF Mortgage Trust Class B, Floating Rate Note, 11/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 25,332                                                  |
|   | 100,000                                                            | 3.95             |                                   | FREMF Mortgage Trust Class B, Floating Rate Note, 6/25/47 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 104,367                                                 |
|   | 100,000                                                            | 3.54             |                                   | FREMF Mortgage Trust Class C, Floating Rate Note, 11/25/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 100,763                                                 |
|   | 100,000                                                            | 3.49             |                                   | GAHR Commercial Mortgage Trust 2015-NRF, Floating Rate Note, 12/15/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 99,704  |
|   | 55,763                                                             | 0.46             |                                   | Global Mortgage Securitization, Ltd., Floating Rate Note, 4/25/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 53,399                                                  |
|   | 81,139                                                             |             |                                   | Government National Mortgage Association REMICS, 2.1%, 2/16/48                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 81,970                                                  |
|   | 35,221                                                             |             |                                   | Government National Mortgage Association, 3.0%, 4/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 36,733                                                  |
|   | 25,439                                                             |             |                                   | Government National Mortgage Association, 5.25%, 8/16/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 28,504                                                  |
|   | 100,000                                                            |             |                                   | GS Mortgage Securities Corp Trust 2012-SHOP, 2.933%, 6/6/31 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 103,256                                                 |
|   | 50,000                                                             |             |                                   | GS Mortgage Securities Corp. II, 3.377%, 5/10/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 52,481                                                  |
|   | 25,000                                                             |             |                                   | GS Mortgage Securities Corp. II, 3.682%, 2/10/46 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 25,229                                                  |
|   | 98,547                                                             | 1.70             |                                   | Hilton USA Trust 2013-HLF, Floating Rate Note, 11/5/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 98,393                                                  |
|   | 11,577                                                             | 0.99             |                                   | Impac CMB Trust Series 2004-6, Floating Rate Note, 10/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 11,033                                                  |
|   | 20,100                                                             | 0.40             |                                   | Impac Secured Assets Trust 2006-5, Floating Rate Note, 12/25/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 19,011                                                  |
|   | 50,000                                                             | 3.28             |                                   | Irvine Core Office Trust 2013-IRV, Floating Rate Note, 5/15/48 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 51,223                                                  |
|   | 120,000                                                            |             |                                   | JP Morgan Chase Commercial Mortgage Securities Corp., 2.84%, 12/17/47                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 121,463                                                 |
|   | 14,625                                                             |             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2006-LDP8, 5.397%, 5/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 14,985  |
|   | 100,000                                                            |             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2014-C20 REMICS, 3.8046%, 7/17/47                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 106,042 |
|   | 100,000                                                            | 2.41             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL4 REMICS, Floating Rate Note, 12/16/30 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                          | 99,829  |
|   | 100,000                                                            | 2.31             |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2014-FL5 REMICS, Floating Rate Note, 7/15/31 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 99,499  |
|   | 200,000                                                            | N/A              |                                   | JP Morgan Chase Commercial Mortgage Securities Trust 2015-SGP, Floating Rate Note, 7/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 200,000 |
|   | 5,594                                                              | 2.62             |                                   | JP Morgan Mortgage Trust 2003-A1, Floating Rate Note, 10/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 5,579                                                   |
|   | 36,649                                                             | 2.55             |                                   | JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 37,444                                                  |
|   | 20,205                                                             | 2.49             |                                   | JP Morgan Mortgage Trust 2004-A1, Floating Rate Note, 2/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 20,524                                                  |
|   | 101,806                                                            |             |                                   | JP Morgan Mortgage Trust 2004-S1, 6.0%, 9/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 107,095                                                 |
|   | 265,115                                                            | 3.00             |                                   | JP Morgan Mortgage Trust 2013-1, Floating Rate Note, 3/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 262,792                                                 |
|   | 180,023                                                            | 3.53             |                                   | JP Morgan Mortgage Trust 2013-1, Floating Rate Note, 3/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 178,362                                                 |
|   | 178,822                                                            | 3.00             |                                   | JP Morgan Mortgage Trust 2013-1, Floating Rate Note, 3/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 181,840                                                 |
|   | 216,506                                                            | 3.50             |                                   | JP Morgan Mortgage Trust 2013-2, Floating Rate Note, 5/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 220,371                                                 |
|   | 82,499                                                             | 3.50             |                                   | JP Morgan Mortgage Trust 2014-1 REMICS, Floating Rate Note, 1/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | 84,361  |
|   | 187,109                                                            | 3.00             |                                   | JP Morgan Mortgage Trust 2014-2, Floating Rate Note, 6/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 191,100                                                 |
|   | 132,869                                                            | 3.42             |                                   | JP Morgan Mortgage Trust 2014-2, Floating Rate Note, 6/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 137,090                                                 |
|   | 272,727                                                            | 3.43             |                                   | JP Morgan Mortgage Trust 2014-2, Floating Rate Note, 6/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 268,087                                                 |
|   | 103,595                                                            | 3.00             |                                   | JP Morgan Mortgage Trust 2014-5, Floating Rate Note, 10/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 106,128                                                 |
|   | 44,286                                                             | 3.03             |                                   | JP Morgan Mortgage Trust 2014-5, Floating Rate Note, 10/25/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 43,412                                                  |
|   | 120,481                                                            | 4.09             |                                   | JP Morgan Mortgage Trust 2014-OAK4, Floating Rate Note, 9/25/44 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 124,925                                                 |
|   | 197,438                                                            | 3.50             |                                   | JP Morgan Mortgage Trust 2015-4, Floating Rate Note, 6/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 201,413                                                 |
|   | 276,576                                                            | 0.69             |                                   | JP Morgan Seasoned Mortgage Trust 2014-1, Floating Rate Note, 5/25/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 263,978 |
|   | 142,109                                                            | 3.00             |                                   | JP Morgan Trust 2015-3 REMICS, Floating Rate Note, 5/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 143,594                                                 |
|   | 60,194                                                             | 2.50             |                                   | La Hipotecaria Panamanian Mortgage Trust 2010-1, Floating Rate Note, 9/8/39 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 62,758  |
|   | 4,007                                                              |             |                                   | LB-UBS Commercial Mortgage Trust 2004-C1, 4.568%, 1/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,045                                                   |
|   | 5,113                                                              | 1.15             |                                   | Lehman Brothers Small Balance Commercial Mortgage Trust 2007-3 Class 1A4, Floating Rate Note, 10/25/37 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 5,087   |
|   | 305,489                                                            | 2.20             |                                   | LSTAR Securities Investment Trust 2014-2, Floating Rate Note, 11/1/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | 303,960 |
|   | 85,133                                                             | 2.19             |                                   | LSTAR Securities Investment Trust 2015-1, Floating Rate Note, 1/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 85,039                                                  |
|   | 96,521                                                             | 2.20             |                                   | LSTAR Securities Investment Trust 2015-4, Floating Rate Note, 4/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 95,367                                                  |
|   | 46,352                                                             | 2.24             |                                   | MASTR Adjustable Rate Mortgages Trust 2003-3, Floating Rate Note, 9/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 46,486                                                  |
|   | 67,626                                                             | 5.53             |                                   | Morgan Stanley Capital I Trust 2005-IQ10, Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 67,590                                                  |
|   | 160,000                                                            | 5.77             |                                   | Morgan Stanley Capital I Trust 2006-HQ9 REMICS, Floating Rate Note, 7/12/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | 164,049 |
|   | 100,000                                                            | 5.79             |                                   | Morgan Stanley Capital I Trust 2006-HQ9, Floating Rate Note, 7/12/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 102,533                                                 |
|   | 113,821                                                            | 6.01             |                                   | Morgan Stanley Capital I Trust 2006-TOP23, Floating Rate Note, 8/12/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 116,064                                                 |
|   | 46,220                                                             |             |                                   | Morgan Stanley Capital I Trust 2007-HQ13, 5.569%, 12/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 48,744                                                  |
|   | 217,921                                                            | 3.75             |                                   | New Residential Mortgage Loan Trust 2015-1, Floating Rate Note, 5/28/52 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 221,321 |
|   | 71,459                                                             | 3.32             |                                   | NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 69,648                                                  |
|   | 221,090                                                            | 3.25             |                                   | NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 219,419                                                 |
|   | 116,872                                                            | 3.25             |                                   | NRP Mortgage Trust 2013-1, Floating Rate Note, 7/25/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 119,353                                                 |
|   | 2,082                                                              |             |                                   | PHH Mortgage Capital LLC, 3.11255%, 12/25/27 (Step) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 2,078                                                   |
|   | 23,654                                                             |             |                                   | RALI Series 2003-QS15 Trust, 5.5%, 8/25/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 24,343                                                  |
|   | 20,856                                                             |             |                                   | RALI Series 2004-QS5 Trust, 4.75%, 4/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 21,338                                                  |
|   | 84,993                                                             |             |                                   | RREF 2015-LT7 LLC, 3.0%, 12/25/32 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 84,981                                                  |
|   | 54,287                                                             | 0.86             |                                   | Sequoia Mortgage Trust 2004-10, Floating Rate Note, 11/20/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 51,200                                                  |
|   | 113,041                                                            | 1.81             |                                   | Sequoia Mortgage Trust 2012-6, Floating Rate Note, 12/26/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 105,128                                                 |
|   | 129,226                                                            | 3.54             |                                   | Sequoia Mortgage Trust 2013-3, Floating Rate Note, 3/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 129,480                                                 |
|   | 179,399                                                            | 2.33             |                                   | Sequoia Mortgage Trust 2013-4 REMICS, Floating Rate Note, 4/27/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 169,711                                                 |
|   | 387,339                                                            | 2.50             |                                   | Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/27/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 374,205                                                 |
|   | 135,234                                                            | 3.51             |                                   | Sequoia Mortgage Trust 2013-4, Floating Rate Note, 4/27/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 134,660                                                 |
|   | 204,607                                                            | 2.50             |                                   | Sequoia Mortgage Trust 2013-6, Floating Rate Note, 5/26/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 198,948                                                 |
|   | 153,506                                                            | 2.50             |                                   | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 146,527                                                 |
|   | 82,976                                                             | 3.00             |                                   | Sequoia Mortgage Trust 2013-7, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 82,199                                                  |
|   | 104,375                                                            | 3.55             |                                   | Sequoia Mortgage Trust 2013-8, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 104,694                                                 |
|   | 117,644                                                            | 3.00             |                                   | Sequoia Mortgage Trust 2015-1, Floating Rate Note, 1/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 115,899                                                 |
|   | 375,415                                                            | 3.50             |                                   | Sequoia Mortgage Trust 2015-2, Floating Rate Note, 5/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 378,479                                                 |
|   | 10,312                                                             | 2.50             |                                   | Structured Adjustable Rate Mortgage Loan Trust, Floating Rate Note, 11/25/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 10,192                                                  |
|   | 91,005                                                             | 0.90             |                                   | Structured Asset Mortgage Investments II Trust 2004-AR8, Floating Rate Note, 5/19/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | 88,424  |
|   | 40,565                                                             | 0.96             |                                   | Structured Asset Mortgage Investments Trust 2003-AR2, Floating Rate Note, 12/19/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | 38,955  |
|   | 16,017                                                             | 2.25             |                                   | Thornburg Mortgage Securities Trust 2003-3, Floating Rate Note, 6/25/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 15,915                                                  |
|   | 40,000                                                             |             |                                   | TimberStar Trust I, 5.7467%, 10/15/36 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 41,332                                                  |
|   | 100,000                                                            |             |                                   | UBS Commercial Mortgage Trust 2012-C1, 3.4%, 5/12/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 104,771                                                 |
|   | 112,984                                                            | 2.63             |                                   | Velocity Commercial Capital Loan Trust 2015-1, Floating Rate Note, 6/25/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 112,984 |
|   | 91,941                                                             |             |                                   | VOLT XXX LLC, 3.625%, 10/25/57 (Step) (e)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 91,809                                                  |
|   | 100,000                                                            |             |                                   | Wells Fargo Commercial Mortgage Trust 2014-LC16 REMICS, 3.477%, 8/17/50                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | 104,693 |
|   | 100,000                                                            |             |                                   | WFRBS Commercial Mortgage Trust 2013-C16, 4.136%, 9/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 108,866                                                 |
|   | 160,984                                                            | 3.50             |                                   | WinWater Mortgage Loan Trust 2015-3 REMICS, Floating Rate Note, 3/20/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 163,425 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 12,321,499                                              |
|   |                                                               |             |                                   | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   |                                                               |             |                                   | (Cost $12,331,042)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 12,321,499                                              |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | CORPORATE BONDS - 32.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   |                                                               |             |                                   | Energy - 4.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   | Oil & Gas Drilling - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 75,000                                                             |             |                                   | Ensco Plc, 4.5%, 10/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 55,405                                                  |
|   | 50,000                                                             |             |                                   | Pride International, Inc., 6.875%, 8/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 47,576                                                  |
|   | 150,000                                                            |             |                                   | Rowan Companies, Inc., 4.75%, 1/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 109,881                                                 |
|   | 128,000                                                            |             |                                   | Rowan Companies, Inc., 5.85%, 1/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 79,981                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 292,843                                                 |
|   |                                                               |             |                                   | Oil & Gas Equipment & Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 100,000                                                            |             |                                   | Helmerich & Payne International Drilling Co., 4.65%, 3/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 99,549                                                  |
|   | 75,000                                                             |             |                                   | Weatherford International, Ltd. Bermuda, 5.95%, 4/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 52,141                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 151,690                                                 |
|   |                                                               |             |                                   | Integrated Oil & Gas - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   | 75,000                                                             |             |                                   | BP Capital Markets Plc, 3.062%, 3/17/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 75,174                                                  |
|   | 225,000                                                            |             |                                   | Chevron Corp., 2.193%, 11/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 227,429                                                 |
|   | 125,000                                                            |             |                                   | ConocoPhillips Co., 3.35%, 11/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 122,115                                                 |
|   | 200,000                                                            |             |                                   | Sinopec Group Overseas Development 2015, Ltd., 2.5%, 4/28/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 197,096                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 621,814                                                 |
|   |                                                               |             |                                   | Oil & Gas Exploration & Production - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 50,000                                                             |             |                                   | Approach Resources, Inc., 7.0%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 30,000                                                  |
|   | 100,000                                                            |             |                                   | Newfield Exploration Co., 5.625%, 7/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 94,500                                                  |
|   | 100,000                                                            |             |                                   | WPX Energy, Inc., 7.5%, 8/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 91,500                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 216,000                                                 |
|   |                                                               |             |                                   | Oil & Gas Refining & Marketing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 89,000                                                             |             |                                   | EnLink Midstream Partners LP, 4.4%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 84,733                                                  |
|   | 75,000                                                             |             |                                   | Motiva Enterprises LLC, 6.85%, 1/15/40 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 84,485                                                  |
|   | 125,000                                                            |             |                                   | Valero Energy Corp., 6.625%, 6/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 137,308                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 306,526                                                 |
|   |                                                               |             |                                   | Oil & Gas Storage & Transportation - 2.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 100,000                                                            |             |                                   | Boardwalk Pipelines LP, 4.95%, 12/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 92,626                                                  |
|   | 90,000                                                             |             |                                   | Buckeye Partners LP, 6.05%, 1/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 94,934                                                  |
|   | 75,000                                                             | 5.85             |                                   | DCP Midstream LLC, Floating Rate Note, 5/21/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 60,000                                                  |
|   | 50,000                                                             |             |                                   | Enterprise Products Operating LLC, 3.7%, 2/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 47,247                                                  |
|   | 125,000                                                            |             |                                   | Enterprise Products Operating LLC, 3.75%, 2/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 119,127                                                 |
|   | 175,000                                                            |             |                                   | Kinder Morgan Energy Partners LP, 4.25%, 9/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 159,039                                                 |
|   | 110,000                                                            |             |                                   | Kinder Morgan, Inc. Delaware, 5.55%, 6/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 91,370                                                  |
|   | 75,000                                                             |             |                                   | Plains All American Pipeline LP, 4.65%, 10/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 75,278                                                  |
|   | 100,000                                                            |             |                                   | Plains All American Pipeline LP, 4.9%, 2/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 89,309                                                  |
|   | 265,000                                                            |             |                                   | Questar Pipeline Co., 5.83%, 2/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 289,148                                                 |
|   | 100,000                                                            |             |                                   | Sabine Pass LNG LP, 6.5%, 11/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 96,750                                                  |
|   | 200,000                                                            |             |                                   | Spectra Energy Capital LLC, 6.2%, 4/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 216,632                                                 |
|   | 50,000                                                             |             |                                   | Spectra Energy Capital LLC, 6.75%, 7/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 55,332                                                  |
|   | 70,000                                                             |             |                                   | Sunoco Logistics Partners Operations LP, 6.1%, 2/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 62,752                                                  |
|   | 55,000                                                             |             |                                   | Targa Resources Partners LP, 5.0%, 1/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 52,388                                                  |
|   | 125,000                                                            |             |                                   | The Williams Companies, Inc., 5.75%, 6/24/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 86,334                                                  |
|   | 69,000                                                             |             |                                   | The Williams Companies, Inc., 7.75%, 6/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 61,114                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 1,749,380                                               |
|   |                                                               |             |                                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,338,253                                               |
|   |                                                               |             |                                   | Materials - 1.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   |                                                               |             |                                   | Commodity Chemicals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                    |
|   | 50,000                                                             |             |                                   | Methanex Corp., 4.25%, 12/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 48,142                                                  |
|   |                                                               |             |                                   | Diversified Chemicals - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 30,000                                                             |             |                                   | Eastman Chemical Co., 4.8%, 9/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 28,978                                                  |
|   |                                                               |             |                                   | Fertilizers & Agricultural Chemicals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   | 225,000                                                            |             |                                   | Agrium, Inc., 5.25%, 1/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 232,393                                                 |
|   |                                                               |             |                                   | Construction Materials - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 166,000                                                            |             |                                   | CEMEX Espana SA, 9.875%, 4/30/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 178,400                                                 |
|   | 200,000                                                            |             |                                   | CRH America, Inc., 3.875%, 5/18/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 200,311                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 378,711                                                 |
|   |                                                               |             |                                   | Metal & Glass Containers - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   | 100,000                                                            |             |                                   | Ball Corp., 5.25%, 7/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 98,562                                                  |
|   |                                                               |             |                                   | Diversified Metals & Mining - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   | 45,000                                                             |             |                                   | Freeport-McMoRan, Inc., 3.875%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 33,469                                                  |
|   | 100,000                                                            |             |                                   | Freeport-McMoRan, Inc., 4.55%, 11/14/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 74,500                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 107,969                                                 |
|   |                                                               |             |                                   | Steel - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   | 75,000                                                             |             |                                   | Glencore Funding LLC, 4.0%, 4/16/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 57,938                                                  |
|   | 25,000                                                             |             |                                   | Glencore Funding LLC, 4.125%, 5/30/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 19,672                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 77,610                                                  |
|   |                                                               |             |                                   | Paper Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   | 30,000                                                             |             |                                   | Clearwater Paper Corp., 4.5%, 2/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 27,750                                                  |
|   | 150,000                                                            |             |                                   | International Paper Co., 3.65%, 6/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 148,242                                                 |
|   | 25,000                                                             |             |                                   | International Paper Co., 3.8%, 1/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 24,631                                                  |
|   | 100,000                                                            |             |                                   | International Paper Co., 6.0%, 11/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 107,661                                                 |
|   | 30,000                                                             |             |                                   | Resolute Forest Products, Inc., 5.875%, 5/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 22,350                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 330,634                                                 |
|   |                                                               |             |                                   | Total Materials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,302,999                                               |
|   |                                                               |             |                                   | Capital Goods - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Aerospace & Defense - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                    |
|   | 275,000                                                            |             |                                   | United Technologies Corp., 1.778%, 5/4/18 (Step)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 274,470                                                 |
|   |                                                               |             |                                   | Building Products - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 200,000                                                            |             |                                   | Fortune Brands Home & Security, Inc., 3.0%, 6/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 201,499                                                 |
|   | 25,000                                                             |             |                                   | Masco Corp., 5.95%, 3/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 27,281                                                  |
|   | 110,000                                                            |             |                                   | Masco Corp., 7.125%, 3/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 126,775                                                 |
|   | 125,000                                                            |             |                                   | Owens Corning, 4.2%, 12/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 124,175                                                 |
|   | 50,000                                                             | 5.75             |                                   | Stanley Black & Decker, Inc., Floating Rate Note, 12/15/53                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 52,825                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 532,555                                                 |
|   |                                                               |             |                                   | Construction & Farm Machinery & Heavy Trucks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 70,000                                                             |             |                                   | Cummins, Inc., 5.65%, 3/1/98                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 74,805                                                  |
|   | 23,000                                                             |             |                                   | Cummins, Inc., 6.75%, 2/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 29,198                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 104,003                                                 |
|   |                                                               |             |                                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 911,028                                                 |
|   |                                                               |             |                                   | Commercial Services & Supplies - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   |                                                               |             |                                   | Research & Consulting Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 70,000                                                             |             |                                   | Verisk Analytics, Inc., 5.5%, 6/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 68,795                                                  |
|   |                                                               |             |                                   | Total Commercial Services & Supplies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 68,795                                                  |
|   |                                                               |             |                                   | Transportation - 1.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   |                                                               |             |                                   | Airlines - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   | 139,269                                                            |             |                                   | Air Canada 2013-1 Class A Pass Through Trust, 4.125%, 11/15/26 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 140,487                                                 |
|   | 75,000                                                             |             |                                   | Air Canada 2015-1 Class A Pass Through Trust, 3.6%, 9/15/28 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 72,750                                                  |
|   | 100,000                                                            |             |                                   | American Airlines 2015-2 Class AA Pass Through Trust, 3.6%, 9/22/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 100,500                                                 |
|   | 75,000                                                             |             |                                   | American Airlines 2015-2 Class B Pass Through Trust, 4.4%, 9/22/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 73,875                                                  |
|   | 150,000                                                            |             |                                   | Southwest Airlines Co., 2.75%, 11/6/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 152,848                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 540,460                                                 |
|   |                                                               |             |                                   | Railroads - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   | 250,000                                                            |             |                                   | Burlington Northern Santa Fe LLC, 4.15%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 232,922                                                 |
|   | 250,000                                                            |             |                                   | TTX Co., 3.6%, 1/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 252,716                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 485,638                                                 |
|   |                                                               |             |                                   | Trucking - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   | 150,000                                                            |             |                                   | Penske Truck Leasing Co Lp, 3.375%, 2/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 146,601                                                 |
|   |                                                               |             |                                   | Highways & Railtracks - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   | 75,000                                                             |             |                                   | ERAC USA Finance LLC, 4.5%, 2/15/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 69,361                                                  |
|   |                                                               |             |                                   | Total Transportation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 1,242,060                                               |
|   |                                                               |             |                                   | Automobiles & Components - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   |                                                               |             |                                   | Automobile Manufacturers - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   | 225,000                                                            |             |                                   | Ford Motor Credit Co LLC, 2.24%, 6/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 224,345                                                 |
|   | 125,000                                                            |             |                                   | Toyota Motor Credit Corp., 2.125%, 7/18/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 125,411                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 349,756                                                 |
|   |                                                               |             |                                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 349,756                                                 |
|   |                                                               |             |                                   | Consumer Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   |                                                               |             |                                   | Casinos & Gaming - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 75,000                                                             |             |                                   | MGM Resorts International, 6.0%, 3/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 72,844                                                  |
|   |                                                               |             |                                   | Education Services - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 50,000                                                             |             |                                   | President and Fellows of Harvard College, 2.3%, 10/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 47,989                                                  |
|   | 100,000                                                            |             |                                   | Tufts University, 5.017%, 4/15/12                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 104,980                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 152,969                                                 |
|   |                                                               |             |                                   | Specialized Consumer Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   | 30,000                                                             |             |                                   | Sotheby's, 5.25%, 10/1/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 27,750                                                  |
|   |                                                               |             |                                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 253,563                                                 |
|   |                                                               |             |                                   | Media - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   |                                                               |             |                                   | Broadcasting - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   | 85,000                                                             |             |                                   | CBS Corp., 4.6%, 1/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 74,821                                                  |
|   |                                                               |             |                                   | Cable & Satellite - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   | 265,000                                                            |             |                                   | CCO Safari II LLC, 6.384%, 10/23/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 268,113                                                 |
|   | 300,000                                                            |             |                                   | DIRECTV Holdings LLC, 3.95%, 1/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 294,247                                                 |
|   | 100,000                                                            |             |                                   | Sky Plc, 6.1%, 2/15/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 109,246                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 671,606                                                 |
|   |                                                               |             |                                   | Movies & Entertainment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 150,000                                                            |             |                                   | Time Warner, Inc., 4.7%, 1/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 163,797                                                 |
|   |                                                               |             |                                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 910,224                                                 |
|   |                                                               |             |                                   | Retailing - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   |                                                               |             |                                   | Catalog Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   | 175,000                                                            |             |                                   | QVC, Inc., 4.45%, 2/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 168,732                                                 |
|   |                                                               |             |                                   | Internet Retail - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   | 175,000                                                            |             |                                   | Expedia, Inc., 4.5%, 8/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 175,603                                                 |
|   | 125,000                                                            |             |                                   | The Priceline Group, Inc., 3.65%, 3/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 124,244                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 299,847                                                 |
|   |                                                               |             |                                   | Home Improvement Retail - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                    |
|   | 210,000                                                            |             |                                   | The Home Depot, Inc., 2.625%, 6/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 209,909                                                 |
|   |                                                               |             |                                   | Automotive Retail - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 50,000                                                             |             |                                   | AutoZone, Inc., 2.5%, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 49,532                                                  |
|   |                                                               |             |                                   | Total Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 728,020                                                 |
|   |                                                               |             |                                   | Food & Staples Retailing - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   |                                                               |             |                                   | Drug Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 39,855                                                             |             |                                   | CVS Pass-Through Trust, 5.298%, 1/11/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 43,414                                                  |
|   | 79,118                                                             |             |                                   | CVS Pass-Through Trust, 5.773%, 1/10/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 87,112                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 130,526                                                 |
|   |                                                               |             |                                   | Food Retail - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 150,000                                                            |             |                                   | The Kroger Co., 2.95%, 11/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 150,322                                                 |
|   |                                                               |             |                                   | Total Food & Staples Retailing                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 280,848                                                 |
|   |                                                               |             |                                   | Food, Beverage & Tobacco - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   |                                                               |             |                                   | Packaged Foods & Meats - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 85,000                                                             |             |                                   | Kraft Foods Group, Inc., 3.5%, 6/6/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 86,721                                                  |
|   |                                                               |             |                                   | Tobacco - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   | 25,000                                                             |             |                                   | Reynolds American, Inc., 3.75%, 5/20/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 25,113                                                  |
|   |                                                               |             |                                   | Total Food, Beverage & Tobacco                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 111,834                                                 |
|   |                                                               |             |                                   | Health Care Equipment & Services - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   |                                                               |             |                                   | Health Care Equipment - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   | 275,000                                                            |             |                                   | Becton Dickinson and Co., 3.734%, 12/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 279,955                                                 |
|   | 225,000                                                            |             |                                   | Medtronic, Inc., 4.625%, 3/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 231,997                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 511,952                                                 |
|   |                                                               |             |                                   | Health Care Supplies - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 150,000                                                            |             |                                   | Fresenius US Finance II, Inc., 4.5%, 1/15/23 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 149,625                                                 |
|   |                                                               |             |                                   | Health Care Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 75,000                                                             |             |                                   | Catholic Health Initiatives, 4.35%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 69,719                                                  |
|   |                                                               |             |                                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 731,296                                                 |
|   |                                                               |             |                                   | Pharmaceuticals, Biotechnology & Life Sciences - 1.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   |                                                               |             |                                   | Biotechnology - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | 300,000                                                            |             |                                   | Baxalta, Inc., 3.6%, 6/23/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 302,886                                                 |
|   | 100,000                                                            |             |                                   | Biogen, Inc., 3.625%, 9/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 100,788                                                 |
|   | 125,000                                                            |             |                                   | Biogen, Inc., 4.05%, 9/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 126,273                                                 |
|   | 225,000                                                            |             |                                   | Gilead Sciences, Inc., 4.5%, 2/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 216,235                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 746,182                                                 |
|   |                                                               |             |                                   | Pharmaceuticals - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   | 75,000                                                             |             |                                   | Johnson & Johnson, 4.375%, 12/5/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 81,918                                                  |
|   |                                                               |             |                                   | Life Sciences Tools & Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                    |
|   | 23,000                                                             |             |                                   | Agilent Technologies, Inc., 6.5%, 11/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 24,934                                                  |
|   |                                                               |             |                                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 853,034                                                 |
|   |                                                               |             |                                   | Banks - 4.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   |                                                               |             |                                   | Diversified Banks - 3.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 200,000                                                            |             |                                   | Bank of America Corp., 4.2%, 8/26/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 199,857                                                 |
|   | 25,000                                                             | 6.50             |                                   | Bank of America Corp., Floating Rate Note, 10/23/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 25,500                                                  |
|   | 100,000                                                            | 6.25             |                                   | Bank of America Corp., Floating Rate Note, 9/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 97,750                                                  |
|   | 220,000                                                            |             |                                   | Barclays Bank Plc, 6.05%, 12/4/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 237,918                                                 |
|   | 150,000                                                            |             |                                   | BBVA Bancomer SA Texas, 4.375%, 4/10/24 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 150,750                                                 |
|   | 200,000                                                            |             |                                   | BNP Paribas SA, 4.375%, 9/28/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 195,150                                                 |
|   | 95,000                                                             | 5.95             |                                   | Citigroup, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 92,209                                                  |
|   | 90,000                                                             |             |                                   | Cooperatieve Centrale Raiffeisen-Boerenleenbank BA Netherlands, 3.875%, 2/8/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | 94,788  |
|   | 275,000                                                            | 6.62             |                                   | Credit Agricole SA, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 264,344                                                 |
|   | 250,000                                                            |             |                                   | Credit Suisse Group Funding Guernsey, Ltd., 3.8%, 9/15/22 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 249,715                                                 |
|   | 150,000                                                            |             |                                   | HSBC Bank Plc, 7.65%, 5/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 188,287                                                 |
|   | 200,000                                                            | 6.50             |                                   | ING Groep NV, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 189,875                                                 |
|   | 100,000                                                            |             |                                   | Intesa Sanpaolo S.p.A., 6.5%, 2/24/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 115,497                                                 |
|   | 225,000                                                            | 6.12             |                                   | Nordea Bank AB, Floating Rate Note (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 221,625                                                 |
|   | 200,000                                                            | 7.50             |                                   | Royal Bank of Scotland Group Plc, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 199,562                                                 |
|   | 60,000                                                             | 4.50             |                                   | Scotiabank Peru SAA, Floating Rate Note, 12/13/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 57,990                                                  |
|   | 200,000                                                            |             |                                   | The Bank of Tokyo-Mitsubishi UFJ, Ltd., 2.3%, 3/5/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 198,877                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 2,779,694                                               |
|   |                                                               |             |                                   | Regional Banks - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   | 150,000                                                            |             |                                   | KeyCorp, 5.1%, 3/24/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 165,971                                                 |
|   | 40,000                                                             | 6.75             |                                   | The PNC Financial Services Group, Inc., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 43,400                                                  |
|   | 210,000                                                            |             |                                   | Wells Fargo Bank NA, 6.0%, 11/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 228,918                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 438,289                                                 |
|   |                                                               |             |                                   | Total Banks                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 3,217,983                                               |
|   |                                                               |             |                                   | Diversified Financials - 4.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   | Other Diversified Financial Services - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 125,000                                                            |             |                                   | Alterra Finance LLC, 6.25%, 9/30/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 143,805                                                 |
|   | 125,000                                                            |             |                                   | Carlyle Holdings II Finance LLC, 5.625%, 3/30/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 131,705                                                 |
|   | 140,000                                                            |             |                                   | General Electric Capital Corp., 5.3%, 2/11/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 161,043                                                 |
|   | 210,000                                                            | 6.75             |                                   | JPMorgan Chase & Co., Floating Rate Note, 8/29/49                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 218,662                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 655,215                                                 |
|   |                                                               |             |                                   | Specialized Finance - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                    |
|   | 170,000                                                            |             |                                   | Aviation Capital Group Corp., 6.75%, 4/6/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 190,825                                                 |
|   | 300,000                                                            |             |                                   | USAA Capital Corp., 2.45%, 8/1/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 304,978                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 495,803                                                 |
|   |                                                               |             |                                   | Consumer Finance - 0.9%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   | 25,000                                                             |             |                                   | Ally Financial, Inc., 4.625%, 3/30/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 23,625                                                  |
|   | 100,000                                                            |             |                                   | Ally Financial, Inc., 5.125%, 9/30/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 98,750                                                  |
|   | 190,000                                                            |             |                                   | American Honda Finance Corp., 1.2%, 7/14/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 189,872                                                 |
|   | 100,000                                                            |             |                                   | Capital One Financial Corp., 3.75%, 4/24/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 99,310                                                  |
|   | 200,000                                                            |             |                                   | General Motors Financial Co, Inc., 4.0%, 1/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 189,400                                                 |
|   | 75,000                                                             |             |                                   | Hyundai Capital America, 2.0%, 3/19/18 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 74,679                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 675,636                                                 |
|   |                                                               |             |                                   | Asset Management & Custody Banks - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 150,000                                                            |             |                                   | Blackstone Holdings Finance Co. LLC, 6.25%, 8/15/42 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 182,573                                                 |
|   | 150,000                                                            |             |                                   | KKR Group Finance Co. II LLC, 5.5%, 2/1/43 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 156,875                                                 |
|   | 125,000                                                            |             |                                   | Legg Mason, Inc., 3.95%, 7/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 125,363                                                 |
|   | 30,000                                                             |             |                                   | Legg Mason, Inc., 5.625%, 1/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 31,050                                                  |
|   | 75,000                                                             |             |                                   | Neuberger Berman Group LLC, 4.875%, 4/15/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 68,709                                                  |
|   | 25,000                                                             | 4.50             |                                   | The Bank of New York Mellon Corp., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 23,062                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 587,632                                                 |
|   |                                                               |             |                                   | Investment Banking & Brokerage - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 190,000                                                            |             |                                   | Macquarie Group, Ltd., 6.0%, 1/14/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 213,188                                                 |
|   | 125,000                                                            |             |                                   | Morgan Stanley, 4.1%, 5/22/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 126,514                                                 |
|   | 50,000                                                             | 5.55             |                                   | Morgan Stanley, Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 49,250                                                  |
|   | 10,000                                                             |             |                                   | Raymond James Financial, Inc., 4.25%, 4/15/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 10,164                                                  |
|   | 125,000                                                            |             |                                   | TD Ameritrade Holding Corp., 3.625%, 4/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 127,965                                                 |
|   | 200,000                                                            |             |                                   | The Goldman Sachs Group, Inc., 6.75%, 10/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 238,584                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 765,665                                                 |
|   |                                                               |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 3,179,951                                               |
|   |                                                               |             |                                   | Insurance - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   |                                                               |             |                                   | Insurance Brokers - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 175,000                                                            |             |                                   | Brown & Brown, Inc., 4.2%, 9/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 176,450                                                 |
|   |                                                               |             |                                   | Life & Health Insurance - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 200,000                                                            |             |                                   | Aflac, Inc., 3.625%, 11/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 203,839                                                 |
|   | 145,000                                                            |             |                                   | Protective Life Corp., 7.375%, 10/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 171,019                                                 |
|   | 100,000                                                            | 5.88             |                                   | Prudential Financial, Inc., Floating Rate Note, 9/15/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 105,750                                                 |
|   | 225,000                                                            |             |                                   | Teachers Insurance & Annuity Association of America, 6.85%, 12/16/39 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | 281,729 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 762,337                                                 |
|   |                                                               |             |                                   | Multi-line Insurance - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 90,000                                                             |             |                                   | AXA SA, 8.6%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 122,119                                                 |
|   | 125,000                                                            |             |                                   | Liberty Mutual Insurance Co., 7.697% (Perpetual) (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 158,151                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 280,270                                                 |
|   |                                                               |             |                                   | Property & Casualty Insurance - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 75,000                                                             |             |                                   | Delphi Financial Group, Inc., 7.875%, 1/31/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 89,103                                                  |
|   | 145,000                                                            | 6.50             |                                   | The Allstate Corp., Floating Rate Note, 5/15/57                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 162,038                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 251,141                                                 |
|   |                                                               |             |                                   | Reinsurance - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 31,264                                                             |             |                                   | Altair Re, Variable Rate Notes, 6/30/16 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 2,195                                                   |
|   | 50,000                                                             |             |                                   | Lorenz Re, Ltd., Variable Rate Notes, 3/31/18 (d)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 52,905                                                  |
|   | 30,000                                                             | 5.88             |                                   | Wilton Re Finance LLC, Floating Rate Note, 3/30/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 31,774                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 86,874                                                  |
|   |                                                               |             |                                   | Total Insurance                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 1,557,072                                               |
|   |                                                               |             |                                   | Real Estate - 1.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   |                                                               |             |                                   | Diversified REIT - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   | 75,000                                                             |             |                                   | Brixmor Operating Partnership LP, 3.85%, 2/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 72,830                                                  |
|   | 25,000                                                             |             |                                   | Brixmor Operating Partnership LP, 3.875%, 8/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 25,226                                                  |
|   | 35,000                                                             |             |                                   | DCT Industrial Operating Partnership LP, 4.5%, 10/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 36,181                                                  |
|   | 50,000                                                             |             |                                   | Duke Realty LP, 3.625%, 4/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 49,330                                                  |
|   | 100,000                                                            |             |                                   | Duke Realty LP, 3.75%, 12/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 98,407                                                  |
|   | 250,000                                                            |             |                                   | Essex Portfolio LP, 3.5%, 4/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 242,786                                                 |
|   | 14,000                                                             |             |                                   | WP Carey, Inc., 4.6%, 4/1/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 14,277                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 539,037                                                 |
|   |                                                               |             |                                   | Office REIT - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 50,000                                                             |             |                                   | Alexandria Real Estate Equities, Inc., 2.75%, 1/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 49,916                                                  |
|   | 45,000                                                             |             |                                   | Alexandria Real Estate Equities, Inc., 4.6%, 4/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 47,290                                                  |
|   | 50,000                                                             |             |                                   | Highwoods Realty LP, 3.2%, 6/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 49,404                                                  |
|   | 60,000                                                             |             |                                   | Piedmont Operating Partnership LP, 3.4%, 6/1/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 56,852                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 203,462                                                 |
|   |                                                               |             |                                   | Health Care REIT - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   | 50,000                                                             |             |                                   | Healthcare Realty Trust, Inc., 3.875%, 5/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 48,580                                                  |
|   |                                                               |             |                                   | Specialized REIT - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 20,000                                                             |             |                                   | CubeSmart LP, 4.8%, 7/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 21,742                                                  |
|   |                                                               |             |                                   | Total Real Estate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 812,821                                                 |
|   |                                                               |             |                                   | Software & Services - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                    |
|   |                                                               |             |                                   | Data Processing & Outsourced Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   | 125,000                                                            |             |                                   | Automatic Data Processing, Inc., 2.25%, 9/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 125,766                                                 |
|   | 125,000                                                            |             |                                   | Cardtronics, Inc., 5.125%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 120,000                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 245,766                                                 |
|   |                                                               |             |                                   | Application Software - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 150,000                                                            |             |                                   | Adobe Systems, Inc., 3.25%, 2/1/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 147,159                                                 |
|   | 300,000                                                            |             |                                   | Autodesk, Inc., 3.125%, 6/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 304,187                                                 |
|   | 75,000                                                             |             |                                   | Igloo Holdings Corp., 8.25%, 12/15/17 (8.25% Cash, 9.00% PIK) (144A) (PIK)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 75,188                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 526,534                                                 |
|   |                                                               |             |                                   | Systems Software - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   | 200,000                                                            |             |                                   | Oracle Corp., 2.5%, 5/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 197,091                                                 |
|   |                                                               |             |                                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 969,391                                                 |
|   |                                                               |             |                                   | Technology Hardware & Equipment - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                    |
|   |                                                               |             |                                   | Communications Equipment - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   | 70,000                                                             |             |                                   | Brocade Communications Systems, Inc., 4.625%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 67,200                                                  |
|   | 225,000                                                            |             |                                   | Cisco Systems, Inc., 3.0%, 6/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 229,294                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 296,494                                                 |
|   |                                                               |             |                                   | Computer Hardware Storage & Peripherals - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 175,000                                                            |             |                                   | Seagate HDD Cayman, 4.875%, 6/1/27 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 162,778                                                 |
|   | 100,000                                                            |             |                                   | Seagate HDD Cayman, 5.75%, 12/1/34 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 96,181                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 258,959                                                 |
|   |                                                               |             |                                   | Electronic Manufacturing Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 50,000                                                             |             |                                   | Flextronics International, Ltd., 4.75%, 6/15/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 48,436                                                  |
|   |                                                               |             |                                   | Total Technology Hardware & Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 603,889                                                 |
|   |                                                               |             |                                   | Semiconductors & Semiconductor Equipment - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   |                                                               |             |                                   | Semiconductors - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   | 175,000                                                            |             |                                   | Intel Corp., 4.8%, 10/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 180,994                                                 |
|   | 70,000                                                             |             |                                   | Intel Corp., 4.9%, 7/29/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 72,462                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 253,456                                                 |
|   |                                                               |             |                                   | Total Semiconductors & Semiconductor Equipment                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 253,456                                                 |
|   |                                                               |             |                                   | Telecommunication Services - 1.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   |                                                               |             |                                   | Integrated Telecommunication Services - 0.7%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   | 50,000                                                             |             |                                   | AT&T, Inc., 4.75%, 5/15/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | $       | 45,815                                                  |
|   | 100,000                                                            |             |                                   | Frontier Communications Corp., 7.125%, 1/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 82,190                                                  |
|   | 100,000                                                            |             |                                   | GTP Acquisition Partners I LLC, 2.35%, 6/15/45 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 99,714                                                  |
|   | 24,012                                                             |             |                                   | GTP Cellular Sites LLC, 3.721%, 3/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 24,213                                                  |
|   | 100,000                                                            |             |                                   | Ooredoo International Finance, Ltd., 3.375%, 10/14/16 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 101,590                                                 |
|   | 49,000                                                             |             |                                   | Verizon Communications, Inc., 5.012%, 8/21/54                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 44,597                                                  |
|   | 100,000                                                            |             |                                   | Verizon Communications, Inc., 5.15%, 9/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 110,469                                                 |
|   | 51,000                                                             |             |                                   | Verizon Communications, Inc., 6.55%, 9/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 60,254                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 568,842                                                 |
|   |                                                               |             |                                   | Wireless Telecommunication Services - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                    |
|   | 180,000                                                            |             |                                   | Crown Castle Towers LLC, 4.883%, 8/15/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 194,431                                                 |
|   | 150,000                                                            |             |                                   | SBA Tower Trust, 3.869%, 10/15/49 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 152,617                                                 |
|   | 50,000                                                             |             |                                   | Sprint Corp., 7.25%, 9/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 40,938                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 387,986                                                 |
|   |                                                               |             |                                   | Total Telecommunication Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 956,828                                                 |
|   |                                                               |             |                                   | Utilities - 3.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   |                                                               |             |                                   | Electric Utilities - 1.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 30,000                                                             |             |                                   | Commonwealth Edison Co., 6.15%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 32,693                                                  |
|   | 59,973                                                             |             |                                   | Crockett Cogeneration LP, 5.869%, 3/30/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 63,194                                                  |
|   | 175,000                                                            |             |                                   | Duke Energy Progress LLC, 4.15%, 12/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 176,068                                                 |
|   | 100,000                                                            |             |                                   | Electricite de France SA, 6.0%, 1/22/14 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 105,447                                                 |
|   | 75,000                                                             |             |                                   | Exelon Corp., 2.85%, 6/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 75,657                                                  |
|   | 4,656                                                              |             |                                   | FPL Energy National Wind Portfolio LLC, 6.125%, 3/25/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 4,656                                                   |
|   | 200,000                                                            |             |                                   | Israel Electric Corp., Ltd., 7.25%, 1/15/19 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 225,250                                                 |
|   | 20,401                                                             |             |                                   | Orcal Geothermal, Inc., 6.21%, 12/30/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 21,013                                                  |
|   | 100,000                                                            |             |                                   | Public Service Co. of New Mexico, 7.95%, 5/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 113,694                                                 |
|   | 69,643                                                             |             |                                   | Southern California Edison Co., 1.845%, 2/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 69,454                                                  |
|   | 75,000                                                             | 6.25             |                                   | Southern California Edison Co., Floating Rate Note (Perpetual)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 83,438                                                  |
|   | 175,000                                                            |             |                                   | Southwestern Electric Power Co., 3.9%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 155,219                                                 |
|   | 75,000                                                             |             |                                   | Talen Energy Supply LLC, 6.5%, 6/1/25 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    | 64,500                                                  |
|   | 225,000                                                            |             |                                   | West Penn Power Co., 5.95%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 245,680                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 1,435,963                                               |
|   |                                                               |             |                                   | Gas Utilities - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | 226,713                                                            |             |                                   | Nakilat, Inc., 6.267%, 12/31/33 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 258,640                                                 |
|   |                                                               |             |                                   | Multi-Utilities - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   | 125,000                                                            |             |                                   | Consolidated Edison Co. of New York, Inc., 4.625%, 12/1/54                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 125,440                                                 |
|   | 215,000                                                            |             |                                   | New York State Electric & Gas Corp., 6.15%, 12/15/17 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 235,348                                                 |
|   | 46,429                                                             |             |                                   | San Diego Gas & Electric Co., 1.914%, 2/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 46,206                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 406,994                                                 |
|   |                                                               |             |                                   | Independent Power Producers & Energy Traders - 0.6%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   | 78,188                                                             |             |                                   | Alta Wind Holdings LLC, 7.0%, 6/30/35 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 86,665                                                  |
|   | 100,875                                                            |             |                                   | Kiowa Power Partners LLC, 5.737%, 3/30/21 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 108,330                                                 |
|   | 100,000                                                            |             |                                   | NRG Energy, Inc., 8.25%, 9/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 102,700                                                 |
|   | 132,508                                                            |             |                                   | Panoche Energy Center LLC, 6.885%, 7/31/29 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 155,244                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 452,939                                                 |
|   |                                                               |             |                                   | Total Utilities                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 2,554,536                                               |
|   |                                                               |             |                                   | TOTAL CORPORATE BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   |                                                               |             |                                   | (Cost $25,199,015)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 25,187,637                                              |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 41.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                    |
|   | 39,218                                                             |             |                                   | Fannie Mae, 2.5%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 40,055                                                  |
|   | 39,147                                                             |             |                                   | Fannie Mae, 2.5%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 39,970                                                  |
|   | 68,949                                                             |             |                                   | Fannie Mae, 2.5%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 70,420                                                  |
|   | 38,747                                                             |             |                                   | Fannie Mae, 3.0%, 12/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 39,414                                                  |
|   | 73,962                                                             |             |                                   | Fannie Mae, 3.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 77,119                                                  |
|   | 450,849                                                            |             |                                   | Fannie Mae, 3.0%, 8/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 458,790                                                 |
|   | 143,810                                                            |             |                                   | Fannie Mae, 3.0%, 9/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 146,316                                                 |
|   | 725,000                                                            |             |                                   | Fannie Mae, 3.5%, 11/12/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 754,674                                                 |
|   | 190,009                                                            |             |                                   | Fannie Mae, 3.5%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 198,396                                                 |
|   | 377,178                                                            |             |                                   | Fannie Mae, 3.5%, 5/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 394,591                                                 |
|   | 82,407                                                             |             |                                   | Fannie Mae, 3.5%, 7/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 86,143                                                  |
|   | 347,269                                                            |             |                                   | Fannie Mae, 3.5%, 7/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 362,601                                                 |
|   | 275,000                                                            |             |                                   | Fannie Mae, 4.0%, 10/14/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 293,337                                                 |
|   | 13,331                                                             |             |                                   | Fannie Mae, 4.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 14,257                                                  |
|   | 70,304                                                             |             |                                   | Fannie Mae, 4.0%, 11/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 75,115                                                  |
|   | 28,947                                                             |             |                                   | Fannie Mae, 4.0%, 12/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 31,423                                                  |
|   | 19,960                                                             |             |                                   | Fannie Mae, 4.0%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 21,339                                                  |
|   | 516,991                                                            |             |                                   | Fannie Mae, 4.0%, 12/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 551,826                                                 |
|   | 39,849                                                             |             |                                   | Fannie Mae, 4.0%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 42,782                                                  |
|   | 64,792                                                             |             |                                   | Fannie Mae, 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 69,158                                                  |
|   | 18,849                                                             |             |                                   | Fannie Mae, 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 20,119                                                  |
|   | 863,909                                                            |             |                                   | Fannie Mae, 4.0%, 8/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 924,926                                                 |
|   | 291,262                                                            |             |                                   | Fannie Mae, 4.0%, 8/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 310,888                                                 |
|   | 178,405                                                            |             |                                   | Fannie Mae, 4.0%, 8/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 190,426                                                 |
|   | 1,262,000                                                          |             |                                   | Fannie Mae, 4.5%, 10/14/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,368,028                                               |
|   | 17,638                                                             |             |                                   | Fannie Mae, 4.5%, 11/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 19,405                                                  |
|   | 34,299                                                             |             |                                   | Fannie Mae, 4.5%, 12/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 37,298                                                  |
|   | 72,493                                                             |             |                                   | Fannie Mae, 4.5%, 2/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 78,722                                                  |
|   | 10,402                                                             |             |                                   | Fannie Mae, 4.5%, 4/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 11,310                                                  |
|   | 617,188                                                            |             |                                   | Fannie Mae, 4.5%, 5/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 670,701                                                 |
|   | 402,445                                                            |             |                                   | Fannie Mae, 4.5%, 5/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 437,660                                                 |
|   | 1,367,247                                                          |             |                                   | Fannie Mae, 4.5%, 6/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 1,486,307                                               |
|   | 149,790                                                            |             |                                   | Fannie Mae, 4.5%, 7/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 163,541                                                 |
|   | 477,846                                                            |             |                                   | Fannie Mae, 4.5%, 8/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 519,210                                                 |
|   | 612,220                                                            |             |                                   | Fannie Mae, 4.5%, 8/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 665,295                                                 |
|   | 13,709                                                             |             |                                   | Fannie Mae, 5.0%, 6/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 15,135                                                  |
|   | 15,697                                                             |             |                                   | Fannie Mae, 5.0%, 7/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 16,432                                                  |
|   | 8,570                                                              |             |                                   | Fannie Mae, 5.0%, 7/1/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,454                                                   |
|   | 9,535                                                              |             |                                   | Fannie Mae, 5.5%, 12/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 10,636                                                  |
|   | 6,294                                                              |             |                                   | Fannie Mae, 5.5%, 2/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 6,867                                                   |
|   | 12,115                                                             |             |                                   | Fannie Mae, 5.5%, 3/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 12,472                                                  |
|   | 20,384                                                             |             |                                   | Fannie Mae, 5.5%, 9/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 22,791                                                  |
|   | 3,571                                                              |             |                                   | Fannie Mae, 6.0%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 4,070                                                   |
|   | 3,957                                                              |             |                                   | Fannie Mae, 6.0%, 10/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,460                                                   |
|   | 4,177                                                              |             |                                   | Fannie Mae, 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,710                                                   |
|   | 16,316                                                             |             |                                   | Fannie Mae, 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 18,404                                                  |
|   | 16,177                                                             |             |                                   | Fannie Mae, 6.0%, 4/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 18,418                                                  |
|   | 25,854                                                             |             |                                   | Fannie Mae, 6.0%, 5/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 29,151                                                  |
|   | 11,307                                                             |             |                                   | Fannie Mae, 6.0%, 6/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 12,747                                                  |
|   | 23,011                                                             |             |                                   | Fannie Mae, 6.0%, 7/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,278                                                  |
|   | 3,886                                                              |             |                                   | Fannie Mae, 6.0%, 7/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 4,386                                                   |
|   | 10,068                                                             |             |                                   | Fannie Mae, 6.0%, 9/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 11,476                                                  |
|   | 7,570                                                              |             |                                   | Fannie Mae, 6.0%, 9/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 8,534                                                   |
|   | 3,748                                                              |             |                                   | Fannie Mae, 6.5%, 1/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 4,281                                                   |
|   | 1,295                                                              |             |                                   | Fannie Mae, 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,480                                                   |
|   | 3,171                                                              |             |                                   | Fannie Mae, 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,764                                                   |
|   | 7,505                                                              |             |                                   | Fannie Mae, 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 8,574                                                   |
|   | 2,883                                                              |             |                                   | Fannie Mae, 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,294                                                   |
|   | 5,484                                                              |             |                                   | Fannie Mae, 6.5%, 4/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 6,265                                                   |
|   | 3,395                                                              |             |                                   | Fannie Mae, 6.5%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,878                                                   |
|   | 2,652                                                              |             |                                   | Fannie Mae, 6.5%, 7/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,029                                                   |
|   | 27,644                                                             |             |                                   | Fannie Mae, 6.5%, 7/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 31,580                                                  |
|   | 5,844                                                              |             |                                   | Fannie Mae, 6.5%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 6,834                                                   |
|   | 5,655                                                              |             |                                   | Fannie Mae, 6.5%, 8/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 6,460                                                   |
|   | 3,377                                                              |             |                                   | Fannie Mae, 7.0%, 1/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 3,918                                                   |
|   | 925                                                                |             |                                   | Fannie Mae, 7.0%, 11/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 933                                                     |
|   | 769                                                                |             |                                   | Fannie Mae, 7.0%, 7/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 823                                                     |
|   | 2,169                                                              |             |                                   | Fannie Mae, 7.0%, 8/1/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,317                                                   |
|   | 2,778                                                              |             |                                   | Fannie Mae, 7.0%, 9/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,919                                                   |
|   | 8,796                                                              |             |                                   | Fannie Mae, 7.0%, 9/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,638                                                   |
|   | 2,274                                                              |             |                                   | Fannie Mae, 7.5%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 2,826                                                   |
|   | 7,534                                                              |             |                                   | Fannie Mae, 8.0%, 10/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 9,107                                                   |
|   | 8,712                                                              |             |                                   | Fannie Mae, 8.0%, 2/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 9,862                                                   |
|   | 27,059                                                             |             |                                   | Fannie Mae, 8.0%, 3/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 32,479                                                  |
|   | 1,029                                                              |             |                                   | Fannie Mae, 8.0%, 4/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 1,243                                                   |
|   | 853                                                                |             |                                   | Fannie Mae, 8.0%, 5/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 853                                                     |
|   | 4,093                                                              |             |                                   | Fannie Mae, 8.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 4,831                                                   |
|   | 107,160                                                            |             |                                   | Federal Home Loan Mortgage Corp., 3.0%, 10/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 111,594                                                 |
|   | 44,388                                                             |             |                                   | Federal Home Loan Mortgage Corp., 3.5%, 11/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 47,253                                                  |
|   | 91,726                                                             |             |                                   | Federal Home Loan Mortgage Corp., 3.5%, 12/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 95,543                                                  |
|   | 124,959                                                            |             |                                   | Federal Home Loan Mortgage Corp., 3.5%, 7/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 131,925                                                 |
|   | 506,789                                                            |             |                                   | Federal Home Loan Mortgage Corp., 3.5%, 8/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 535,036                                                 |
|   | 329,722                                                            |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 11/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 357,479                                                 |
|   | 44,706                                                             |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 12/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 47,711                                                  |
|   | 140,916                                                            |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 150,271                                                 |
|   | 106,455                                                            |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 5/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 113,436                                                 |
|   | 78,199                                                             |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 83,327                                                  |
|   | 22,874                                                             |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 24,482                                                  |
|   | 35,764                                                             |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 38,289                                                  |
|   | 24,402                                                             |             |                                   | Federal Home Loan Mortgage Corp., 4.0%, 7/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 26,124                                                  |
|   | 11,114                                                             |             |                                   | Federal Home Loan Mortgage Corp., 5.0%, 10/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 12,169                                                  |
|   | 8,841                                                              |             |                                   | Federal Home Loan Mortgage Corp., 5.0%, 12/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 9,509                                                   |
|   | 10,037                                                             |             |                                   | Federal Home Loan Mortgage Corp., 5.0%, 9/1/38                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 10,989                                                  |
|   | 35,268                                                             |             |                                   | Federal Home Loan Mortgage Corp., 5.5%, 6/1/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 39,062                                                  |
|   | 23,946                                                             |             |                                   | Federal Home Loan Mortgage Corp., 5.5%, 9/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 26,653                                                  |
|   | 3,460                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.0%, 1/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 3,890                                                   |
|   | 2,139                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.0%, 10/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 2,423                                                   |
|   | 14,241                                                             |             |                                   | Federal Home Loan Mortgage Corp., 6.0%, 11/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 16,260                                                  |
|   | 11,040                                                             |             |                                   | Federal Home Loan Mortgage Corp., 6.0%, 12/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 12,570                                                  |
|   | 3,005                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.0%, 12/1/36                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 3,412                                                   |
|   | 19,843                                                             |             |                                   | Federal Home Loan Mortgage Corp., 6.0%, 2/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 22,694                                                  |
|   | 6,090                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.5%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 7,103                                                   |
|   | 16,985                                                             |             |                                   | Federal Home Loan Mortgage Corp., 6.5%, 10/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 19,417                                                  |
|   | 3,676                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.5%, 2/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 4,245                                                   |
|   | 2,442                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.5%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 2,792                                                   |
|   | 2,547                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.5%, 4/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 2,964                                                   |
|   | 20,728                                                             |             |                                   | Federal Home Loan Mortgage Corp., 6.5%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 23,908                                                  |
|   | 7,522                                                              |             |                                   | Federal Home Loan Mortgage Corp., 6.5%, 7/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 8,875                                                   |
|   | 29,976                                                             |             |                                   | Federal Home Loan Mortgage Corp., 7.0%, 10/1/46                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 34,131                                                  |
|   | 2,552                                                              |             |                                   | Federal Home Loan Mortgage Corp., 7.0%, 2/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 3,096                                                   |
|   | 1,138                                                              |             |                                   | Federal Home Loan Mortgage Corp., 7.0%, 3/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 1,168                                                   |
|   | 571                                                                |             |                                   | Federal Home Loan Mortgage Corp., 7.0%, 4/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 579                                                     |
|   | 4,255                                                              |             |                                   | Federal Home Loan Mortgage Corp., 7.0%, 4/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 4,977                                                   |
|   | 3,163                                                              |             |                                   | Federal Home Loan Mortgage Corp., 7.0%, 8/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 3,451                                                   |
|   | 8,349                                                              |             |                                   | Federal Home Loan Mortgage Corp., 7.0%, 9/1/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 9,092                                                   |
|   | 1,811                                                              |             |                                   | Federal Home Loan Mortgage Corp., 7.5%, 8/1/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    | 2,113                                                   |
|   | 360,711                                                            |             |                                   | Government National Mortgage Association I, 3.5%, 1/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 377,856                                                 |
|   | 655,000                                                            |             |                                   | Government National Mortgage Association I, 3.5%, 10/21/15                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 685,406                                                 |
|   | 625,679                                                            |             |                                   | Government National Mortgage Association I, 4.0%, 3/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 667,336                                                 |
|   | 19,321                                                             |             |                                   | Government National Mortgage Association I, 4.0%, 6/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 20,608                                                  |
|   | 81,340                                                             |             |                                   | Government National Mortgage Association I, 4.0%, 8/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 87,950                                                  |
|   | 100,551                                                            |             |                                   | Government National Mortgage Association I, 4.0%, 9/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 107,246                                                 |
|   | 40,714                                                             |             |                                   | Government National Mortgage Association I, 4.5%, 12/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 42,706                                                  |
|   | 21,568                                                             |             |                                   | Government National Mortgage Association I, 4.5%, 4/15/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 22,729                                                  |
|   | 19,975                                                             |             |                                   | Government National Mortgage Association I, 4.5%, 8/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 21,681                                                  |
|   | 18,621                                                             |             |                                   | Government National Mortgage Association I, 5.0%, 7/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 19,332                                                  |
|   | 17,905                                                             |             |                                   | Government National Mortgage Association I, 5.0%, 7/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 18,974                                                  |
|   | 20,912                                                             |             |                                   | Government National Mortgage Association I, 5.0%, 9/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 23,332                                                  |
|   | 28,584                                                             |             |                                   | Government National Mortgage Association I, 5.5%, 10/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 32,483                                                  |
|   | 19,724                                                             |             |                                   | Government National Mortgage Association I, 5.5%, 3/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 22,554                                                  |
|   | 22,920                                                             |             |                                   | Government National Mortgage Association I, 5.5%, 7/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 26,238                                                  |
|   | 54,931                                                             |             |                                   | Government National Mortgage Association I, 5.5%, 8/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 62,875                                                  |
|   | 12,234                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 1/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 14,146                                                  |
|   | 13,615                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 15,297                                                  |
|   | 16,398                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 18,583                                                  |
|   | 4,731                                                              |             |                                   | Government National Mortgage Association I, 6.0%, 10/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 5,316                                                   |
|   | 43,058                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 49,423                                                  |
|   | 33,296                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 11/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 38,505                                                  |
|   | 19,382                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 12/15/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 21,967                                                  |
|   | 20,735                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 2/15/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 21,395                                                  |
|   | 22,627                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 2/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 26,141                                                  |
|   | 22,796                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 26,321                                                  |
|   | 3,049                                                              |             |                                   | Government National Mortgage Association I, 6.0%, 5/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,094                                                   |
|   | 8,179                                                              |             |                                   | Government National Mortgage Association I, 6.0%, 8/15/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 8,552                                                   |
|   | 17,710                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 20,032                                                  |
|   | 42,037                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 8/15/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 47,913                                                  |
|   | 18,312                                                             |             |                                   | Government National Mortgage Association I, 6.0%, 9/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 20,916                                                  |
|   | 7,145                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 10/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 8,193                                                   |
|   | 4,945                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 5,670                                                   |
|   | 3,442                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 3,979                                                   |
|   | 35,143                                                             |             |                                   | Government National Mortgage Association I, 6.5%, 12/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 41,658                                                  |
|   | 6,723                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 2/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 7,709                                                   |
|   | 2,698                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 3/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,094                                                   |
|   | 3,107                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 4/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,135                                                   |
|   | 81                                                                 |             |                                   | Government National Mortgage Association I, 6.5%, 4/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 81                                                      |
|   | 2,501                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 4/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,867                                                   |
|   | 2,859                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 4/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,344                                                   |
|   | 21,501                                                             |             |                                   | Government National Mortgage Association I, 6.5%, 5/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 25,196                                                  |
|   | 8,264                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 5/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 9,593                                                   |
|   | 5,671                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 6,503                                                   |
|   | 1,880                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 6/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,886                                                   |
|   | 6,296                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 6/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 7,219                                                   |
|   | 7,493                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 6/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 8,846                                                   |
|   | 3,258                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 3,801                                                   |
|   | 1,301                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,492                                                   |
|   | 6,948                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 6/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 8,018                                                   |
|   | 21,676                                                             |             |                                   | Government National Mortgage Association I, 6.5%, 7/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 24,854                                                  |
|   | 5,682                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 7/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 6,515                                                   |
|   | 6,785                                                              |             |                                   | Government National Mortgage Association I, 6.5%, 9/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 7,780                                                   |
|   | 2,069                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 1/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,169                                                   |
|   | 6,338                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 1/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 7,446                                                   |
|   | 7,851                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 11/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 8,770                                                   |
|   | 767                                                                |             |                                   | Government National Mortgage Association I, 7.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 789                                                     |
|   | 19,265                                                             |             |                                   | Government National Mortgage Association I, 7.0%, 2/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 20,611                                                  |
|   | 2,107                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 2/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,171                                                   |
|   | 9,843                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 4/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 11,075                                                  |
|   | 4,329                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,609                                                   |
|   | 27,308                                                             |             |                                   | Government National Mortgage Association I, 7.0%, 5/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 29,503                                                  |
|   | 8,448                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 6/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 9,291                                                   |
|   | 22,460                                                             |             |                                   | Government National Mortgage Association I, 7.0%, 7/15/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 24,018                                                  |
|   | 818                                                                |             |                                   | Government National Mortgage Association I, 7.0%, 7/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 862                                                     |
|   | 5,571                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 7/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 6,610                                                   |
|   | 3,631                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 8/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 4,103                                                   |
|   | 1,988                                                              |             |                                   | Government National Mortgage Association I, 7.0%, 9/15/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 2,070                                                   |
|   | 1,864                                                              |             |                                   | Government National Mortgage Association I, 7.5%, 1/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 1,993                                                   |
|   | 718                                                                |             |                                   | Government National Mortgage Association I, 7.5%, 10/15/22                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 784                                                     |
|   | 3,913                                                              |             |                                   | Government National Mortgage Association I, 7.5%, 10/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 4,454                                                   |
|   | 227                                                                |             |                                   | Government National Mortgage Association I, 7.5%, 6/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 230                                                     |
|   | 472                                                                |             |                                   | Government National Mortgage Association I, 7.5%, 8/15/23                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 497                                                     |
|   | 0                                                                  |             |                                   | Government National Mortgage Association I, 7.5%, 8/15/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 0                                                       |
|   | 24,459                                                             |             |                                   | Government National Mortgage Association II, 3.5%, 3/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 25,684                                                  |
|   | 24,776                                                             |             |                                   | Government National Mortgage Association II, 3.5%, 4/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 26,053                                                  |
|   | 24,763                                                             |             |                                   | Government National Mortgage Association II, 3.5%, 4/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 26,017                                                  |
|   | 149,693                                                            |             |                                   | Government National Mortgage Association II, 3.5%, 8/20/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 157,110                                                 |
|   | 1,000,000                                                          |             |                                   | Government National Mortgage Association II, 4.0%, 7/20/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,067,435                                               |
|   | 100,000                                                            |             |                                   | Government National Mortgage Association II, 4.0%, 9/20/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 106,629                                                 |
|   | 22,454                                                             |             |                                   | Government National Mortgage Association II, 4.5%, 9/20/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 24,413                                                  |
|   | 13,918                                                             |             |                                   | Government National Mortgage Association II, 5.0%, 1/20/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 14,789                                                  |
|   | 22,788                                                             |             |                                   | Government National Mortgage Association II, 5.0%, 11/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 24,032                                                  |
|   | 57,826                                                             |             |                                   | Government National Mortgage Association II, 5.9%, 2/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 64,018                                                  |
|   | 21,710                                                             |             |                                   | Government National Mortgage Association II, 6.0%, 11/20/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 24,328                                                  |
|   | 3,627                                                              |             |                                   | Government National Mortgage Association II, 6.0%, 12/20/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 3,770                                                   |
|   | 880                                                                |             |                                   | Government National Mortgage Association II, 6.0%, 6/20/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 884                                                     |
|   | 9,901                                                              |             |                                   | Government National Mortgage Association II, 6.0%, 7/20/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 10,346                                                  |
|   | 6,140                                                              |             |                                   | Government National Mortgage Association II, 6.5%, 12/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    | 7,279                                                   |
|   | 4,338                                                              |             |                                   | Government National Mortgage Association II, 6.5%, 8/20/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 5,133                                                   |
|   | 3,568                                                              |             |                                   | Government National Mortgage Association II, 6.5%, 9/20/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 4,242                                                   |
|   | 1,938                                                              |             |                                   | Government National Mortgage Association II, 7.0%, 1/20/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 2,371                                                   |
|   | 13,072                                                             |             |                                   | Government National Mortgage Association II, 7.0%, 2/20/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 15,854                                                  |
|   | 6,604                                                              |             |                                   | Government National Mortgage Association II, 7.0%, 5/20/26                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 7,843                                                   |
|   | 1,078                                                              |             |                                   | Government National Mortgage Association II, 7.5%, 8/20/27                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 1,297                                                   |
|   | 446                                                                |             |                                   | Government National Mortgage Association II, 8.0%, 8/20/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    | 524                                                     |
|   | 360,000                                                            |             |                                   | U.S. Treasury Bonds, 2.5%, 2/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 331,416                                                 |
|   | 125,000                                                            |             |                                   | U.S. Treasury Bonds, 3.0%, 11/15/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 127,646                                                 |
|   | 500,000                                                            |             |                                   | U.S. Treasury Bonds, 4.375%, 5/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 644,531                                                 |
|   | 25,000                                                             |             |                                   | U.S. Treasury Bonds, 4.75%, 2/15/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 33,899                                                  |
|   | 250,000                                                            |             |                                   | U.S. Treasury Bonds, 5.375%, 2/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    | 346,960                                                 |
|   | 1,331,744                                                          |             |                                   | U.S. Treasury Inflation Indexed Bonds, 0.125%, 7/15/24                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 1,270,637                                               |
|   | 201,520                                                            |             |                                   | U.S. Treasury Inflation Indexed Bonds, 0.25%, 1/15/25                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 193,152                                                 |
|   | 1,484,734                                                          |             |                                   | U.S. Treasury Inflation Indexed Bonds, 0.75%, 2/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 1,287,562                                               |
|   | 1,090,000                                                          | 0.06             |                                   | U.S. Treasury Note, Floating Rate Note, 1/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 1,089,991                                               |
|   | 1,090,000                                                          | 0.10             |                                   | U.S. Treasury Note, Floating Rate Note, 1/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 1,089,709                                               |
|   | 1,090,000                                                          | 0.07             |                                   | U.S. Treasury Note, Floating Rate Note, 10/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    | 1,089,676                                               |
|   | 1,090,000                                                          | 0.08             |                                   | U.S. Treasury Note, Floating Rate Note, 4/30/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 1,090,106                                               |
|   | 1,090,000                                                          | 0.09             |                                   | U.S. Treasury Note, Floating Rate Note, 4/30/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 1,089,241                                               |
|   | 1,090,000                                                          | 0.09             |                                   | U.S. Treasury Note, Floating Rate Note, 7/31/16                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    | 1,090,092                                               |
|   | 3,850,000                                                          | 0.09             |                                   | United States Treasury Floating Rate Note, Floating Rate Note, 7/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 3,846,024                                               |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 32,270,271                                              |
|   |                                                               |             |                                   | TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   |                                                               |             |                                   | (Cost $32,047,545)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 32,270,271                                              |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | FOREIGN GOVERNMENT BOND - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                    |
|   | 200,000                                                            |             |                                   | Africa Finance Corp., 4.375%, 4/29/20 (144A)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 201,050                                                 |
|   |                                                               |             |                                   | TOTAL FOREIGN GOVERNMENT BOND                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   | (Cost $198,203)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 201,050                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | MUNICIPAL BONDS - 2.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   |                                                               |             |                                   | Municipal Airport - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 75,000                                                             |             |                                   | Indianapolis Airport Authority, 5.1%, 1/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 79,057                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Municipal Development - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   | 135,000                                                            |             |                                   | Selma Industrial Development Board, 5.8%, 5/1/34                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 150,290                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Municipal Education - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 10,000                                                             |             |                                   | Amherst College, 3.794%, 11/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 9,718                                                   |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Municipal General - 0.5%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 90,000                                                             |             |                                   | JobsOhio Beverage System, 3.985%, 1/1/29                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 94,538                                                  |
|   | 25,000                                                             |             |                                   | JobsOhio Beverage System, 4.532%, 1/1/35                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 26,408                                                  |
|   | 75,000                                                             |             |                                   | New Jersey Transportation Trust Fund Authority, Transportation System-Series A, 5.5%, 6/15/41                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | 78,235  |
|   | 25,000                                                             |             |                                   | New York City Transitional Finance Authority Future Tax Secured Revenue, 5.0%, 11/1/33                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 28,572  |
|   | 25,000                                                             |             |                                   | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 27,253                                                  |
|   | 50,000                                                             |             |                                   | Texas Municipal Gas Acquisition & Supply Corp. III, 5.0%, 12/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    | 54,242                                                  |
|   | 50,000                                                             |             |                                   | Virginia Commonwealth Transportation Board, 4.0%, 5/15/31                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 53,226                                                  |
|   | 50,000                                                             |             |                                   | Virginia Commonwealth Transportation Board, 4.0%, 5/15/32                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 52,992                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 415,466                                                 |
|   |                                                               |             |                                   | Higher Municipal Education - 0.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 25,000                                                             |             |                                   | Baylor University, 4.313%, 3/1/42                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 25,589                                                  |
|   | 45,000                                                             |             |                                   | California Educational Facilities Authority, 5.0%, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 58,710                                                  |
|   | 75,000                                                             |             |                                   | Massachusetts Health & Educational Facilities Authority, Massachusetts Institute of Technology -Series K, 5.5%, 7/1/32                                                                                                                                                                                                                                                                                                                                                                                                                                         | 101,386 |
|   | 25,000                                                             |             |                                   | Massachusetts Institute of Technology, 5.6%, 7/1/11                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    | 31,571                                                  |
|   | 50,000                                                             |             |                                   | New Jersey Educational Facilities Authority, Princeton University Series D, 4.0%, 7/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | 52,428  |
|   | 50,000                                                             |             |                                   | Permanent University Fund, 5.0%, 7/1/30                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 59,754                                                  |
|   | 125,000                                                            |             |                                   | President and Fellows of Harvard College, 6.3%, 10/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 128,458                                                 |
|   | 50,000                                                             |             |                                   | The George Washington University, 1.827%, 9/15/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 50,473                                                  |
|   | 15,000                                                             |             |                                   | The University of Texas System, 5.0%, 8/15/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    | 17,010                                                  |
|   | 50,000                                                             |             |                                   | University of California, 3.38%, 5/15/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    | 50,312                                                  |
|   | 50,000                                                             |             |                                   | University of Virginia, Green Bond Series A, 5.0%, 4/1/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 58,036                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 633,727                                                 |
|   |                                                               |             |                                   | Municipal Medical - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 50,000                                                             |             |                                   | Massachusetts Development Finance Agency, 5.25%, 4/1/37                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 57,309                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Municipal School District - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   | 50,000                                                             |             |                                   | Frisco Independent School District, 4.0%, 8/15/40                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 52,063                                                  |
|   | 25,000                                                             |             |                                   | Frisco Independent School District, 4.0%, 8/15/45                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 25,849                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 77,912                                                  |
|   |                                                               |             |                                   | Municipal Transportation - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |    |                                                    |
|   | 10,000                                                             |             |                                   | Port Authority of New York & New Jersey, 4.458%, 10/1/62                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 9,664                                                   |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Municipal Obligation - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 50,000                                                             |             |                                   | State of Texas, 4.0%, 10/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 51,877                                                  |
|   | 10,000                                                             |             |                                   | State of Washington, 3.0%, 7/1/28                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    | 10,161                                                  |
|   | 30,000                                                             |             |                                   | Washington Suburban Sanitary Commission, 4.0%, 6/1/43                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 31,089                                                  |
|   | 35,000                                                             |             |                                   | Washington Suburban Sanitary Commission, 4.0%, 6/1/44                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    | 36,245                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 129,372                                                 |
|   |                                                               |             |                                   | TOTAL MUNICIPAL BONDS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   |                                                               |             |                                   | (Cost $1,475,145)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,562,515                                               |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | SENIOR FLOATING RATE LOAN INTERESTS - 2.3%**                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   |                                                               |             |                                   | Energy - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   | Oil & Gas Refining & Marketing - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 79,248                                                             | 4.25             |                                   | Pilot Travel Centers LLC, Initial Tranche B, 9/30/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 79,712                                                  |
|   |                                                               |             |                                   | Total Energy                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 79,712                                                  |
|   |                                                               |             |                                   | Capital Goods - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |    |                                                    |
|   |                                                               |             |                                   | Trading Companies & Distributors - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   | 13,730                                                             | 3.75             |                                   | WESCO Distribution, Inc., Tranche B-1 Loan, 12/12/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 13,743                                                  |
|   |                                                               |             |                                   | Total Capital Goods                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                | $       | 13,743                                                  |
|   |                                                               |             |                                   | Automobiles & Components - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   |                                                               |             |                                   | Auto Parts & Equipment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 135,740                                                            | 3.50             |                                   | Allison Transmission, Inc., Term B-3 Loan, 8/23/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 135,995                                                 |
|   |                                                               |             |                                   | Tires & Rubber - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 170,833                                                            | 3.75             |                                   | The Goodyear Tire & Rubber Co., Term Loan (Second Lien), 3/27/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 171,445                                                 |
|   |                                                               |             |                                   | Total Automobiles & Components                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 307,440                                                 |
|   |                                                               |             |                                   | Consumer Services - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   |                                                               |             |                                   | Casinos & Gaming - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   | 99,250                                                             | 6.00             |                                   | Scientific Games, Initial Term B-2, 10/1/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 98,220                                                  |
|   |                                                               |             |                                   | Restaurants - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 87,063                                                             | 3.75             |                                   | 1011778 BC ULC, Term B-2 Loan, 12/12/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 87,024                                                  |
|   |                                                               |             |                                   | Total Consumer Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 185,244                                                 |
|   |                                                               |             |                                   | Media - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |    |                                                    |
|   |                                                               |             |                                   | Broadcasting - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   | 136,240                                                            | 4.00             |                                   | Univision Communications, Inc., Replacement First-Lien Term Loan, 3/1/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 135,237                                                 |
|   |                                                               |             |                                   | Movies & Entertainment - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 47,333                                                             | 3.75             |                                   | Cinedigm Digital Funding 1 LLC, Term Loan, 2/28/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 47,333                                                  |
|   | 82,320                                                             | 3.50             |                                   | Live Nation Entertainment, Inc., Term B-1 Loan, 8/17/20                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    | 82,376                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 129,709                                                 |
|   |                                                               |             |                                   | Publishing - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   | 46,323                                                             | 4.75             |                                   | Interactive Data Corp., Tranche B Term Loan (First Lien), 4/24/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 46,288                                                  |
|   |                                                               |             |                                   | Total Media                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       | 311,234                                                 |
|   |                                                               |             |                                   | Household & Personal Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   |                                                               |             |                                   | Personal Products - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |    |                                                    |
|   | 95,182                                                             | 4.75             |                                   | Federal-Mogul Corporation, Tranche C Term, 4/15/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 | $       | 90,780                                                  |
|   | 215,357                                                            | 3.50             |                                   | NBTY, Inc., Term B-2 Loan, 10/1/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    | 214,442                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 305,222                                                 |
|   |                                                               |             |                                   | Total Household & Personal Products                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            | $       | 305,222                                                 |
|   |                                                               |             |                                   | Health Care Equipment & Services - 0.4%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   |                                                               |             |                                   | Health Care Facilities - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 30,334                                                             | 3.03             |                                   | HCA, Inc., Tranche B-4 Term Loan, 5/1/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 30,355                                                  |
|   | 72,746                                                             | 2.95             |                                   | HCA, Inc., Tranche B-5 Term Loan, 3/31/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    | 72,766                                                  |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 103,121                                                 |
|   |                                                               |             |                                   | Health Care Technology - 0.3%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   | 237,043                                                            | 3.50             |                                   | IMS Health, Inc., Term B Dollar Loan, 3/17/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 236,277                                                 |
|   |                                                               |             |                                   | Total Health Care Equipment & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         | $       | 339,398                                                 |
|   |                                                               |             |                                   | Pharmaceuticals, Biotechnology & Life Sciences - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   |                                                               |             |                                   | Life Sciences Tools & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 61,279                                                             | 4.25             |                                   | Catalent Pharma Solutions, Dollar Term Loan, 5/20/21                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 61,405                                                  |
|   |                                                               |             |                                   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 61,405                                                  |
|   |                                                               |             |                                   | Diversified Financials - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   | Investment Banking & Brokerage - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 96,525                                                             | 3.25             |                                   | LPL Holdings, Inc., 2013 Incremental Tranche B Term Loan, 3/29/19                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 96,272                                                  |
|   |                                                               |             |                                   | Total Diversified Financials                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       | $       | 96,272                                                  |
|   |                                                               |             |                                   | Software & Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |    |                                                    |
|   |                                                               |             |                                   | IT Consulting & Other Services - 0.1%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   | 58,387                                                             | 3.95             |                                   | SunGard Data Systems, Inc., Tranche C Term Loan, 2/28/17                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | $       | 58,452                                                  |
|   |                                                               |             |                                   | Data Processing & Outsourced Services - 0.0%+                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   | 44,590                                                             | 3.70             |                                   | First Data Corp., 2018 New Dollar Term Loan, 3/24/18                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               | $       | 44,273                                                  |
|   |                                                               |             |                                   | Total Software & Services                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | $       | 102,725                                                 |
|   |                                                               |             |                                   | TOTAL SENIOR FLOATING RATE LOAN INTERESTS                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   |                                                               |             |                                   | (Cost $1,768,993)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | $       | 1,802,395                                               |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | TEMPORARY CASH INVESTMENTS - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |    |                                                    |
|   |                                                               |             |                                   | Commercial Paper - 0.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |    |                                                    |
|   | 195,000                                                            |             |                                   | Prudential Funding Commercial Paper, 10/1/15 (c)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | $       | 194,999                                                 |
|   |                                                               |             |                                   | TOTAL TEMPORARY CASH INVESTMENT                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |    |                                                    |
|   |                                                               |             |                                   | (Cost $195,000)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    | $       | 194,999                                                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | TOTAL INVESTMENT IN SECURITIES - 97.2%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |    |                                                    |
|   |                                                               |             |                                   | (Cost $76,035,384) (a)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | $       | 76,429,358                                              |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | OTHER ASSETS & LIABILITIES - 2.8%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              | $       | 2,174,819                                               |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | TOTAL NET ASSETS - 100.0%                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       | 78,604,176                                              |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | REIT                                                               |             |                                   | Real Estate Investment Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | +                                                                  |             |                                   | Rounds to less than 0.01%.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (PIK)                                                              |             |                                   | Represents a pay-in kind security.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (Perpetual)                                                        |             | Security with no stated maturity date. |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | REMICS                                                             |             |                                   | Real Estate Mortgage Investment Conduits.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (Step)                                                             |             |                                   | Bond issued with an initial coupon rate which converts to a higher rate at a later date.                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (144A)                                                             |             |                                   | Security is exempt from registration under Rule 144A of the Securities Act of 1933.  Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration.  At September 30, 2015, the value of these securities amounted to $17,975,352 or 22.9% of total net assets.                                                                                                                                                                                                                           |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | **                                                                 |             |                                   | Senior floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR (London InterBank Offered Rate), (ii) the prime rate offered by one or more major U.S. banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The rate shown is the coupon rate at period end. |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (a)                                                                |             |                                   | At  September 30, 2015, the net unrealized appreciation on investments based on                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |
|   |                                                               |             |                                   | cost for federal income tax purposes of $76,035,384 was as follows:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Aggregate gross unrealized appreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | there is an excess of value over tax cost                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | $       |      1,342,969                 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Aggregate gross unrealized depreciation for all investments in which                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | there is an excess of tax cost over value                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |    |       (948,995)           |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   |                                                               |             |                                   | Net unrealized appreciation                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        | $       |         393,974 |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (b)                                                                |             |                                   | Debt obligation with a variable interest rate. Rate shown is rate at end of period.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (c)                                                                |             |                                   | Security issued with a zero coupon. Income is earned through accretion of discount.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | (d)                                                                |             |                                   | Structured reinsurance investment.  At September 30, 2015, the value of these securities amounted to $55,100 or 0.1% of total                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                               |             |                                   | net assets.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |    |                                                    |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |
|   | CENTRALLY CLEARED CREDIT DEFAULT SWAP AGREEMENTS - SELL PROTECTION |             |                                   |
|   |                                                               |             |                                   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |    |                                                    |

| Notional Principal ($) (1) |      | Counterparty | Obligation Entity/Index     |                                            | Coupon |   |   | Credit Rating (2) |   | Expiration Date |   | Premiums Paid |     |   | Net Unrealized Depreciation |   |
|----------------------------|-----------|--------------|-----------------------------|-------------------------------------------------|--------|--------|--------|-------------------|--------|-----------------|--------|---------------|----------|--------|-----------------------------|--------|
|                       | 824,500   |         | Chicago Mercentile Exchange | Markit CDX North America High Yield Index       |   |   | 5.00   | %                 |   |            | B      | +             | 12/20/19 |   | $                           | 43,348 |   |   | $ | (5,673 | ) |
|                       | 1,200,000 |         | Chicago Mercentile Exchange | Markit CDX North America Investment Grade Index |   |   | 1.00   | %                 |   | BBB+            |   | 6/20/20       |     |   | 18,616                      |   |   |   | (12,042 | ) |
|                       |      |         |                        |                                            |   |   |   |              |   |            |   |          |     |   | $                           | 61,964 |   |   | $ | (17,715 | ) |

|                                                                                                                                                                                                          |   |            (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.                    |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |
| Various inputs are used in determining the value of the Portfolio's investments. These inputs are summarized in the three broad levels listed below.                                                     |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                      |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements — Note 1A. |   |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments) See Notes to Financial Statements — Note 1A.                       |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                            |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3. See Notes to Financial Statements - Note 1A.                                         |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's assets:                                                                                                    |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   | Level 1        |    |   | Level 2 |   |   | Level 3 |   |   | Total |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Preferred Stocks                                                                                                                                                              |   | $              | 357,223 |   |   | $ | - |   |   | $ | - |   |   | $ | 357,223 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Convertible Preferred Stock                                                                                                                                                   |   |           | 181,040 |   |   |   | - |   |   |   | - |   |   |   | 181,040 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Asset Backed Securities                                                                                                                                                       |   |           | -       |   |   |   | 2,350,729 |   |   |   | - |   |   |   | 2,350,729 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Collateralized Mortgage Obligations                                                                                                                                           |   |           | -       |   |   |   | 12,321,499 |   |   |   | - |   |   |   | 12,321,499 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Corporate Bonds                                                                                                                                                               |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |   Insurance                                                                                                                                                         |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |     Reinsurance                                                                                                                                           |   |           | -       |   |   |   | 31,774 |   |   |   | 55,100 |   |   |   | 86,874 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |   All Other Corporate Bonds                                                                                                                                         |   |           | -       |   |   |   | 25,100,763 |   |   |   | - |   |   |   | 25,100,763 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | U.S. Government Agency Obligations                                                                                                                                            |   |           | -       |   |   |   | 32,270,271 |   |   |   | - |   |   |   | 32,270,271 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Foreign Government Bond                                                                                                                                                       |   |           | -       |   |   |   | 201,050 |   |   |   | - |   |   |   | 201,050 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Municipal Bonds                                                                                                                                                               |   |           | -       |   |   |   | 1,562,515 |   |   |   | - |   |   |   | 1,562,515 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Senior Floating Rate Loan Interests                                                                                                                                           |   |           | -       |   |   |   | 1,802,395 |   |   |   | - |   |   |   | 1,802,395 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Commercial Paper                                                                                                                                                              |   |           | -       |   |   |   | 194,999 |   |   |   | - |   |   |   | 194,999 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Total                                                                                                                                                                         |   | $              | 538,263 |   |   | $ | 75,835,995 |   |   | $ | 55,100 |   |   | $ | 76,429,358 |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Other Financial Instruments                                                                                                                                                   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Net unrealized appreciation on Futures Contracts                                                                                                                              |   | $              | (44,992 | ) |   | $ | - |   |   | $ | - |   |   | $ | (44,992 | ) |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Net unrealized depreciation on Swap Contracts                                                                                                                                 |   |           | -       |   |   |   | (17,715 | ) |   |   | - |   |   |   | (17,715 | ) |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Total Other Financial Instruments                                                                                                                                             |   | $              | (44,992 | ) |   | $ | (17,715 | ) |   | $ | - |   |   | $ | (62,707 | ) |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
| Following is a reconciliation of assets using significant unobservable inputs (Level 3):                                                                                                                      |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   | CorporateBonds |    |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Balance as of 12/31/14                                                                                                                                                        |   | $              | 34,256  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Realized gain (loss)1                                                                                                                                                         |   |           | -       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Change in unrealized appreciation (depreciation)2                                                                                                                             |   |           | (29,156 | ) |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Net purchases                                                                                                                                                                 |   |           | 50,000  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Net sales                                                                                                                                                                     |   |           | -       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Transfers in to Level 3*                                                                                                                                                      |   |           | -       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Transfers out of Level 3*                                                                                                                                                     |   |           | -       |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Balance as of 9/30/15                                                                                                                                                         |   | $              | 55,100  |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  | 1                                                                                                                                         | Realized gain (loss) on these securities is included in the net realized gain (loss) from investments in the Statement of Operations.                                         |   |           |    |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  | 2                                                                                                                                         | Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) on investments in the Statement of Operations. |   |           |    |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  | *                                                                                                                                         | Transfers are calculated on the beginning of period values.                                                                                                                   |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3.                                                                                |   |           |    |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      |                                                                                                                                                                          |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | Net change in unrealized appreciation (depreciation) of investments                                                                                                           |   |           |    |   |   |   |   |   |   |   |   |   |   |   |   |   |
|                                                                                                                                                                                                          |   |                                                                  |                                                                                                                                      | still held as of 9/30/15                                                                                                                                                      |   | $              | (29,156 | ) |   |   |   |   |   |   |   |   |   |   |   |   |

|                                                                                                                                                                                                                     |     |   |                          | Pioneer Select Mid Cap Growth VCT Portfolio                                    |   |                                                                                      |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|-------------------------------|--------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                     |     |   |                          | Schedule of Investments 9/30/2015                                              |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     | Shares   |   |                          |                                                                           |   | Value                                                                                     |
|                                                                                                                                                                                                                     |     |   |                          | COMMON STOCKS - 99.6%                                                          |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Energy - 2.4%                                                                  |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Oil & Gas Exploration & Production - 2.4%                              |   |                                                                                      |
|                                                                                                                                                                                                                     | 43,130   |   |                          | Cabot Oil & Gas Corp.                                                      | $      | 942,822                                                                                   |
|                                                                                                                                                                                                                     | 5,600    |   |                          | Cimarex Energy Co.                                                             |   | 573,888                                                                                   |
|                                                                                                                                                                                                                     | 75,719   |   |                          | Memorial Resource Development Corp. *                                          |   | 1,331,140                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 2,847,850                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Energy                                                                   | $      | 2,847,850                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Materials - 4.5%                                                               |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Fertilizers & Agricultural Chemicals - 0.2%                                |   |                                                                                      |
|                                                                                                                                                                                                                     | 35,089   |   |                          | AgroFresh Solutions, Inc.                                                      | $      | 278,607                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Specialty Chemicals - 2.7%                                                     |   |                                                                                      |
|                                                                                                                                                                                                                     | 8,046    |   |                          | Cytec Industries, Inc.                                                         | $      | 594,197                                                                                   |
|                                                                                                                                                                                                                     | 22,653   |   |                          | Flotek Industries, Inc. *                                                      |   | 378,305                                                                                   |
|                                                                                                                                                                                                                     | 4,756    |   |                          | The Sherwin-Williams Co.                                                       |   | 1,059,542                                                                                 |
|                                                                                                                                                                                                                     | 12,003   |   |                          | WR Grace & Co. *                                                           |   | 1,116,879                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 3,148,923                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Construction Materials - 0.8%                                                  |   |                                                                                      |
|                                                                                                                                                                                                                     | 3,167    |   |                          | Martin Marietta Materials, Inc.                                                | $      | 481,226                                                                                   |
|                                                                                                                                                                                                                     | 5,430    |   |                          | Vulcan Materials Co.                                                           |   | 484,356                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 965,582                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Metal & Glass Containers - 0.4%                                            |   |                                                                                      |
|                                                                                                                                                                                                                     | 15,078   |   |                          | Berry Plastics Group, Inc. *                                                   | $      | 453,395                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Paper Packaging - 0.4%                                                         |   |                                                                                      |
|                                                                                                                                                                                                                     | 7,966    |   |                          | Packaging Corp of America                                                      | $      | 479,235                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Total Materials                                                                | $      | 5,325,742                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Capital Goods - 6.0%                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Aerospace & Defense - 0.5%                                                 |   |                                                                                      |
|                                                                                                                                                                                                                     | 7,564    |   |                          | Rockwell Collins, Inc.                                                         | $      | 619,038                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Building Products - 1.8%                                                       |   |                                                                                      |
|                                                                                                                                                                                                                     | 53,357   |   |                          | Builders FirstSource, Inc.                                                     | $      | 676,567                                                                                   |
|                                                                                                                                                                                                                     | 17,309   |   |                          | Fortune Brands Home & Security, Inc.                                       |   | 821,658                                                                                   |
|                                                                                                                                                                                                                     | 5,326    |   |                          | Lennox International, Inc.                                                     |   | 603,596                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 2,101,821                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Electrical Components & Equipment - 0.5%                                   |   |                                                                                      |
|                                                                                                                                                                                                                     | 3,638    |   |                          | Acuity Brands, Inc.                                                            | $      | 638,760                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Industrial Conglomerates - 1.3%                                                |   |                                                                                      |
|                                                                                                                                                                                                                     | 10,703   |   |                          | Carlisle Companies, Inc.                                                       | $      | 935,228                                                                                   |
|                                                                                                                                                                                                                     | 3,941    |   |                          | Roper Technologies, Inc.                                                       |   | 617,555                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,552,783                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Construction & Farm Machinery & Heavy Trucks - 1.6%                    |   |                                                                                      |
|                                                                                                                                                                                                                     | 12,814   |   |                          | WABCO Holdings, Inc. *                                                         | $      | 1,343,292                                                                                 |
|                                                                                                                                                                                                                     | 5,595    |   |                          | Wabtec Corp./DE                                                                |   | 492,640                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,835,932                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Industrial Machinery - 0.3%                                                    |   |                                                                                      |
|                                                                                                                                                                                                                     | 2,318    |   |                          | Snap-on, Inc.                                                                  | $      | 349,879                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Total Capital Goods                                                            | $      | 7,098,213                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Commercial Services & Supplies - 5.4%                                      |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Office Services & Supplies - 0.8%                                          |   |                                                                                      |
|                                                                                                                                                                                                                     | 45,560   |   |                          | Pitney Bowes, Inc.                                                             | $      | 904,366                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Diversified Support Services - 1.4%                                            |   |                                                                                      |
|                                                                                                                                                                                                                     | 10,572   |   |                          | Cintas Corp.                                                                   | $      | 906,549                                                                                   |
|                                                                                                                                                                                                                     | 29,213   |   |                          | TransUnion                                                                     |   | 733,831                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,640,380                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Human Resource & Employment Services - 2.0%                                |   |                                                                                      |
|                                                                                                                                                                                                                     | 14,847   |   |                          | ManpowerGroup, Inc.                                                            | $      | 1,215,821                                                                                 |
|                                                                                                                                                                                                                     | 6,854    |   |                          | Towers Watson & Co.                                                        |   | 804,523                                                                                   |
|                                                                                                                                                                                                                     | 8,580    |   |                          | WageWorks, Inc. *                                                              |   | 386,786                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 2,407,130                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Research & Consulting Services - 1.2%                                      |   |                                                                                      |
|                                                                                                                                                                                                                     | 5,766    |   |                          | Equifax, Inc.                                                                  | $      | 560,340                                                                                   |
|                                                                                                                                                                                                                     | 11,879   |   |                          | Verisk Analytics, Inc. *                                                       |   | 877,977                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,438,317                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Commercial Services & Supplies                                       | $      | 6,390,193                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Transportation - 5.2%                                                          |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Airlines - 3.4%                                                                |   |                                                                                      |
|                                                                                                                                                                                                                     | 9,360    |   |                          | Alaska Air Group, Inc.                                                         | $      | 743,652                                                                                   |
|                                                                                                                                                                                                                     | 50,068   |   |                          | American Airlines Group, Inc.                                                  |   | 1,944,140                                                                                 |
|                                                                                                                                                                                                                     | 13,975   |   |                          | JetBlue Airways Corp. *                                                        |   | 360,136                                                                                   |
|                                                                                                                                                                                                                     | 26,077   |   |                          | Southwest Airlines Co.                                                         |   | 991,969                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 4,039,897                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Railroads - 0.9%                                                               |   |                                                                                      |
|                                                                                                                                                                                                                     | 11,263   |   |                          | Kansas City Southern                                                           | $      | 1,023,581                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Trucking - 0.5%                                                                |   |                                                                                      |
|                                                                                                                                                                                                                     | 1,408    |   |                          | AMERCO                                                                         | $      | 554,006                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Airport Services - 0.4%                                                        |   |                                                                                      |
|                                                                                                                                                                                                                     | 6,903    |   |                          | Macquarie Infrastructure Corp.                                                 | $      | 515,378                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Total Transportation                                                           | $      | 6,132,862                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Automobiles & Components - 0.9%                                            |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Auto Parts & Equipment - 0.9%                                              |   |                                                                                      |
|                                                                                                                                                                                                                     | 9,353    |   |                          | Lear Corp.                                                                     | $      | 1,017,419                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Automobiles & Components                                             | $      | 1,017,419                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Consumer Durables & Apparel - 1.9%                                         |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Home Furnishings - 0.7%                                                        |   |                                                                                      |
|                                                                                                                                                                                                                     | 4,750    |   |                          | Mohawk Industries, Inc. *                                                      | $      | 863,502                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Apparel, Accessories & Luxury Goods - 1.2%                                 |   |                                                                                      |
|                                                                                                                                                                                                                     | 13,500   |   |                          | G-III Apparel Group, Ltd. *                                                    | $      | 832,410                                                                                   |
|                                                                                                                                                                                                                     | 20,388   |   |                          | Hanesbrands, Inc.                                                              |   | 590,029                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,422,439                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Consumer Durables & Apparel                                          | $      | 2,285,941                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Consumer Services - 5.9%                                                       |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Hotels, Resorts & Cruise Lines - 0.6%                                      |   |                                                                                      |
|                                                                                                                                                                                                                     | 13,211   |   |                          | Norwegian Cruise Line Holdings, Ltd. *                                         | $      | 756,990                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Restaurants - 4.5%                                                             |   |                                                                                      |
|                                                                                                                                                                                                                     | 5,512    |   |                          | Buffalo Wild Wings, Inc. *                                                     | $      | 1,066,186                                                                                 |
|                                                                                                                                                                                                                     | 2,758    |   |                          | Chipotle Mexican Grill, Inc. *                                                 |   | 1,986,450                                                                                 |
|                                                                                                                                                                                                                     | 23,319   |   |                          | Dave & Buster's Entertainment, Inc.                                        |   | 882,158                                                                                   |
|                                                                                                                                                                                                                     | 4,818    |   |                          | Jack in the Box, Inc. *                                                        |   | 371,179                                                                                   |
|                                                                                                                                                                                                                     | 5,119    |   |                          | Panera Bread Co. *                                                             |   | 990,066                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 5,296,039                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Specialized Consumer Services - 0.8%                                           |   |                                                                                      |
|                                                                                                                                                                                                                     | 26,333   |   |                          | H&R Block, Inc.                                                            | $      | 953,255                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Total Consumer Services                                                        | $      | 7,006,284                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Retailing - 13.4%                                                              |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | General Merchandise Stores - 2.5%                                              |   |                                                                                      |
|                                                                                                                                                                                                                     | 14,793   |   |                          | Dollar General Corp. *                                                         | $      | 1,071,605                                                                                 |
|                                                                                                                                                                                                                     | 27,829   |   |                          | Dollar Tree, Inc. *                                                            |   | 1,855,081                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 2,926,686                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Apparel Retail - 1.9%                                                          |   |                                                                                      |
|                                                                                                                                                                                                                     | 8,406    |   |                          | L Brands, Inc.                                                                 | $      | 757,633                                                                                   |
|                                                                                                                                                                                                                     | 15,300   |   |                          | Ross Stores, Inc.                                                              |   | 741,591                                                                                   |
|                                                                                                                                                                                                                     | 10,300   |   |                          | The TJX Companies, Inc.                                                        |   | 735,626                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 2,234,850                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Home Improvement Retail - 1.1%                                                 |   |                                                                                      |
|                                                                                                                                                                                                                     | 17,998   |   |                          | Lowe's Companies, Inc.                                                         | $      | 1,240,422                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Specialty Stores - 3.5%                                                        |   |                                                                                      |
|                                                                                                                                                                                                                     | 13,255   |   |                          | Signet Jewelers, Ltd.                                                          | $      | 1,804,403                                                                                 |
|                                                                                                                                                                                                                     | 12,930   |   |                          | Tractor Supply Co. *                                                           |   | 1,090,258                                                                                 |
|                                                                                                                                                                                                                     | 7,828    |   |                          | Ulta Salon Cosmetics & Fragrance, Inc. *                                   |   | 1,278,704                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 4,173,365                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Automotive Retail - 3.1%                                                       |   |                                                                                      |
|                                                                                                                                                                                                                     | 10,172   |   |                          | Advance Auto Parts, Inc.                                                       | $      | 1,927,899                                                                                 |
|                                                                                                                                                                                                                     | 7,575    |   |                          | Lithia Motors, Inc.                                                            |   | 818,933                                                                                   |
|                                                                                                                                                                                                                     | 3,759    |   |                          | O'Reilly Automotive, Inc. *                                                    |   | 939,750                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 3,686,582                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Homefurnishing Retail - 1.3%                                                   |   |                                                                                      |
|                                                                                                                                                                                                                     | 6,800    |   |                          | Restoration Hardware Holdings, Inc. *                                          | $      | 634,508                                                                                   |
|                                                                                                                                                                                                                     | 11,760   |   |                          | Williams-Sonoma, Inc.                                                          |   | 897,876                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,532,384                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Retailing                                                                | $      | 15,794,289                                                                                |
|                                                                                                                                                                                                                     |     |   |                          | Food & Staples Retailing - 2.3%                                            |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Drug Retail - 0.8%                                                             |   |                                                                                      |
|                                                                                                                                                                                                                     | 10,041   |   |                          | CVS Health Corp.                                                               | $      | 968,756                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Food Retail - 1.5%                                                             |   |                                                                                      |
|                                                                                                                                                                                                                     | 41,343   |   |                          | The Kroger Co.                                                                 | $      | 1,491,242                                                                                 |
|                                                                                                                                                                                                                     | 9,878    |   |                          | Whole Foods Market, Inc.                                                       |   | 312,639                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,803,881                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Food & Staples Retailing                                             | $      | 2,772,637                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Food, Beverage & Tobacco - 6.1%                                            |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Brewers - 0.8%                                                                 |   |                                                                                      |
|                                                                                                                                                                                                                     | 10,988   |   |                          | Molson Coors Brewing Co. (Class B)                                             | $      | 912,224                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Distillers & Vintners - 1.1%                                               |   |                                                                                      |
|                                                                                                                                                                                                                     | 10,597   |   |                          | Constellation Brands, Inc. *                                                   | $      | 1,326,850                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Soft Drinks - 0.7%                                                             |   |                                                                                      |
|                                                                                                                                                                                                                     | 6,059    |   |                          | Monster Beverage Corp.                                                         | $      | 818,813                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Packaged Foods & Meats - 3.5%                                              |   |                                                                                      |
|                                                                                                                                                                                                                     | 11,666   |   |                          | Campbell Soup Co.                                                              | $      | 591,233                                                                                   |
|                                                                                                                                                                                                                     | 14,514   |   |                          | ConAgra Foods, Inc.                                                            |   | 587,962                                                                                   |
|                                                                                                                                                                                                                     | 10,413   |   |                          | Hormel Foods Corp.                                                             |   | 659,247                                                                                   |
|                                                                                                                                                                                                                     | 26,722   |   |                          | Keurig Green Mountain, Inc.                                                    |   | 1,393,285                                                                                 |
|                                                                                                                                                                                                                     | 19,865   |   |                          | Tyson Foods, Inc.                                                              |   | 856,182                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 4,087,909                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Food, Beverage & Tobacco                                             | $      | 7,145,796                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Health Care Equipment & Services - 10.2%                                   |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Health Care Equipment - 3.8%                                                   |   |                                                                                      |
|                                                                                                                                                                                                                     | 125,055  |   |                          | Boston Scientific Corp. *                                                      | $      | 2,052,148                                                                                 |
|                                                                                                                                                                                                                     | 12,594   |   |                          | Edwards Lifesciences Corp. *                                                   |   | 1,790,489                                                                                 |
|                                                                                                                                                                                                                     | 25,897   |   |                          | Insulet Corp. *                                                                |   | 670,991                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 4,513,628                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Health Care Supplies - 3.1%                                                    |   |                                                                                      |
|                                                                                                                                                                                                                     | 31,621   |   |                          | Align Technology, Inc. *                                                       | $      | 1,794,808                                                                                 |
|                                                                                                                                                                                                                     | 69,602   |   |                          | Endologix, Inc. *                                                              |   | 853,321                                                                                   |
|                                                                                                                                                                                                                     | 19,854   |   |                          | LDR Holding Corp. *                                                            |   | 685,559                                                                                   |
|                                                                                                                                                                                                                     | 2,379    |   |                          | The Cooper Companies, Inc.                                                     |   | 354,138                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 3,687,826                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Health Care Distributors - 1.4%                                                |   |                                                                                      |
|                                                                                                                                                                                                                     | 21,711   |   |                          | Cardinal Health, Inc.                                                          | $      | 1,667,839                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Health Care Services - 1.0%                                                    |   |                                                                                      |
|                                                                                                                                                                                                                     | 14,913   |   |                          | MEDNAX, Inc. *                                                                 | $      | 1,145,169                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Managed Health Care - 0.9%                                                     |   |                                                                                      |
|                                                                                                                                                                                                                     | 12,064   |   |                          | WellCare Health Plans, Inc. *                                                  | $      | 1,039,676                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Health Care Equipment & Services                                     | $      | 12,054,138                                                                                |
|                                                                                                                                                                                                                     |     |   |                          | Pharmaceuticals, Biotechnology & Life Sciences - 6.4%                      |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Biotechnology - 2.5%                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     | 25,909   |   |                          | Alkermes Plc *                                                                 | $      | 1,520,081                                                                                 |
|                                                                                                                                                                                                                     | 10,062   |   |                          | Neurocrine Biosciences, Inc. *                                                 |   | 400,367                                                                                   |
|                                                                                                                                                                                                                     | 11,000   |   |                          | Ophthotech Corp.                                                               |   | 445,720                                                                                   |
|                                                                                                                                                                                                                     | 10,347   |   |                          | TESARO, Inc. *                                                                 |   | 414,915                                                                                   |
|                                                                                                                                                                                                                     | 1,530    |   |                          | Vertex Pharmaceuticals, Inc. *                                                 |   | 159,334                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 2,940,417                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Pharmaceuticals - 2.5%                                                         |   |                                                                                      |
|                                                                                                                                                                                                                     | 21,824   |   |                          | Endo International Plc                                                         | $      | 1,511,967                                                                                 |
|                                                                                                                                                                                                                     | 11,011   |   |                          | Jazz Pharmaceuticals Plc *                                                     |   | 1,462,371                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 2,974,338                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Life Sciences Tools & Services - 1.4%                                      |   |                                                                                      |
|                                                                                                                                                                                                                     | 25,190   |   |                          | Charles River Laboratories International, Inc. *                               | $      | 1,600,069                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Pharmaceuticals, Biotechnology & Life Sciences                       | $      | 7,514,824                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Banks - 1.2%                                                                   |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Regional Banks - 1.2%                                                          |   |                                                                                      |
|                                                                                                                                                                                                                     | 18,965   |   |                          | BankUnited, Inc. *                                                             | $      | 677,999                                                                                   |
|                                                                                                                                                                                                                     | 5,157    |   |                          | Signature Bank *                                                               |   | 709,397                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,387,396                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Banks                                                                    | $      | 1,387,396                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Diversified Financials - 6.6%                                                  |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Specialized Finance - 3.3%                                                     |   |                                                                                      |
|                                                                                                                                                                                                                     | 7,807    |   |                          | Intercontinental Exchange, Inc.                                                | $      | 1,834,567                                                                                 |
|                                                                                                                                                                                                                     | 38,103   |   |                          | Nasdaq, Inc.                                                                   |   | 2,032,033                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 3,866,600                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Consumer Finance - 0.5%                                                        |   |                                                                                      |
|                                                                                                                                                                                                                     | 11,927   |   |                          | Discover Financial Services, Inc.                                              | $      | 620,085                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Asset Management & Custody Banks - 2.8%                                    |   |                                                                                      |
|                                                                                                                                                                                                                     | 6,600    |   |                          | Affiliated Managers Group, Inc. *                                              | $      | 1,128,534                                                                                 |
|                                                                                                                                                                                                                     | 16,988   |   |                          | Oaktree Capital Group LLC                                                      |   | 840,906                                                                                   |
|                                                                                                                                                                                                                     | 26,816   |   |                          | SEI Investments Co.                                                            |   | 1,293,336                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 3,262,776                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Diversified Financials                                                   | $      | 7,749,461                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Real Estate - 0.4%                                                             |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Health Care REIT - 0.4%                                                        |   |                                                                                      |
|                                                                                                                                                                                                                     | 8,138    |   |                          | Ventas, Inc.                                                                   | $      | 456,216                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Total Real Estate                                                              | $      | 456,216                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Software & Services - 15.5%                                                |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Internet Software & Services - 6.8%                                        |   |                                                                                      |
|                                                                                                                                                                                                                     | 28,772   |   |                          | Akamai Technologies, Inc. *                                                    | $      | 1,986,994                                                                                 |
|                                                                                                                                                                                                                     | 9,836    |   |                          | CoStar Group, Inc. *                                                           |   | 1,702,218                                                                                 |
|                                                                                                                                                                                                                     | 6,654    |   |                          | Demandware, Inc. *                                                             |   | 343,879                                                                                   |
|                                                                                                                                                                                                                     | 886      |   |                          | Google, Inc. (Class A) *                                                       |   | 565,596                                                                                   |
|                                                                                                                                                                                                                     | 902      |   |                          | Google, Inc. (Class C)                                                         |   | 548,795                                                                                   |
|                                                                                                                                                                                                                     | 41,963   |   |                          | HomeAway, Inc. *                                                               |   | 1,113,698                                                                                 |
|                                                                                                                                                                                                                     | 6,124    |   |                          | LinkedIn Corp. *                                                               |   | 1,164,356                                                                                 |
|                                                                                                                                                                                                                     | 22,000   |   |                          | Twitter, Inc. *                                                                |   | 592,680                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 8,018,216                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | IT Consulting & Other Services - 1.2%                                      |   |                                                                                      |
|                                                                                                                                                                                                                     | 13,381   |   |                          | Cognizant Technology Solutions Corp. *                                         | $      | 837,784                                                                                   |
|                                                                                                                                                                                                                     | 6,470    |   |                          | Gartner, Inc. *                                                                |   | 543,027                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,380,811                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Data Processing & Outsourced Services - 2.6%                               |   |                                                                                      |
|                                                                                                                                                                                                                     | 13,874   |   |                          | CoreLogic, Inc./United States *                                                | $      | 516,529                                                                                   |
|                                                                                                                                                                                                                     | 8,100    |   |                          | MasterCard, Inc.                                                               |   | 729,972                                                                                   |
|                                                                                                                                                                                                                     | 11,414   |   |                          | MAXIMUS, Inc.                                                                  |   | 679,818                                                                                   |
|                                                                                                                                                                                                                     | 42,656   |   |                          | Sabre Corp.                                                                    |   | 1,159,390                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 3,085,709                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Application Software - 4.0%                                                    |   |                                                                                      |
|                                                                                                                                                                                                                     | 6,830    |   |                          | ANSYS, Inc. *                                                                  | $      | 601,996                                                                                   |
|                                                                                                                                                                                                                     | 10,737   |   |                          | Blackbaud, Inc.                                                                |   | 602,560                                                                                   |
|                                                                                                                                                                                                                     | 29,879   |   |                          | Cadence Design Systems, Inc. *                                                 |   | 617,898                                                                                   |
|                                                                                                                                                                                                                     | 8,255    |   |                          | Intuit, Inc.                                                                   |   | 732,631                                                                                   |
|                                                                                                                                                                                                                     | 24,291   |   |                          | Qlik Technologies, Inc. *                                                      |   | 885,407                                                                                   |
|                                                                                                                                                                                                                     | 9,060    |   |                          | SS&C Technologies Holdings, Inc. *                                         |   | 634,562                                                                                   |
|                                                                                                                                                                                                                     | 3,571    |   |                          | The Ultimate Software Group, Inc. *                                            |   | 639,245                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 4,714,299                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Systems Software - 0.9%                                                        |   |                                                                                      |
|                                                                                                                                                                                                                     | 13,920   |   |                          | Fleetmatics Group Plc *                                                        | $      | 683,333                                                                                   |
|                                                                                                                                                                                                                     | 6,125    |   |                          | ServiceNow, Inc. *                                                             |   | 425,381                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 1,108,714                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Software & Services                                                  | $      | 18,307,749                                                                                |
|                                                                                                                                                                                                                     |     |   |                          | Technology Hardware & Equipment - 0.6%                                     |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Communications Equipment - 0.6%                                                |   |                                                                                      |
|                                                                                                                                                                                                                     | 3,186    |   |                          | F5 Networks, Inc. *                                                            | $      | 368,939                                                                                   |
|                                                                                                                                                                                                                     | 1,861    |   |                          | Palo Alto Networks, Inc. *                                                     |   | 320,092                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 689,031                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Total Technology Hardware & Equipment                                      | $      | 689,031                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | Semiconductors & Semiconductor Equipment - 3.5%                            |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Semiconductors - 3.5%                                                          |   |                                                                                      |
|                                                                                                                                                                                                                     | 13,901   |   |                          | Analog Devices, Inc.                                                           | $      | 784,155                                                                                   |
|                                                                                                                                                                                                                     | 8,329    |   |                          | Avago Technologies, Ltd.                                                       |   | 1,041,208                                                                                 |
|                                                                                                                                                                                                                     | 16,525   |   |                          | Broadcom Corp.                                                                 |   | 849,881                                                                                   |
|                                                                                                                                                                                                                     | 15,919   |   |                          | Qorvo, Inc.                                                                    |   | 717,151                                                                                   |
|                                                                                                                                                                                                                     | 8,428    |   |                          | Skyworks Solutions, Inc. *                                                     |   | 709,722                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           | $      | 4,102,117                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Semiconductors & Semiconductor Equipment                             | $      | 4,102,117                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Telecommunication Services - 1.2%                                              |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Wireless Telecommunication Services - 1.2%                                     |   |                                                                                      |
|                                                                                                                                                                                                                     | 14,015   |   |                          | SBA Communications Corp. *                                                     | $      | 1,467,931                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | Total Telecommunication Services                                               | $      | 1,467,931                                                                                 |
|                                                                                                                                                                                                                     |     |   |                          | TOTAL COMMON STOCKS                                                            |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | (Cost $104,249,017)                                                            | $      | 117,546,089                                                                               |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | TOTAL INVESTMENT IN SECURITIES - 99.6%                                         |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | (Cost $104,249,017) (a)                                                        | $      | 117,546,089                                                                               |
|                                                                                                                                                                                                                     |     |   |                          | OTHER ASSETS & LIABILITIES - 0.4%                                          | $      | 513,369                                                                                   |
|                                                                                                                                                                                                                     |     |   |                          | TOTAL NET ASSETS - 100.0%                                                      | $      | 118,059,458                                                                               |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     | *        |   |                          | Non-income producing security.                                                 |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     | (A.D.R.) |   | American Depositary Receipts. |                                                                           |   |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     | REIT     |   |                          | Real Estate Investment Trust.                                                  |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     | (a)      |   |                          | At September 30, 2015, the net unrealized appreciation on investments based on |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | cost for federal income tax purposes of $104,756,311 was as follows:           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Aggregate gross unrealized appreciation for all investments in which           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | there is an excess of value over tax cost                                      | $      |              16,898,055  |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Aggregate gross unrealized depreciation for all investments in which           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | there is an excess of tax cost over value                                      |   |              (4,108,277) |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          | Net unrealized appreciation                                                    | $      |              12,789,778  |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
| Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below.                                                          |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                                 |     |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  See Notes to Financial Statements — Note 1A. |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)  See Notes to Financial Statements — Note 1A.                       |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                                       |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.                                                                                                      |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's investments:                                                                                                          |
|                                                                                                                                                                                                                     |     |   |                          |                                                                           |   |                                                                                      |

|                                                                                           |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                  |   | $       | 117,546,089 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 117,546,089 |   |
| Total                                                                                          |   | $       | 117,546,089 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 117,546,089 |   |
|                                                                                           |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |   |   |   |   |

|                                                                                                                                                       |    |   |   | Pioneer Real Estate Shares                                                     |   |                                                                                                        |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------|--------|--------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |    |   |   | Schedule of Investments 9/30/2015 (unaudited)                                  |   |                                                                                                        |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       | Shares  |   |   |                                                                           |   | Value                                                                                                       |
|                                                                                                                                                       |    |   |   | COMMON STOCKS - 98.6%                                                          |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | Consumer Services - 2.2%                                                       |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | Hotels, Resorts & Cruise Lines - 2.2%                                      |   |                                                                                                        |
|                                                                                                                                                       | 80,800  |   |   | Extended Stay America, Inc.                                                    | $      | 1,355,824                                                                                                   |
|                                                                                                                                                       | 84,500  |   |   | Hilton Worldwide Holdings, Inc.                                                |   | 1,938,430                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 3,294,254                                                                                                   |
|                                                                                                                                                       |    |   |   | Total Consumer Services                                                        | $      | 3,294,254                                                                                                   |
|                                                                                                                                                       |    |   |   | Real Estate - 96.4%                                                            |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | Diversified REIT - 3.7%                                                        |   |                                                                                                        |
|                                                                                                                                                       | 56,000  |   |   | American Assets Trust, Inc.                                                    | $      | 2,288,160                                                                                                   |
|                                                                                                                                                       | 98,600  |   |   | Empire State Realty Trust, Inc. *                                              |   | 1,679,158                                                                                                   |
|                                                                                                                                                       | 72,418  |   |   | STORE Capital Corp.                                                            |   | 1,496,156                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 5,463,474                                                                                                   |
|                                                                                                                                                       |    |   |   | Health Care REIT - 10.2%                                                       |   |                                                                                                        |
|                                                                                                                                                       | 130,200 |   |   | HCP, Inc.                                                                      | $      | 4,849,950                                                                                                   |
|                                                                                                                                                       | 74,500  |   |   | Ventas, Inc.                                                                   |   | 4,176,470                                                                                                   |
|                                                                                                                                                       | 86,000  |   |   | Welltower, Inc.                                                                |   | 5,823,920                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 14,850,340                                                                                                  |
|                                                                                                                                                       |    |   |   | Hotel & Resort REIT - 4.3%                                                 |   |                                                                                                        |
|                                                                                                                                                       | 70,400  |   |   | Chatham Lodging Trust                                                          | $      | 1,512,192                                                                                                   |
|                                                                                                                                                       | 177,500 |   |   | Host Hotels & Resorts, Inc.                                                |   | 2,806,275                                                                                                   |
|                                                                                                                                                       | 78,600  |   |   | RLJ Lodging Trust                                                              |   | 1,986,222                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 6,304,689                                                                                                   |
|                                                                                                                                                       |    |   |   | Industrial REIT - 6.3%                                                         |   |                                                                                                        |
|                                                                                                                                                       | 184,800 |   |   | Prologis, Inc.                                                                 | $      | 7,188,720                                                                                                   |
|                                                                                                                                                       | 142,700 |   |   | Rexford Industrial Realty, Inc. *                                              |   | 1,967,833                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 9,156,553                                                                                                   |
|                                                                                                                                                       |    |   |   | Office REIT - 14.5%                                                            |   |                                                                                                        |
|                                                                                                                                                       | 110,000 |   |   | BioMed Realty Trust, Inc.                                                      | $      | 2,197,800                                                                                                   |
|                                                                                                                                                       | 64,200  |   |   | Boston Properties, Inc.                                                        |   | 7,601,280                                                                                                   |
|                                                                                                                                                       | 56,700  |   |   | Douglas Emmett, Inc.                                                           |   | 1,628,424                                                                                                   |
|                                                                                                                                                       | 90,550  |   |   | Gramercy Property Trust, Inc.                                                  |   | 1,880,724                                                                                                   |
|                                                                                                                                                       | 156,300 |   |   | Paramount Group, Inc.                                                          |   | 2,625,840                                                                                                   |
|                                                                                                                                                       | 215,100 |   |   | Piedmont Office Realty Trust, Inc.                                             |   | 3,848,139                                                                                                   |
|                                                                                                                                                       | 15,000  |   |   | Vornado Realty Trust                                                           |   | 1,356,300                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 21,138,507                                                                                                  |
|                                                                                                                                                       |    |   |   | Residential REIT - 17.9%                                                       |   |                                                                                                        |
|                                                                                                                                                       | 50,000  |   |   | American Campus Communities, Inc.                                              | $      | 1,812,000                                                                                                   |
|                                                                                                                                                       | 46,600  |   |   | American Homes 4 Rent *                                                        |   | 749,328                                                                                                     |
|                                                                                                                                                       | 44,600  |   |   | AvalonBay Communities, Inc.                                                    |   | 7,796,972                                                                                                   |
|                                                                                                                                                       | 44,000  |   |   | Camden Property Trust                                                          |   | 3,251,600                                                                                                   |
|                                                                                                                                                       | 47,400  |   |   | Equity LifeStyle Properties, Inc.                                              |   | 2,776,218                                                                                                   |
|                                                                                                                                                       | 130,000 |   |   | Equity Residential Property Trust, Inc.                                        |   | 9,765,600                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 26,151,718                                                                                                  |
|                                                                                                                                                       |    |   |   | Retail REIT - 25.4%                                                            |   |                                                                                                        |
|                                                                                                                                                       | 80,400  |   |   | Acadia Realty Trust                                                            | $      | 2,417,628                                                                                                   |
|                                                                                                                                                       | 174,700 |   |   | DDR Corp.                                                                      |   | 2,686,886                                                                                                   |
|                                                                                                                                                       | 32,600  |   |   | Federal Realty Investment Trust                                                |   | 4,448,270                                                                                                   |
|                                                                                                                                                       | 13,000  |   |   | National Retail Properties, Inc.                                               |   | 471,510                                                                                                     |
|                                                                                                                                                       | 94,800  |   |   | Retail Opportunity Investments Corp.                                           |   | 1,567,992                                                                                                   |
|                                                                                                                                                       | 78,200  |   |   | Simon Property Group, Inc.                                                     |   | 14,366,903                                                                                                  |
|                                                                                                                                                       | 61,900  |   |   | Tanger Factory Outlet Centers, Inc.                                            |   | 2,040,843                                                                                                   |
|                                                                                                                                                       | 91,200  |   |   | Taubman Centers, Inc.                                                          |   | 6,300,096                                                                                                   |
|                                                                                                                                                       | 37,300  |   |   | The Macerich Co.                                                               |   | 2,865,386                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 37,165,514                                                                                                  |
|                                                                                                                                                       |    |   |   | Specialized REIT - 10.9%                                                       |   |                                                                                                        |
|                                                                                                                                                       | 127,800 |   |   | CubeSmart                                                                      | $      | 3,477,438                                                                                                   |
|                                                                                                                                                       | 92,900  |   |   | DuPont Fabros Technology, Inc.                                                 |   | 2,404,252                                                                                                   |
|                                                                                                                                                       | 24,000  |   |   | Extra Space Storage, Inc.                                                      |   | 1,851,840                                                                                                   |
|                                                                                                                                                       | 39,000  |   |   | Public Storage, Inc.                                                           |   | 8,253,570                                                                                                   |
|                                                                                                                                                       |    |   |   |                                                                           | $      | 15,987,100                                                                                                  |
|                                                                                                                                                       |    |   |   | Diversified Real Estate Activities - 1.2%                                      |   |                                                                                                        |
|                                                                                                                                                       | 49,800  |   |   | Alexander & Baldwin, Inc. *                                                | $      | 1,709,634                                                                                                   |
|                                                                                                                                                       |    |   |   | Real Estate Operating Companies - 2.0%                                         |   |                                                                                                        |
|                                                                                                                                                       | 148,300 |   |   | Forest City Enterprises, Inc. *                                                | $      | 2,985,279                                                                                                   |
|                                                                                                                                                       |    |   |   | Total Real Estate                                                              | $      | 140,912,808                                                                                                 |
|                                                                                                                                                       |    |   |   | TOTAL COMMON STOCKS                                                            |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | (Cost $84,328,566)                                                             | $      | 144,207,062                                                                                                 |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | TOTAL INVESTMENT IN SECURITIES - 98.6%                                         |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | (Cost $84,328,566) (a)                                                         | $      | 144,207,062                                                                                                 |
|                                                                                                                                                       |    |   |   | OTHER ASSETS & LIABILITIES - 1.4%                                          | $      | 1,990,757                                                                                                   |
|                                                                                                                                                       |    |   |   | TOTAL NET ASSETS - 100.0%                                                      | $      | 146,197,819                                                                                                 |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       | *       |   |   | Non-income producing security.                                                 |   |                                                                                                        |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       | REIT    |   |   | Real Estate Investment Trust.                                                  |   |                                                                                                        |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       | (a)     |   |   | At September 30, 2015, the net unrealized appreciation on investments based on |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | cost for federal income tax purposes of $86,390,893 was as follows:            |   |                                                                                                        |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | Aggregate gross unrealized appreciation for all investments in which           |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | there is an excess of value over tax cost                                      | $      |                59,718,574        |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | Aggregate gross unrealized depreciation for all investments in which           |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | there is an excess of tax cost over value                                      |   |                 (1,902,405) |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
|                                                                                                                                                       |    |   |   | Net unrealized appreciation                                                    | $      |                57,816,169        |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
| Level 1 – quoted prices in active markets for identical securities.                                                                                  |    |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |    |   |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Fund's investments:                                                 |    |   |
|                                                                                                                                                       |    |   |   |                                                                           |   |                                                                                                        |

|                                                                                           |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                  |   | $       | 144,207,062 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 144,207,062 |   |
| Total                                                                                          |   | $       | 144,207,062 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 144,207,062 |   |
|                                                                                           |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |   |   |   |   |

|                                                                                                                                                            |     |   |   | Pioneer Disciplined Value VCT Portfolio                                        |   |         |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|--------|--------------------------------------------------------------------------------|--------|--------------|
|                                                                                                                                                            |     |   |   | Schedule of Investments 9/30/2015                                              |   |         |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            | Shares   |   |   |                                                                           |   | Value        |
|                                                                                                                                                            |     |   |   | COMMON STOCKS - 99.0%                                                          |   |         |
|                                                                                                                                                            |     |   |   | Energy - 9.3%                                                                  |   |         |
|                                                                                                                                                            |     |   |   | Oil & Gas Equipment & Services - 3.8%                                  |   |         |
|                                                                                                                                                            | 104,034  |   |   | Halliburton Co.                                                                | $      | 3,677,602    |
|                                                                                                                                                            | 62,306   |   |   | Schlumberger, Ltd.                                                             |   | 4,297,245    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 7,974,847    |
|                                                                                                                                                            |     |   |   | Integrated Oil & Gas - 5.5%                                                |   |         |
|                                                                                                                                                            | 90,352   |   |   | Exxon Mobil Corp.                                                              | $      | 6,717,671    |
|                                                                                                                                                            | 73,332   |   |   | Occidental Petroleum Corp.                                                     |   | 4,850,912    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 11,568,583   |
|                                                                                                                                                            |     |   |   | Total Energy                                                                   | $      | 19,543,430   |
|                                                                                                                                                            |     |   |   | Materials - 1.8%                                                               |   |         |
|                                                                                                                                                            |     |   |   | Paper Products - 1.8%                                                          |   |         |
|                                                                                                                                                            | 100,664  |   |   | International Paper Co.                                                        | $      | 3,804,093    |
|                                                                                                                                                            |     |   |   | Total Materials                                                                | $      | 3,804,093    |
|                                                                                                                                                            |     |   |   | Capital Goods - 3.1%                                                           |   |         |
|                                                                                                                                                            |     |   |   | Aerospace & Defense - 3.1%                                                 |   |         |
|                                                                                                                                                            | 19,298   |   |   | Northrop Grumman Corp.                                                         | $      | 3,202,503    |
|                                                                                                                                                            | 30,464   |   |   | Raytheon Co.                                                                   |   | 3,328,497    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 6,531,000    |
|                                                                                                                                                            |     |   |   | Total Capital Goods                                                            | $      | 6,531,000    |
|                                                                                                                                                            |     |   |   | Transportation - 3.3%                                                          |   |         |
|                                                                                                                                                            |     |   |   | Airlines - 3.3%                                                                |   |         |
|                                                                                                                                                            | 114,004  |   |   | American Airlines Group, Inc.                                                  | $      | 4,426,775    |
|                                                                                                                                                            | 50,025   |   |   | United Continental Holdings, Inc. *                                            |   | 2,653,826    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 7,080,601    |
|                                                                                                                                                            |     |   |   | Total Transportation                                                           | $      | 7,080,601    |
|                                                                                                                                                            |     |   |   | Automobiles & Components - 3.3%                                            |   |         |
|                                                                                                                                                            |     |   |   | Automobile Manufacturers - 3.3%                                                |   |         |
|                                                                                                                                                            | 229,479  |   |   | General Motors Co. *                                                           | $      | 6,888,960    |
|                                                                                                                                                            |     |   |   | Total Automobiles & Components                                             | $      | 6,888,960    |
|                                                                                                                                                            |     |   |   | Consumer Durables & Apparel - 1.9%                                         |   |         |
|                                                                                                                                                            |     |   |   | Household Appliances - 1.9%                                                    |   |         |
|                                                                                                                                                            | 26,972   |   |   | Whirlpool Corp.                                                                | $      | 3,971,897    |
|                                                                                                                                                            |     |   |   | Total Consumer Durables & Apparel                                          | $      | 3,971,897    |
|                                                                                                                                                            |     |   |   | Media - 1.0%                                                                   |   |         |
|                                                                                                                                                            |     |   |   | Movies & Entertainment - 1.0%                                              |   |         |
|                                                                                                                                                            | 48,896   |   |   | Viacom, Inc. (Class B)                                                         | $      | 2,109,862    |
|                                                                                                                                                            |     |   |   | Total Media                                                                    | $      | 2,109,862    |
|                                                                                                                                                            |     |   |   | Retailing - 1.7%                                                               |   |         |
|                                                                                                                                                            |     |   |   | Homefurnishing Retail - 1.7%                                                   |   |         |
|                                                                                                                                                            | 63,301   |   |   | Bed Bath & Beyond, Inc. *                                                  | $      | 3,609,423    |
|                                                                                                                                                            |     |   |   | Total Retailing                                                                | $      | 3,609,423    |
|                                                                                                                                                            |     |   |   | Food, Beverage & Tobacco - 6.2%                                            |   |         |
|                                                                                                                                                            |     |   |   | Brewers - 2.5%                                                                 |   |         |
|                                                                                                                                                            | 64,658   |   |   | Molson Coors Brewing Co. (Class B)                                             | $      | 5,367,907    |
|                                                                                                                                                            |     |   |   | Agricultural Products - 1.6%                                                   |   |         |
|                                                                                                                                                            | 80,016   |   |   | Archer-Daniels-Midland Co.                                                     | $      | 3,316,663    |
|                                                                                                                                                            |     |   |   | Packaged Foods & Meats - 2.1%                                              |   |         |
|                                                                                                                                                            | 102,816  |   |   | Tyson Foods, Inc.                                                              | $      | 4,431,370    |
|                                                                                                                                                            |     |   |   | Total Food, Beverage & Tobacco                                             | $      | 13,115,940   |
|                                                                                                                                                            |     |   |   | Health Care Equipment & Services - 4.3%                                    |   |         |
|                                                                                                                                                            |     |   |   | Health Care Services - 2.2%                                                    |   |         |
|                                                                                                                                                            | 56,766   |   |   | Express Scripts Holding Co. *                                                  | $      | 4,595,775    |
|                                                                                                                                                            |     |   |   | Managed Health Care - 2.1%                                                     |   |         |
|                                                                                                                                                            | 40,820   |   |   | Aetna, Inc.                                                                    | $      | 4,466,116    |
|                                                                                                                                                            |     |   |   | Total Health Care Equipment & Services                                     | $      | 9,061,891    |
|                                                                                                                                                            |     |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 9.0%                      |   |         |
|                                                                                                                                                            |     |   |   | Pharmaceuticals - 9.0%                                                         |   |         |
|                                                                                                                                                            | 91,831   |   |   | Johnson & Johnson                                                          | $      | 8,572,423    |
|                                                                                                                                                            | 105,752  |   |   | Merck & Co., Inc.                                                          |   | 5,223,091    |
|                                                                                                                                                            | 90,596   |   |   | Teva Pharmaceutical Industries, Ltd. (A.D.R.)                                  |   | 5,115,050    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 18,910,564   |
|                                                                                                                                                            |     |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                       | $      | 18,910,564   |
|                                                                                                                                                            |     |   |   | Banks - 17.4%                                                                  |   |         |
|                                                                                                                                                            |     |   |   | Diversified Banks - 11.3%                                                      |   |         |
|                                                                                                                                                            | 123,202  |   |   | Citigroup, Inc.                                                                | $      | 6,112,051    |
|                                                                                                                                                            | 104,879  |   |   | JPMorgan Chase & Co.                                                       |   | 6,394,473    |
|                                                                                                                                                            | 122,711  |   |   | US Bancorp                                                                     |   | 5,032,378    |
|                                                                                                                                                            | 124,422  |   |   | Wells Fargo & Co.                                                          |   | 6,389,070    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 23,927,972   |
|                                                                                                                                                            |     |   |   | Regional Banks - 6.1%                                                          |   |         |
|                                                                                                                                                            | 134,789  |   |   | Citizens Financial Group, Inc.                                                 | $      | 3,216,066    |
|                                                                                                                                                            | 82,411   |   |   | SunTrust Banks, Inc.                                                           |   | 3,151,397    |
|                                                                                                                                                            | 72,641   |   |   | The PNC Financial Services Group, Inc.                                         |   | 6,479,577    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 12,847,040   |
|                                                                                                                                                            |     |   |   | Total Banks                                                                    | $      | 36,775,012   |
|                                                                                                                                                            |     |   |   | Diversified Financials - 5.1%                                                  |   |         |
|                                                                                                                                                            |     |   |   | Specialized Finance - 1.8%                                                     |   |         |
|                                                                                                                                                            | 73,003   |   |   | Nasdaq, Inc.                                                                   | $      | 3,893,250    |
|                                                                                                                                                            |     |   |   | Asset Management & Custody Banks - 1.3%                                    |   |         |
|                                                                                                                                                            | 85,351   |   |   | Invesco, Ltd.                                                                  | $      | 2,665,512    |
|                                                                                                                                                            |     |   |   | Investment Banking & Brokerage - 2.0%                                      |   |         |
|                                                                                                                                                            | 131,641  |   |   | Morgan Stanley Co.                                                             | $      | 4,146,692    |
|                                                                                                                                                            |     |   |   | Total Diversified Financials                                                   | $      | 10,705,454   |
|                                                                                                                                                            |     |   |   | Insurance - 5.5%                                                               |   |         |
|                                                                                                                                                            |     |   |   | Life & Health Insurance - 1.9%                                             |   |         |
|                                                                                                                                                            | 84,745   |   |   | Lincoln National Corp.                                                         | $      | 4,021,998    |
|                                                                                                                                                            |     |   |   | Multi-line Insurance - 2.9%                                                    |   |         |
|                                                                                                                                                            | 134,929  |   |   | The Hartford Financial Services Group, Inc.                                    | $      | 6,177,050    |
|                                                                                                                                                            |     |   |   | Property & Casualty Insurance - 0.7%                                       |   |         |
|                                                                                                                                                            | 40,578   |   |   | XL Group Plc                                                                   | $      | 1,473,793    |
|                                                                                                                                                            |     |   |   | Total Insurance                                                                | $      | 11,672,841   |
|                                                                                                                                                            |     |   |   | Software & Services - 6.4%                                                 |   |         |
|                                                                                                                                                            |     |   |   | Internet Software & Services - 1.5%                                        |   |         |
|                                                                                                                                                            | 128,503  |   |   | eBay, Inc. *                                                                   | $      | 3,140,613    |
|                                                                                                                                                            |     |   |   | Systems Software - 4.9%                                                        |   |         |
|                                                                                                                                                            | 153,540  |   |   | Microsoft Corp.                                                                | $      | 6,795,680    |
|                                                                                                                                                            | 102,032  |   |   | Oracle Corp.                                                                   |   | 3,685,396    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 10,481,076   |
|                                                                                                                                                            |     |   |   | Total Software & Services                                                  | $      | 13,621,689   |
|                                                                                                                                                            |     |   |   | Technology Hardware & Equipment - 9.5%                                     |   |         |
|                                                                                                                                                            |     |   |   | Communications Equipment - 3.2%                                                |   |         |
|                                                                                                                                                            | 253,740  |   |   | Cisco Systems, Inc.                                                            | $      | 6,660,675    |
|                                                                                                                                                            |     |   |   | Computer Storage & Peripherals - 3.1%                                      |   |         |
|                                                                                                                                                            | 267,491  |   |   | EMC Corp.                                                                      | $      | 6,462,583    |
|                                                                                                                                                            |     |   |   | Technology Hardware, Storage & Peripherals - 3.2%                          |   |         |
|                                                                                                                                                            | 165,881  |   |   | Hewlett-Packard Co.                                                            | $      | 4,248,212    |
|                                                                                                                                                            | 32,510   |   |   | Western Digital Corp.                                                          |   | 2,582,594    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 6,830,806    |
|                                                                                                                                                            |     |   |   | Total Technology Hardware & Equipment                                      | $      | 19,954,064   |
|                                                                                                                                                            |     |   |   | Semiconductors & Semiconductor Equipment - 1.5%                            |   |         |
|                                                                                                                                                            |     |   |   | Semiconductors - 1.5%                                                          |   |         |
|                                                                                                                                                            | 205,416  |   |   | Micron Technology, Inc. *                                                      | $      | 3,077,132    |
|                                                                                                                                                            |     |   |   | Total Semiconductors & Semiconductor Equipment                             | $      | 3,077,132    |
|                                                                                                                                                            |     |   |   | Utilities - 8.7%                                                               |   |         |
|                                                                                                                                                            |     |   |   | Electric Utilities - 5.4%                                                      |   |         |
|                                                                                                                                                            | 85,928   |   |   | American Electric Power Co., Inc.                                              | $      | 4,885,866    |
|                                                                                                                                                            | 218,545  |   |   | Exelon Corp.                                                                   |   | 6,490,786    |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 11,376,652   |
|                                                                                                                                                            |     |   |   | Multi-Utilities - 3.3%                                                         |   |         |
|                                                                                                                                                            | 164,994  |   |   | Public Service Enterprise Group, Inc.                                          | $      | 6,956,147    |
|                                                                                                                                                            |     |   |   | Total Utilities                                                                | $      | 18,332,799   |
|                                                                                                                                                            |     |   |   | TOTAL COMMON STOCKS                                                            |   |         |
|                                                                                                                                                            |     |   |   | (Cost $222,088,107)                                                            | $      | 208,766,652  |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            |     |   |   | TOTAL INVESTMENT IN SECURITIES - 99.0%                                         |   |         |
|                                                                                                                                                            |     |   |   | (Cost $222,088,107) (a)                                                        | $      | 208,766,652  |
|                                                                                                                                                            |     |   |   | OTHER ASSETS & LIABILITIES - 1.0%                                          | $      | 2,149,442    |
|                                                                                                                                                            |     |   |   | TOTAL NET ASSETS - 100.0%                                                      | $      | 210,916,094  |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            | *        |   |   | Non-income producing security.                                                 |   |         |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            | (A.D.R.) |   |   | American Depositary Receipts.                                                  |   |         |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            | (a)      |   |   | At September 30, 2015, the net unrealized appreciation on investments based on |   |         |
|                                                                                                                                                            |     |   |   | cost for federal income tax purposes of $222,111,709 was as follows:           |   |         |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized appreciation for all investments in which           |   |         |
|                                                                                                                                                            |     |   |   | there is an excess of value over tax cost                                      | $      | 8,292,360    |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized depreciation for all investments in which           |   |         |
|                                                                                                                                                            |     |   |   | there is an excess of tax cost over value                                      |   | (21,637,417) |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
|                                                                                                                                                            |     |   |   | Net unrealized depreciation                                                    | $      | (13,345,057) |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
| Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
| Level 1 – quoted prices in active markets for identical securities.                                                                                       |     |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)      |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)                            |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                              |
| using fair value methods (other than prices supplied by independent pricing services or broker-dealers) as Level 3.                                             |     |   |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's investments:                                                 |     |   |
|                                                                                                                                                            |     |   |   |                                                                           |   |         |

|                                                                                           |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                  |   | $       | 208,766,652 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 208,766,652 |   |
| Total                                                                                          |   | $       | 208,766,652 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 208,766,652 |   |
|                                                                                           |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |

|                                                                                                                                                            |     |   |   | Pioneer Equity Income VCT Portfolio                                                                            |         |        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|--------|----------------------------------------------------------------------------------------------------------------|--------------|-------------|
|                                                                                                                                                            |     |   |   | Schedule of Investments 9/30/2015                                                                              |         |        |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            | Shares   |   |   |                                                                                                           |         | Value       |
|                                                                                                                                                            |     |   |   | COMMON STOCKS - 99.1%                                                                                          |         |        |
|                                                                                                                                                            |     |   |   | Energy - 6.2%                                                                                                  |         |        |
|                                                                                                                                                            |     |   |   | Oil & Gas Drilling - 1.2%                                                                                  |         |        |
|                                                                                                                                                            | 66,114   |   |   | Helmerich & Payne, Inc.                                                                                    | $            | 3,124,548   |
|                                                                                                                                                            |     |   |   | Oil & Gas Equipment & Services - 0.2%                                                                  |         |        |
|                                                                                                                                                            | 25,161   |   |   | Frank's International NV                                                                                       | $            | 385,718     |
|                                                                                                                                                            |     |   |   | Integrated Oil & Gas - 2.6%                                                                                |         |        |
|                                                                                                                                                            | 55,163   |   |   | Chevron Corp.                                                                                                  | $            | 4,351,257   |
|                                                                                                                                                            | 34,520   |   |   | Occidental Petroleum Corp.                                                                                     |         | 2,283,498   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 6,634,755   |
|                                                                                                                                                            |     |   |   | Oil & Gas Exploration & Production - 0.6%                                                              |         |        |
|                                                                                                                                                            | 90,516   |   |   | Marathon Oil Corp.                                                                                             | $            | 1,393,946   |
|                                                                                                                                                            |     |   |   | Oil & Gas Refining & Marketing - 1.6%                                                                  |         |        |
|                                                                                                                                                            | 75,772   |   |   | Marathon Petroleum Corp.                                                                                       | $            | 3,510,517   |
|                                                                                                                                                            | 7,756    |   |   | Phillips 66                                                                                                    |         | 595,971     |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 4,106,488   |
|                                                                                                                                                            |     |   |   | Total Energy                                                                                                   | $            | 15,645,455  |
|                                                                                                                                                            |     |   |   | Materials - 7.7%                                                                                               |         |        |
|                                                                                                                                                            |     |   |   | Fertilizers & Agricultural Chemicals - 0.9%                                                                |         |        |
|                                                                                                                                                            | 36,220   |   |   | Syngenta AG (A.D.R.)                                                                                           | $            | 2,310,112   |
|                                                                                                                                                            |     |   |   | Specialty Chemicals - 4.7%                                                                                     |         |        |
|                                                                                                                                                            | 840      |   |   | Givaudan SA                                                                                                    | $            | 1,365,118   |
|                                                                                                                                                            | 33,917   |   |   | Johnson Matthey Plc                                                                                            |         | 1,255,230   |
|                                                                                                                                                            | 129,263  |   |   | The Valspar Corp.                                                                                              |         | 9,291,419   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 11,911,767  |
|                                                                                                                                                            |     |   |   | Paper Packaging - 0.7%                                                                                         |         |        |
|                                                                                                                                                            | 44,404   |   |   | Sonoco Products Co.                                                                                            | $            | 1,675,807   |
|                                                                                                                                                            |     |   |   | Diversified Metals & Mining - 1.4%                                                                         |         |        |
|                                                                                                                                                            | 44,199   |   |   | Compass Minerals International, Inc.                                                                           | $            | 3,463,876   |
|                                                                                                                                                            |     |   |   | Total Materials                                                                                                | $            | 19,361,562  |
|                                                                                                                                                            |     |   |   | Capital Goods - 5.7%                                                                                           |         |        |
|                                                                                                                                                            |     |   |   | Aerospace & Defense - 0.6%                                                                                 |         |        |
|                                                                                                                                                            | 13,068   |   |   | Raytheon Co.                                                                                                   | $            | 1,427,810   |
|                                                                                                                                                            |     |   |   | Industrial Conglomerates - 1.9%                                                                                |         |        |
|                                                                                                                                                            | 189,742  |   |   | General Electric Co.                                                                                           | $            | 4,785,293   |
|                                                                                                                                                            |     |   |   | Construction & Farm Machinery & Heavy Trucks - 0.4%                                                    |         |        |
|                                                                                                                                                            | 19,548   |   |   | PACCAR, Inc.                                                                                                   | $            | 1,019,819   |
|                                                                                                                                                            |     |   |   | Industrial Machinery - 2.1%                                                                                    |         |        |
|                                                                                                                                                            | 58,880   |   |   | Ingersoll-Rand Plc                                                                                             | $            | 2,989,338   |
|                                                                                                                                                            | 95,518   |   |   | The Gorman-Rupp Co.                                                                                            |         | 2,289,566   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 5,278,904   |
|                                                                                                                                                            |     |   |   | Trading Companies & Distributors - 0.7%                                                                    |         |        |
|                                                                                                                                                            | 32,232   |   |   | Wolseley Plc                                                                                                   | $            | 1,879,939   |
|                                                                                                                                                            |     |   |   | Total Capital Goods                                                                                            | $            | 14,391,765  |
|                                                                                                                                                            |     |   |   | Commercial Services & Supplies - 2.3%                                                                      |         |        |
|                                                                                                                                                            |     |   |   | Office Services & Supplies - 0.5%                                                                          |         |        |
|                                                                                                                                                            | 32,933   |   |   | MSA Safety, Inc.                                                                                               | $            | 1,316,332   |
|                                                                                                                                                            |     |   |   | Diversified Support Services - 1.4%                                                                            |         |        |
|                                                                                                                                                            | 51,980   |   |   | G&K Services, Inc.                                                                                         | $            | 3,462,908   |
|                                                                                                                                                            |     |   |   | Human Resource & Employment Services - 0.4%                                                                |         |        |
|                                                                                                                                                            | 16,646   |   |   | Randstad Holding NV                                                                                            | $            | 988,877     |
|                                                                                                                                                            |     |   |   | Total Commercial Services & Supplies                                                                       | $            | 5,768,117   |
|                                                                                                                                                            |     |   |   | Transportation - 0.6%                                                                                          |         |        |
|                                                                                                                                                            |     |   |   | Railroads - 0.6%                                                                                               |         |        |
|                                                                                                                                                            | 17,633   |   |   | Union Pacific Corp.                                                                                            | $            | 1,558,934   |
|                                                                                                                                                            |     |   |   | Total Transportation                                                                                           | $            | 1,558,934   |
|                                                                                                                                                            |     |   |   | Automobiles & Components - 0.8%                                                                            |         |        |
|                                                                                                                                                            |     |   |   | Auto Parts & Equipment - 0.4%                                                                              |         |        |
|                                                                                                                                                            | 20,403   |   |   | BorgWarner, Inc.                                                                                               | $            | 848,561     |
|                                                                                                                                                            |     |   |   | Automobile Manufacturers - 0.4%                                                                                |         |        |
|                                                                                                                                                            | 36,162   |   |   | General Motors Co.                                                                                             | $            | 1,085,583   |
|                                                                                                                                                            |     |   |   | Total Automobiles & Components                                                                             | $            | 1,934,144   |
|                                                                                                                                                            |     |   |   | Consumer Durables & Apparel - 0.8%                                                                         |         |        |
|                                                                                                                                                            |     |   |   | Household Appliances - 0.8%                                                                                    |         |        |
|                                                                                                                                                            | 66,739   |   |   | Electrolux AB                                                                                                  | $            | 1,878,559   |
|                                                                                                                                                            |     |   |   | Total Consumer Durables & Apparel                                                                          | $            | 1,878,559   |
|                                                                                                                                                            |     |   |   | Consumer Services - 4.4%                                                                                       |         |        |
|                                                                                                                                                            |     |   |   | Hotels, Resorts & Cruise Lines - 1.6%                                                                      |         |        |
|                                                                                                                                                            | 108,156  |   |   | InterContinental Hotels Group Plc                                                                              | $            | 3,734,574   |
|                                                                                                                                                            | 11,728   |   |   | InterContinental Hotels Group Plc (A.D.R.)                                                                     |         | 406,141     |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 4,140,715   |
|                                                                                                                                                            |     |   |   | Leisure Facilities - 2.3%                                                                                      |         |        |
|                                                                                                                                                            | 107,819  |   |   | Cedar Fair LP                                                                                                  | $            | 5,672,358   |
|                                                                                                                                                            |     |   |   | Restaurants - 0.5%                                                                                             |         |        |
|                                                                                                                                                            | 8,924    |   |   | Cracker Barrel Old Country Store, Inc.                                                                         | $            | 1,314,327   |
|                                                                                                                                                            |     |   |   | Total Consumer Services                                                                                        | $            | 11,127,400  |
|                                                                                                                                                            |     |   |   | Media - 2.6%                                                                                                   |         |        |
|                                                                                                                                                            |     |   |   | Broadcasting - 1.2%                                                                                            |         |        |
|                                                                                                                                                            | 45,074   |   |   | CBS Corp. (Class B)                                                                                            | $            | 1,798,453   |
|                                                                                                                                                            | 24,152   |   |   | Scripps Networks Interactive, Inc.                                                                             |         | 1,188,037   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 2,986,490   |
|                                                                                                                                                            |     |   |   | Movies & Entertainment - 0.7%                                                                              |         |        |
|                                                                                                                                                            | 85,862   |   |   | Regal Entertainment Group                                                                                      | $            | 1,604,761   |
|                                                                                                                                                            |     |   |   | Publishing - 0.7%                                                                                              |         |        |
|                                                                                                                                                            | 15,281   |   |   | John Wiley & Sons, Inc. (Class A)                                                                          | $            | 764,508     |
|                                                                                                                                                            | 25,048   |   |   | Meredith Corp.                                                                                                 |         | 1,066,544   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 1,831,052   |
|                                                                                                                                                            |     |   |   | Total Media                                                                                                    | $            | 6,422,303   |
|                                                                                                                                                            |     |   |   | Retailing - 0.7%                                                                                               |         |        |
|                                                                                                                                                            |     |   |   | General Merchandise Stores - 0.7%                                                                              |         |        |
|                                                                                                                                                            | 23,729   |   |   | Target Corp.                                                                                                   | $            | 1,866,523   |
|                                                                                                                                                            |     |   |   | Total Retailing                                                                                                | $            | 1,866,523   |
|                                                                                                                                                            |     |   |   | Food, Beverage & Tobacco - 13.0%                                                                           |         |        |
|                                                                                                                                                            |     |   |   | Soft Drinks - 2.9%                                                                                             |         |        |
|                                                                                                                                                            | 62,956   |   |   | Dr. Pepper Snapple Group, Inc.                                                                                 | $            | 4,976,672   |
|                                                                                                                                                            | 55,814   |   |   | The Coca-Cola Co.                                                                                              |         | 2,239,258   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 7,215,930   |
|                                                                                                                                                            |     |   |   | Packaged Foods & Meats - 10.1%                                                                             |         |        |
|                                                                                                                                                            | 81,899   |   |   | Campbell Soup Co.                                                                                              | $            | 4,150,641   |
|                                                                                                                                                            | 24,353   |   |   | General Mills, Inc.                                                                                            |         | 1,366,934   |
|                                                                                                                                                            | 13,548   |   |   | John B Sanfilippo & Son, Inc.                                                                              |         | 694,470     |
|                                                                                                                                                            | 62,178   |   |   | Kellogg Co.                                                                                                    |         | 4,137,946   |
|                                                                                                                                                            | 17,881   |   |   | McCormick & Co., Inc.                                                                                      |         | 1,469,461   |
|                                                                                                                                                            | 40,956   |   |   | Mead Johnson Nutrition Co.                                                                                     |         | 2,883,302   |
|                                                                                                                                                            | 137,822  |   |   | Mondelez International, Inc.                                                                                   |         | 5,770,607   |
|                                                                                                                                                            | 89,057   |   |   | Pinnacle Foods, Inc.                                                                                           |         | 3,729,707   |
|                                                                                                                                                            | 11,711   |   |   | The Hershey Co.                                                                                                |         | 1,076,007   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 25,279,075  |
|                                                                                                                                                            |     |   |   | Total Food, Beverage & Tobacco                                                                             | $            | 32,495,005  |
|                                                                                                                                                            |     |   |   | Household & Personal Products - 1.1%                                                                       |         |        |
|                                                                                                                                                            |     |   |   | Household Products - 1.1%                                                                                      |         |        |
|                                                                                                                                                            | 23,911   |   |   | The Clorox Co.                                                                                                 | $            | 2,762,438   |
|                                                                                                                                                            |     |   |   | Total Household & Personal Products                                                                        | $            | 2,762,438   |
|                                                                                                                                                            |     |   |   | Health Care Equipment & Services - 5.8%                                                                    |         |        |
|                                                                                                                                                            |     |   |   | Health Care Equipment - 3.8%                                                                                   |         |        |
|                                                                                                                                                            | 21,936   |   |   | Abbott Laboratories                                                                                            | $            | 882,266     |
|                                                                                                                                                            | 41,376   |   |   | Becton Dickinson and Co.                                                                                       |         | 5,488,940   |
|                                                                                                                                                            | 181,644  |   |   | Smith & Nephew Plc                                                                                         |         | 3,166,246   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 9,537,452   |
|                                                                                                                                                            |     |   |   | Health Care Distributors - 2.0%                                                                                |         |        |
|                                                                                                                                                            | 26,633   |   |   | Cardinal Health, Inc.                                                                                          | $            | 2,045,947   |
|                                                                                                                                                            | 90,160   |   |   | Owens & Minor, Inc.                                                                                        |         | 2,879,710   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 4,925,657   |
|                                                                                                                                                            |     |   |   | Total Health Care Equipment & Services                                                                     | $            | 14,463,109  |
|                                                                                                                                                            |     |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 8.5%                                                      |         |        |
|                                                                                                                                                            |     |   |   | Biotechnology - 0.5%                                                                                           |         |        |
|                                                                                                                                                            | 8,891    |   |   | Amgen, Inc.                                                                                                    | $            | 1,229,803   |
|                                                                                                                                                            |     |   |   | Pharmaceuticals - 8.0%                                                                                         |         |        |
|                                                                                                                                                            | 57,358   |   |   | AstraZeneca Plc (A.D.R.)                                                                                       | $            | 1,825,132   |
|                                                                                                                                                            | 40,277   |   |   | Eli Lilly & Co.                                                                                            |         | 3,370,782   |
|                                                                                                                                                            | 94,056   |   |   | GlaxoSmithKline Plc (A.D.R.)                                                                                   |         | 3,616,453   |
|                                                                                                                                                            | 82,467   |   |   | Merck & Co., Inc.                                                                                          |         | 4,073,045   |
|                                                                                                                                                            | 99,794   |   |   | Pfizer, Inc.                                                                                                   |         | 3,134,530   |
|                                                                                                                                                            | 16,681   |   |   | Roche Holding AG (A.D.R.)                                                                                      |         | 549,639     |
|                                                                                                                                                            | 88,032   |   |   | Zoetis, Inc.                                                                                                   |         | 3,625,158   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 20,194,739  |
|                                                                                                                                                            |     |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                                       | $            | 21,424,542  |
|                                                                                                                                                            |     |   |   | Banks - 6.9%                                                                                                   |         |        |
|                                                                                                                                                            |     |   |   | Diversified Banks - 3.4%                                                                                       |         |        |
|                                                                                                                                                            | 64,974   |   |   | Bank of America Corp.                                                                                          | $            | 1,012,295   |
|                                                                                                                                                            | 17,208   |   |   | JPMorgan Chase & Co.                                                                                       |         | 1,049,172   |
|                                                                                                                                                            | 54,856   |   |   | US Bancorp                                                                                                     |         | 2,249,645   |
|                                                                                                                                                            | 82,574   |   |   | Wells Fargo & Co.                                                                                          |         | 4,240,175   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 8,551,287   |
|                                                                                                                                                            |     |   |   | Regional Banks - 2.2%                                                                                          |         |        |
|                                                                                                                                                            | 71,162   |   |   | BB&T Corp.                                                                                                 | $            | 2,533,367   |
|                                                                                                                                                            | 53,942   |   |   | Citizens Financial Group, Inc.                                                                                 |         | 1,287,056   |
|                                                                                                                                                            | 17,481   |   |   | KeyCorp                                                                                                        |         | 227,428     |
|                                                                                                                                                            | 94,381   |   |   | People's United Financial, Inc.                                                                                |         | 1,484,613   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 5,532,464   |
|                                                                                                                                                            |     |   |   | Thrifts & Mortgage Finance - 1.3%                                                                          |         |        |
|                                                                                                                                                            | 172,414  |   |   | New York Community Bancorp, Inc.                                                                               | $            | 3,113,797   |
|                                                                                                                                                            |     |   |   | Total Banks                                                                                                    | $            | 17,197,548  |
|                                                                                                                                                            |     |   |   | Diversified Financials - 3.5%                                                                                  |         |        |
|                                                                                                                                                            |     |   |   | Consumer Finance - 1.1%                                                                                        |         |        |
|                                                                                                                                                            | 36,569   |   |   | American Express Co.                                                                                           | $            | 2,710,860   |
|                                                                                                                                                            |     |   |   | Asset Management & Custody Banks - 1.9%                                                                    |         |        |
|                                                                                                                                                            | 45,241   |   |   | Federated Investors, Inc. (Class B)                                                                            | $            | 1,307,465   |
|                                                                                                                                                            | 11,026   |   |   | Northern Trust Corp.                                                                                           |         | 751,532     |
|                                                                                                                                                            | 42,084   |   |   | State Street Corp.                                                                                             |         | 2,828,466   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 4,887,463   |
|                                                                                                                                                            |     |   |   | Investment Banking & Brokerage - 0.5%                                                                      |         |        |
|                                                                                                                                                            | 41,193   |   |   | Morgan Stanley Co.                                                                                             | $            | 1,297,580   |
|                                                                                                                                                            |     |   |   | Total Diversified Financials                                                                                   | $            | 8,895,903   |
|                                                                                                                                                            |     |   |   | Insurance - 7.3%                                                                                               |         |        |
|                                                                                                                                                            |     |   |   | Life & Health Insurance - 1.0%                                                                             |         |        |
|                                                                                                                                                            | 51,626   |   |   | Lincoln National Corp.                                                                                         | $            | 2,450,170   |
|                                                                                                                                                            |     |   |   | Multi-line Insurance - 1.2%                                                                                    |         |        |
|                                                                                                                                                            | 63,258   |   |   | The Hartford Financial Services Group, Inc.                                                                    | $            | 2,895,951   |
|                                                                                                                                                            |     |   |   | Property & Casualty Insurance - 5.1%                                                                       |         |        |
|                                                                                                                                                            | 60,331   |   |   | The Chubb Corp.                                                                                                | $            | 7,399,597   |
|                                                                                                                                                            | 49,548   |   |   | The Progressive Corp.                                                                                          |         | 1,518,151   |
|                                                                                                                                                            | 39,494   |   |   | The Travelers Companies, Inc.                                                                                  |         | 3,930,838   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 12,848,586  |
|                                                                                                                                                            |     |   |   | Total Insurance                                                                                                | $            | 18,194,707  |
|                                                                                                                                                            |     |   |   | Real Estate - 3.1%                                                                                             |         |        |
|                                                                                                                                                            |     |   |   | Hotel & Resort REIT - 0.6%                                                                                 |         |        |
|                                                                                                                                                            | 55,532   |   |   | Chesapeake Lodging Trust                                                                                       | $            | 1,447,164   |
|                                                                                                                                                            |     |   |   | Office REIT - 0.7%                                                                                             |         |        |
|                                                                                                                                                            | 11,664   |   |   | Alexandria Real Estate Equities, Inc.                                                                          | $            | 987,591     |
|                                                                                                                                                            | 41,925   |   |   | BioMed Realty Trust, Inc.                                                                                      |         | 837,662     |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 1,825,253   |
|                                                                                                                                                            |     |   |   | Residential REIT - 0.7%                                                                                        |         |        |
|                                                                                                                                                            | 24,054   |   |   | Camden Property Trust                                                                                          | $            | 1,777,591   |
|                                                                                                                                                            |     |   |   | Retail REIT - 0.6%                                                                                             |         |        |
|                                                                                                                                                            | 56,727   |   |   | Kimco Realty Corp.                                                                                             | $            | 1,385,841   |
|                                                                                                                                                            |     |   |   | Specialized REIT - 0.5%                                                                                        |         |        |
|                                                                                                                                                            | 62,055   |   |   | Outfront Media, Inc.                                                                                           | $            | 1,290,744   |
|                                                                                                                                                            |     |   |   | Total Real Estate                                                                                              | $            | 7,726,593   |
|                                                                                                                                                            |     |   |   | Software & Services - 0.8%                                                                                 |         |        |
|                                                                                                                                                            |     |   |   | IT Consulting & Other Services - 0.8%                                                                      |         |        |
|                                                                                                                                                            | 19,275   |   |   | Accenture Plc                                                                                                  | $            | 1,893,962   |
|                                                                                                                                                            |     |   |   | Total Software & Services                                                                                  | $            | 1,893,962   |
|                                                                                                                                                            |     |   |   | Semiconductors & Semiconductor Equipment - 3.9%                                                            |         |        |
|                                                                                                                                                            |     |   |   | Semiconductor Equipment - 0.2%                                                                                 |         |        |
|                                                                                                                                                            | 14,904   |   |   | Cabot Microelectronics Corp. *                                                                                 | $            | 577,381     |
|                                                                                                                                                            |     |   |   | Semiconductors - 3.7%                                                                                          |         |        |
|                                                                                                                                                            | 51,690   |   |   | Linear Technology Corp.                                                                                        | $            | 2,085,692   |
|                                                                                                                                                            | 93,508   |   |   | Microchip Technology, Inc.                                                                                     |         | 4,029,260   |
|                                                                                                                                                            | 126,516  |   |   | NVIDIA Corp.                                                                                                   |         | 3,118,619   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 9,233,571   |
|                                                                                                                                                            |     |   |   | Total Semiconductors & Semiconductor Equipment                                                             | $            | 9,810,952   |
|                                                                                                                                                            |     |   |   | Telecommunication Services - 0.7%                                                                              |         |        |
|                                                                                                                                                            |     |   |   | Integrated Telecommunication Services - 0.7%                                                                   |         |        |
|                                                                                                                                                            | 45,741   |   |   | AT&T, Inc.                                                                                                 | $            | 1,490,242   |
|                                                                                                                                                            | 8,219    |   |   | Verizon Communications, Inc.                                                                                   |         | 357,609     |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 1,847,851   |
|                                                                                                                                                            |     |   |   | Total Telecommunication Services                                                                               | $            | 1,847,851   |
|                                                                                                                                                            |     |   |   | Utilities - 12.7%                                                                                              |         |        |
|                                                                                                                                                            |     |   |   | Electric Utilities - 4.5%                                                                                      |         |        |
|                                                                                                                                                            | 66,191   |   |   | American Electric Power Co., Inc.                                                                              | $            | 3,763,620   |
|                                                                                                                                                            | 64,396   |   |   | Eversource Energy                                                                                              |         | 3,259,726   |
|                                                                                                                                                            | 24,615   |   |   | NextEra Energy, Inc.                                                                                           |         | 2,401,193   |
|                                                                                                                                                            | 50,927   |   |   | Westar Energy, Inc.                                                                                            |         | 1,957,634   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 11,382,173  |
|                                                                                                                                                            |     |   |   | Gas Utilities - 3.4%                                                                                           |         |        |
|                                                                                                                                                            | 53,172   |   |   | AGL Resources, Inc.                                                                                            | $            | 3,245,619   |
|                                                                                                                                                            | 67,338   |   |   | National Fuel Gas Co.                                                                                          |         | 3,365,553   |
|                                                                                                                                                            | 95,017   |   |   | Questar Corp.                                                                                                  |         | 1,844,280   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 8,455,452   |
|                                                                                                                                                            |     |   |   | Multi-Utilities - 4.8%                                                                                         |         |        |
|                                                                                                                                                            | 78,654   |   |   | Alliant Energy Corp.                                                                                           | $            | 4,600,472   |
|                                                                                                                                                            | 88,763   |   |   | Ameren Corp.                                                                                                   |         | 3,752,012   |
|                                                                                                                                                            | 56,286   |   |   | Consolidated Edison, Inc.                                                                                      |         | 3,762,719   |
|                                                                                                                                                            |     |   |   |                                                                                                           | $            | 12,115,203  |
|                                                                                                                                                            |     |   |   | Total Utilities                                                                                                | $            | 31,952,828  |
|                                                                                                                                                            |     |   |   | TOTAL COMMON STOCKS                                                                                            |         |        |
|                                                                                                                                                            |     |   |   | (Cost $212,605,316)                                                                                            | $            | 248,620,200 |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            |     |   |   | TOTAL INVESTMENT IN SECURITIES - 99.1%                                                                         |         |        |
|                                                                                                                                                            |     |   |   | (Cost $212,605,316) (a)                                                                                        | $            | 248,620,200 |
|                                                                                                                                                            |     |   |   | OTHER ASSETS & LIABILITIES - 0.9%                                                                          | $            | 2,179,089   |
|                                                                                                                                                            |     |   |   | TOTAL NET ASSETS - 100.0%                                                                                      | $            | 250,799,289 |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            | *        |   |   | Non-income producing security.                                                                                 |         |        |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            | (A.D.R.) |   |   | American Depositary Receipts.                                                                                  |         |        |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            | REIT     |   |   | Real Estate Investment Trust.                                                                                  |         |        |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            | (a)      |   |   | At September 30, 2015, the net unrealized appreciation on investments based on cost                            |         |        |
|                                                                                                                                                            |     |   |   | for federal income tax purposes of $211,068,142 was as follows:                                                |         |        |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost | $            | 47,884,782  |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value | (10,332,724) |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
|                                                                                                                                                            |     |   |   | Net unrealized appreciation                                                                                    | $            | 37,552,058  |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
| Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
| Level 1 – quoted prices in active markets for identical securities.                                                                                       |     |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)      |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)                            |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                              |
| using fair value methods (other than prices supplied by independent pricing services and broker-dealers) as Level 3.                                            |     |   |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's investments:                                                 |     |   |
|                                                                                                                                                            |     |   |   |                                                                                                           |         |        |

|                                                                                           |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                  |   | $       | 248,620,200 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 248,620,200 |   |
| Total                                                                                          |   | $       | 248,620,200 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 248,620,200 |   |
|                                                                                           |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |   |   |   |   |

|                                                                                                                                                            |     |   |   | Pioneer Fund VCT Portfolio                                                     |   |                                                                                |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|--------|--------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------|
|                                                                                                                                                            |     |   |   | Schedule of Investments 9/30/2015 (unaudited)                                  |   |                                                                                |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            | Shares   |   |   |                                                                           |   | Value                                                                               |
|                                                                                                                                                            |     |   |   | COMMON STOCKS - 99.6%                                                          |   |                                                                                |
|                                                                                                                                                            |     |   |   | Energy - 5.6%                                                                  |   |                                                                                |
|                                                                                                                                                            |     |   |   | Oil & Gas Drilling - 0.5%                                                  |   |                                                                                |
|                                                                                                                                                            | 13,632   |   |   | Helmerich & Payne, Inc.                                                    | $      | 644,248                                                                             |
|                                                                                                                                                            |     |   |   | Oil & Gas Equipment & Services - 0.9%                                  |   |                                                                                |
|                                                                                                                                                            | 17,608   |   |   | Schlumberger, Ltd.                                                             | $      | 1,214,424                                                                           |
|                                                                                                                                                            |     |   |   | Integrated Oil & Gas - 1.8%                                                |   |                                                                                |
|                                                                                                                                                            | 31,972   |   |   | Chevron Corp.                                                                  | $      | 2,521,951                                                                           |
|                                                                                                                                                            |     |   |   | Oil & Gas Exploration & Production - 0.9%                              |   |                                                                                |
|                                                                                                                                                            | 17,082   |   |   | EOG Resources, Inc.                                                            | $      | 1,243,570                                                                           |
|                                                                                                                                                            |     |   |   | Oil & Gas Refining & Marketing - 1.5%                                  |   |                                                                                |
|                                                                                                                                                            | 24,813   |   |   | Marathon Petroleum Corp.                                                       | $      | 1,149,586                                                                           |
|                                                                                                                                                            | 13,327   |   |   | Phillips 66                                                                    |   | 1,024,047                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 2,173,633                                                                           |
|                                                                                                                                                            |     |   |   | Total Energy                                                                   | $      | 7,797,826                                                                           |
|                                                                                                                                                            |     |   |   | Materials - 3.7%                                                               |   |                                                                                |
|                                                                                                                                                            |     |   |   | Diversified Chemicals - 0.6%                                                   |   |                                                                                |
|                                                                                                                                                            | 19,519   |   |   | The Dow Chemical Co.                                                           | $      | 827,606                                                                             |
|                                                                                                                                                            |     |   |   | Fertilizers & Agricultural Chemicals - 0.8%                                |   |                                                                                |
|                                                                                                                                                            | 3,634    |   |   | Syngenta AG                                                                    | $      | 1,162,895                                                                           |
|                                                                                                                                                            |     |   |   | Specialty Chemicals - 2.3%                                                     |   |                                                                                |
|                                                                                                                                                            | 15,216   |   |   | Ecolab, Inc.                                                                   | $      | 1,669,500                                                                           |
|                                                                                                                                                            | 313      |   |   | Givaudan SA                                                                    |   | 508,669                                                                             |
|                                                                                                                                                            | 13,173   |   |   | The Valspar Corp.                                                              |   | 946,875                                                                             |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 3,125,044                                                                           |
|                                                                                                                                                            |     |   |   | Total Materials                                                                | $      | 5,115,545                                                                           |
|                                                                                                                                                            |     |   |   | Capital Goods - 4.8%                                                           |   |                                                                                |
|                                                                                                                                                            |     |   |   | Aerospace & Defense - 0.9%                                                 |   |                                                                                |
|                                                                                                                                                            | 12,554   |   |   | Honeywell International, Inc.                                                  | $      | 1,188,738                                                                           |
|                                                                                                                                                            |     |   |   | Building Products - 0.4%                                                       |   |                                                                                |
|                                                                                                                                                            | 10,155   |   |   | Allegion Plc                                                                   | $      | 585,537                                                                             |
|                                                                                                                                                            |     |   |   | Industrial Conglomerates - 2.1%                                                |   |                                                                                |
|                                                                                                                                                            | 113,450  |   |   | General Electric Co.                                                           | $      | 2,861,209                                                                           |
|                                                                                                                                                            |     |   |   | Construction & Farm Machinery & Heavy Trucks - 0.4%                    |   |                                                                                |
|                                                                                                                                                            | 11,708   |   |   | PACCAR, Inc.                                                                   | $      | 610,806                                                                             |
|                                                                                                                                                            |     |   |   | Industrial Machinery - 1.0%                                                    |   |                                                                                |
|                                                                                                                                                            | 27,505   |   |   | Ingersoll-Rand Plc                                                             | $      | 1,396,429                                                                           |
|                                                                                                                                                            |     |   |   | Total Capital Goods                                                            | $      | 6,642,719                                                                           |
|                                                                                                                                                            |     |   |   | Transportation - 2.6%                                                          |   |                                                                                |
|                                                                                                                                                            |     |   |   | Railroads - 2.6%                                                               |   |                                                                                |
|                                                                                                                                                            | 15,022   |   |   | Norfolk Southern Corp.                                                         | $      | 1,147,681                                                                           |
|                                                                                                                                                            | 27,594   |   |   | Union Pacific Corp.                                                            |   | 2,439,586                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 3,587,267                                                                           |
|                                                                                                                                                            |     |   |   | Total Transportation                                                           | $      | 3,587,267                                                                           |
|                                                                                                                                                            |     |   |   | Automobiles & Components - 0.4%                                            |   |                                                                                |
|                                                                                                                                                            |     |   |   | Auto Parts & Equipment - 0.4%                                              |   |                                                                                |
|                                                                                                                                                            | 12,963   |   |   | BorgWarner, Inc.                                                               | $      | 539,131                                                                             |
|                                                                                                                                                            |     |   |   | Total Automobiles & Components                                             | $      | 539,131                                                                             |
|                                                                                                                                                            |     |   |   | Consumer Durables & Apparel - 0.6%                                         |   |                                                                                |
|                                                                                                                                                            |     |   |   | Household Appliances - 0.6%                                                    |   |                                                                                |
|                                                                                                                                                            | 29,752   |   |   | Electrolux AB                                                                  | $      | 837,455                                                                             |
|                                                                                                                                                            |     |   |   | Total Consumer Durables & Apparel                                          | $      | 837,455                                                                             |
|                                                                                                                                                            |     |   |   | Media - 6.9%                                                                   |   |                                                                                |
|                                                                                                                                                            |     |   |   | Broadcasting - 1.9%                                                            |   |                                                                                |
|                                                                                                                                                            | 36,983   |   |   | CBS Corp. (Class B)                                                            | $      | 1,475,622                                                                           |
|                                                                                                                                                            | 24,333   |   |   | Scripps Networks Interactive, Inc.                                             |   | 1,196,940                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 2,672,562                                                                           |
|                                                                                                                                                            |     |   |   | Movies & Entertainment - 1.9%                                              |   |                                                                                |
|                                                                                                                                                            | 25,779   |   |   | The Walt Disney Co.                                                            | $      | 2,634,614                                                                           |
|                                                                                                                                                            |     |   |   | Publishing - 3.1%                                                              |   |                                                                                |
|                                                                                                                                                            | 86,527   |   |   | John Wiley & Sons, Inc. (Class A)                                          | $      | 4,328,945                                                                           |
|                                                                                                                                                            |     |   |   | Total Media                                                                    | $      | 9,636,121                                                                           |
|                                                                                                                                                            |     |   |   | Retailing - 6.0%                                                               |   |                                                                                |
|                                                                                                                                                            |     |   |   | General Merchandise Stores - 1.3%                                              |   |                                                                                |
|                                                                                                                                                            | 25,508   |   |   | Dollar General Corp.                                                           | $      | 1,847,800                                                                           |
|                                                                                                                                                            |     |   |   | Apparel Retail - 3.0%                                                          |   |                                                                                |
|                                                                                                                                                            | 45,149   |   |   | Ross Stores, Inc.                                                              | $      | 2,188,372                                                                           |
|                                                                                                                                                            | 29,064   |   |   | The TJX Companies, Inc.                                                        |   | 2,075,751                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 4,264,123                                                                           |
|                                                                                                                                                            |     |   |   | Home Improvement Retail - 1.7%                                                 |   |                                                                                |
|                                                                                                                                                            | 20,086   |   |   | The Home Depot, Inc.                                                           | $      | 2,319,732                                                                           |
|                                                                                                                                                            |     |   |   | Total Retailing                                                                | $      | 8,431,655                                                                           |
|                                                                                                                                                            |     |   |   | Food & Staples Retailing - 2.5%                                            |   |                                                                                |
|                                                                                                                                                            |     |   |   | Drug Retail - 2.5%                                                             |   |                                                                                |
|                                                                                                                                                            | 36,568   |   |   | CVS Health Corp.                                                               | $      | 3,528,081                                                                           |
|                                                                                                                                                            |     |   |   | Total Food & Staples Retailing                                             | $      | 3,528,081                                                                           |
|                                                                                                                                                            |     |   |   | Food, Beverage & Tobacco - 7.5%                                            |   |                                                                                |
|                                                                                                                                                            |     |   |   | Soft Drinks - 1.7%                                                             |   |                                                                                |
|                                                                                                                                                            | 11,600   |   |   | Dr. Pepper Snapple Group, Inc.                                                 | $      | 916,980                                                                             |
|                                                                                                                                                            | 37,655   |   |   | The Coca-Cola Co.                                                              |   | 1,510,719                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 2,427,699                                                                           |
|                                                                                                                                                            |     |   |   | Packaged Foods & Meats - 5.8%                                              |   |                                                                                |
|                                                                                                                                                            | 28,294   |   |   | Campbell Soup Co.                                                              | $      | 1,433,940                                                                           |
|                                                                                                                                                            | 34,197   |   |   | General Mills, Inc.                                                            |   | 1,919,478                                                                           |
|                                                                                                                                                            | 13,947   |   |   | Mead Johnson Nutrition Co.                                                     |   | 981,869                                                                             |
|                                                                                                                                                            | 45,041   |   |   | Mondelez International, Inc.                                                   |   | 1,885,867                                                                           |
|                                                                                                                                                            | 19,988   |   |   | The Hershey Co.                                                                |   | 1,836,497                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 8,057,651                                                                           |
|                                                                                                                                                            |     |   |   | Total Food, Beverage & Tobacco                                             | $      | 10,485,350                                                                          |
|                                                                                                                                                            |     |   |   | Household & Personal Products - 0.6%                                       |   |                                                                                |
|                                                                                                                                                            |     |   |   | Household Products - 0.6%                                                      |   |                                                                                |
|                                                                                                                                                            | 6,845    |   |   | The Clorox Co.                                                                 | $      | 790,803                                                                             |
|                                                                                                                                                            |     |   |   | Total Household & Personal Products                                        | $      | 790,803                                                                             |
|                                                                                                                                                            |     |   |   | Health Care Equipment & Services - 9.5%                                    |   |                                                                                |
|                                                                                                                                                            |     |   |   | Health Care Equipment - 5.3%                                                   |   |                                                                                |
|                                                                                                                                                            | 22,262   |   |   | Abbott Laboratories                                                            | $      | 895,378                                                                             |
|                                                                                                                                                            | 13,653   |   |   | Becton Dickinson and Co.                                                       |   | 1,811,207                                                                           |
|                                                                                                                                                            | 20,002   |   |   | CR Bard, Inc.                                                                  |   | 3,726,573                                                                           |
|                                                                                                                                                            | 55,400   |   |   | Smith & Nephew Plc                                                         |   | 965,680                                                                             |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 7,398,838                                                                           |
|                                                                                                                                                            |     |   |   | Health Care Distributors - 1.2%                                                |   |                                                                                |
|                                                                                                                                                            | 9,245    |   |   | McKesson Corp.                                                                 | $      | 1,710,602                                                                           |
|                                                                                                                                                            |     |   |   | Health Care Services - 0.9%                                                    |   |                                                                                |
|                                                                                                                                                            | 16,320   |   |   | Express Scripts Holding Co. *                                                  | $      | 1,321,267                                                                           |
|                                                                                                                                                            |     |   |   | Managed Health Care - 2.1%                                                     |   |                                                                                |
|                                                                                                                                                            | 13,687   |   |   | Aetna, Inc.                                                                    | $      | 1,497,495                                                                           |
|                                                                                                                                                            | 7,856    |   |   | Humana, Inc.                                                                   |   | 1,406,224                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 2,903,719                                                                           |
|                                                                                                                                                            |     |   |   | Total Health Care Equipment & Services                                     | $      | 13,334,426                                                                          |
|                                                                                                                                                            |     |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 10.7%                     |   |                                                                                |
|                                                                                                                                                            |     |   |   | Biotechnology - 2.6%                                                           |   |                                                                                |
|                                                                                                                                                            | 15,444   |   |   | Alder Biopharmaceuticals, Inc.                                                 | $      | 505,945                                                                             |
|                                                                                                                                                            | 13,163   |   |   | Alnylam Pharmaceuticals, Inc. *                                                |   | 1,057,779                                                                           |
|                                                                                                                                                            | 19,391   |   |   | Celgene Corp. *                                                                |   | 2,097,524                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 3,661,248                                                                           |
|                                                                                                                                                            |     |   |   | Pharmaceuticals - 7.0%                                                         |   |                                                                                |
|                                                                                                                                                            | 20,455   |   |   | AbbVie, Inc.                                                                   | $      | 1,112,957                                                                           |
|                                                                                                                                                            | 22,463   |   |   | AstraZeneca Plc (A.D.R.)                                                       |   | 714,773                                                                             |
|                                                                                                                                                            | 13,699   |   |   | Eli Lilly & Co.                                                            |   | 1,146,469                                                                           |
|                                                                                                                                                            | 39,471   |   |   | Merck & Co., Inc.                                                          |   | 1,949,473                                                                           |
|                                                                                                                                                            | 59,934   |   |   | Pfizer, Inc.                                                                   |   | 1,882,527                                                                           |
|                                                                                                                                                            | 2,290    |   |   | Roche Holding AG                                                               |   | 603,435                                                                             |
|                                                                                                                                                            | 56,335   |   |   | Zoetis, Inc.                                                                   |   | 2,319,875                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 9,729,509                                                                           |
|                                                                                                                                                            |     |   |   | Life Sciences Tools & Services - 1.1%                                      |   |                                                                                |
|                                                                                                                                                            | 12,790   |   |   | Thermo Fisher Scientific, Inc.                                                 | $      | 1,563,961                                                                           |
|                                                                                                                                                            |     |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                       | $      | 14,954,718                                                                          |
|                                                                                                                                                            |     |   |   | Banks - 8.6%                                                                   |   |                                                                                |
|                                                                                                                                                            |     |   |   | Diversified Banks - 6.5%                                                       |   |                                                                                |
|                                                                                                                                                            | 199,627  |   |   | Bank of America Corp.                                                          | $      | 3,110,189                                                                           |
|                                                                                                                                                            | 48,616   |   |   | US Bancorp                                                                     |   | 1,993,742                                                                           |
|                                                                                                                                                            | 78,378   |   |   | Wells Fargo & Co.                                                          |   | 4,024,710                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 9,128,641                                                                           |
|                                                                                                                                                            |     |   |   | Regional Banks - 2.1%                                                          |   |                                                                                |
|                                                                                                                                                            | 54,562   |   |   | Citizens Financial Group, Inc.                                                 | $      | 1,301,849                                                                           |
|                                                                                                                                                            | 17,720   |   |   | The PNC Financial Services Group, Inc.                                         |   | 1,580,624                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 2,882,473                                                                           |
|                                                                                                                                                            |     |   |   | Total Banks                                                                    | $      | 12,011,114                                                                          |
|                                                                                                                                                            |     |   |   | Diversified Financials - 4.6%                                                  |   |                                                                                |
|                                                                                                                                                            |     |   |   | Consumer Finance - 1.4%                                                        |   |                                                                                |
|                                                                                                                                                            | 26,704   |   |   | American Express Co.                                                           | $      | 1,979,568                                                                           |
|                                                                                                                                                            |     |   |   | Asset Management & Custody Banks - 0.8%                                    |   |                                                                                |
|                                                                                                                                                            | 17,354   |   |   | State Street Corp.                                                             | $      | 1,166,362                                                                           |
|                                                                                                                                                            |     |   |   | Investment Banking & Brokerage - 2.4%                                      |   |                                                                                |
|                                                                                                                                                            | 63,378   |   |   | Morgan Stanley Co.                                                             | $      | 1,996,407                                                                           |
|                                                                                                                                                            | 46,449   |   |   | The Charles Schwab Corp.                                                       |   | 1,326,583                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 3,322,990                                                                           |
|                                                                                                                                                            |     |   |   | Total Diversified Financials                                                   | $      | 6,468,920                                                                           |
|                                                                                                                                                            |     |   |   | Insurance - 5.2%                                                               |   |                                                                                |
|                                                                                                                                                            |     |   |   | Multi-line Insurance - 1.7%                                                    |   |                                                                                |
|                                                                                                                                                            | 52,121   |   |   | The Hartford Financial Services Group, Inc.                                    | $      | 2,386,099                                                                           |
|                                                                                                                                                            |     |   |   | Property & Casualty Insurance - 3.5%                                       |   |                                                                                |
|                                                                                                                                                            | 28,193   |   |   | The Chubb Corp.                                                                | $      | 3,457,871                                                                           |
|                                                                                                                                                            | 13,606   |   |   | The Travelers Companies, Inc.                                                  |   | 1,354,205                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 4,812,076                                                                           |
|                                                                                                                                                            |     |   |   | Total Insurance                                                                | $      | 7,198,175                                                                           |
|                                                                                                                                                            |     |   |   | Software & Services - 11.4%                                                |   |                                                                                |
|                                                                                                                                                            |     |   |   | Internet Software & Services - 4.5%                                        |   |                                                                                |
|                                                                                                                                                            | 14,819   |   |   | eBay, Inc. *                                                                   | $      | 362,176                                                                             |
|                                                                                                                                                            | 20,946   |   |   | Facebook, Inc. *                                                               |   | 1,883,045                                                                           |
|                                                                                                                                                            | 4,966    |   |   | Google, Inc. (Class A) *                                                       |   | 3,170,145                                                                           |
|                                                                                                                                                            | 1,544    |   |   | Google, Inc. (Class C)                                                         |   | 939,400                                                                             |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 6,354,766                                                                           |
|                                                                                                                                                            |     |   |   | Data Processing & Outsourced Services - 3.3%                               |   |                                                                                |
|                                                                                                                                                            | 16,386   |   |   | Automatic Data Processing, Inc.                                                | $      | 1,316,779                                                                           |
|                                                                                                                                                            | 18,711   |   |   | Fiserv, Inc. *                                                                 |   | 1,620,560                                                                           |
|                                                                                                                                                            | 14,819   |   |   | PayPal Holdings, Inc.                                                          |   | 459,982                                                                             |
|                                                                                                                                                            | 16,989   |   |   | Visa, Inc.                                                                     |   | 1,183,454                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 4,580,775                                                                           |
|                                                                                                                                                            |     |   |   | Systems Software - 3.6%                                                        |   |                                                                                |
|                                                                                                                                                            | 15,094   |   |   | Check Point Software Technologies, Ltd. *                                      | $      | 1,197,407                                                                           |
|                                                                                                                                                            | 87,204   |   |   | Microsoft Corp.                                                                |   | 3,859,649                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 5,057,056                                                                           |
|                                                                                                                                                            |     |   |   | Total Software & Services                                                  | $      | 15,992,597                                                                          |
|                                                                                                                                                            |     |   |   | Technology Hardware & Equipment - 4.8%                                     |   |                                                                                |
|                                                                                                                                                            |     |   |   | Communications Equipment - 1.0%                                                |   |                                                                                |
|                                                                                                                                                            | 11,942   |   |   | F5 Networks, Inc. *                                                            | $      | 1,382,884                                                                           |
|                                                                                                                                                            |     |   |   | Computer Storage & Peripherals - 3.8%                                      |   |                                                                                |
|                                                                                                                                                            | 35,004   |   |   | Apple, Inc.                                                                    | $      | 3,860,941                                                                           |
|                                                                                                                                                            | 61,943   |   |   | EMC Corp.                                                                      |   | 1,496,543                                                                           |
|                                                                                                                                                            |     |   |   |                                                                           | $      | 5,357,484                                                                           |
|                                                                                                                                                            |     |   |   | Total Technology Hardware & Equipment                                      | $      | 6,740,368                                                                           |
|                                                                                                                                                            |     |   |   | Semiconductors & Semiconductor Equipment - 1.2%                            |   |                                                                                |
|                                                                                                                                                            |     |   |   | Semiconductors - 1.2%                                                          |   |                                                                                |
|                                                                                                                                                            | 30,076   |   |   | Analog Devices, Inc.                                                           | $      | 1,696,587                                                                           |
|                                                                                                                                                            |     |   |   | Total Semiconductors & Semiconductor Equipment                             | $      | 1,696,587                                                                           |
|                                                                                                                                                            |     |   |   | Utilities - 2.4%                                                               |   |                                                                                |
|                                                                                                                                                            |     |   |   | Electric Utilities - 2.4%                                                      |   |                                                                                |
|                                                                                                                                                            | 59,003   |   |   | American Electric Power Co., Inc.                                              | $      | 3,354,911                                                                           |
|                                                                                                                                                            |     |   |   | Total Utilities                                                                | $      | 3,354,911                                                                           |
|                                                                                                                                                            |     |   |   | TOTAL COMMON STOCKS                                                            |   |                                                                                |
|                                                                                                                                                            |     |   |   | (Cost $101,187,713)                                                            | $      | 139,143,769                                                                         |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            |     |   |   | TOTAL INVESTMENT IN SECURITIES - 99.6%                                         |   |                                                                                |
|                                                                                                                                                            |     |   |   | (Cost $101,187,713) (a)                                                        | $      | 139,143,769                                                                         |
|                                                                                                                                                            |     |   |   | OTHER ASSETS & LIABILITIES - 0.4%                                          | $      | 540,564                                                                             |
|                                                                                                                                                            |     |   |   | TOTAL NET ASSETS - 100.0%                                                      | $      | 139,684,333                                                                         |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            | *        |   |   | Non-income producing security.                                                 |   |                                                                                |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            | (A.D.R.) |   |   | American Depositary Receipts.                                                  |   |                                                                                |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            | (a)      |   |   | At September 30, 2015, the net unrealized appreciation on investments based on |   |                                                                                |
|                                                                                                                                                            |     |   |   | cost for federal income tax purposes of $101,602,456 was as follows:           |   |                                                                                |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized appreciation for all investments in which           |   |                                                                                |
|                                                                                                                                                            |     |   |   | there is an excess of value over tax cost                                      | $      |             42,291,670  |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            |     |   |   | Aggregate gross unrealized depreciation for all investments in which           |   |                                                                                |
|                                                                                                                                                            |     |   |   | there is an excess of tax cost over value                                      |   |             (4,750,357) |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
|                                                                                                                                                            |     |   |   | Net unrealized appreciation                                                    | $      |             37,541,313  |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
| Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
| Level 1 – quoted prices in active markets for identical securities.                                                                                       |     |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)      |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)                            |     |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                              |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                               |     |   |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's investments:                                                 |     |   |
|                                                                                                                                                            |     |   |   |                                                                           |   |                                                                                |

|                                                                                           |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                  |   | $       | 139,143,769 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 139,143,769 |   |
| Total                                                                                          |   | $       | 139,143,769 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 139,143,769 |   |
|                                                                                           |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |   |   |   |   |

|                                                                                                                                                            |    |   |   | Pioneer Mid Cap Value VCT Portfolio                                            |   |                                                                                                 |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------|---------|--------|--------|--------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|
|                                                                                                                                                            |    |   |   | Schedule of Investments 9/30/2015 (unaudited)                                  |   |                                                                                                 |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            | Shares  |   |   |                                                                           |   | Value                                                                                                |
|                                                                                                                                                            |    |   |   | COMMON STOCKS - 99.7%                                                          |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Energy - 7.2%                                                                  |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Oil & Gas Equipment & Services - 1.3%                                  |   |                                                                                                 |
|                                                                                                                                                            | 70,086  |   |   | Cameron International Corp. *                                                  | $      | 4,297,674                                                                                            |
|                                                                                                                                                            |    |   |   | Oil & Gas Exploration & Production - 5.9%                              |   |                                                                                                 |
|                                                                                                                                                            | 161,991 |   |   | Cabot Oil & Gas Corp.                                                      | $      | 3,541,123                                                                                            |
|                                                                                                                                                            | 39,812  |   |   | Cimarex Energy Co.                                                             |   | 4,079,934                                                                                            |
|                                                                                                                                                            | 30,615  |   |   | Concho Resources, Inc. *                                                       |   | 3,009,454                                                                                            |
|                                                                                                                                                            | 44,608  |   |   | EQT Corp.                                                                      |   | 2,889,260                                                                                            |
|                                                                                                                                                            | 190,898 |   |   | Memorial Resource Development Corp. *                                          |   | 3,355,987                                                                                            |
|                                                                                                                                                            | 28,093  |   |   | Pioneer Natural Resources Co.                                                  |   | 3,417,233                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 20,292,991                                                                                           |
|                                                                                                                                                            |    |   |   | Total Energy                                                                   | $      | 24,590,665                                                                                           |
|                                                                                                                                                            |    |   |   | Materials - 2.7%                                                               |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Commodity Chemicals - 0.7%                                                     |   |                                                                                                 |
|                                                                                                                                                            | 70,448  |   |   | Methanex Corp.                                                                 | $      | 2,336,056                                                                                            |
|                                                                                                                                                            |    |   |   | Metal & Glass Containers - 0.7%                                            |   |                                                                                                 |
|                                                                                                                                                            | 109,106 |   |   | Owens-Illinois, Inc. *                                                         | $      | 2,260,676                                                                                            |
|                                                                                                                                                            |    |   |   | Forest Products - 1.3%                                                         |   |                                                                                                 |
|                                                                                                                                                            | 317,069 |   |   | Louisiana-Pacific Corp. *                                                      | $      | 4,515,063                                                                                            |
|                                                                                                                                                            |    |   |   | Total Materials                                                                | $      | 9,111,795                                                                                            |
|                                                                                                                                                            |    |   |   | Capital Goods - 5.8%                                                           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Building Products - 5.1%                                                       |   |                                                                                                 |
|                                                                                                                                                            | 135,972 |   |   | Fortune Brands Home & Security, Inc.                                       | $      | 6,454,591                                                                                            |
|                                                                                                                                                            | 145,157 |   |   | Owens Corning *                                                                |   | 6,083,530                                                                                            |
|                                                                                                                                                            | 180,235 |   |   | USG Corp. *                                                                    |   | 4,797,856                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 17,335,977                                                                                           |
|                                                                                                                                                            |    |   |   | Electrical Components & Equipment - 0.7%                                   |   |                                                                                                 |
|                                                                                                                                                            | 46,389  |   |   | Regal Beloit Corp.                                                             | $      | 2,618,659                                                                                            |
|                                                                                                                                                            |    |   |   | Total Capital Goods                                                            | $      | 19,954,636                                                                                           |
|                                                                                                                                                            |    |   |   | Commercial Services & Supplies - 2.6%                                      |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Office Services & Supplies - 1.0%                                          |   |                                                                                                 |
|                                                                                                                                                            | 188,043 |   |   | Steelcase, Inc.                                                                | $      | 3,461,872                                                                                            |
|                                                                                                                                                            |    |   |   | Human Resource & Employment Services - 1.6%                                |   |                                                                                                 |
|                                                                                                                                                            | 64,278  |   |   | ManpowerGroup, Inc.                                                            | $      | 5,263,725                                                                                            |
|                                                                                                                                                            |    |   |   | Total Commercial Services & Supplies                                       | $      | 8,725,597                                                                                            |
|                                                                                                                                                            |    |   |   | Transportation - 2.9%                                                          |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Air Freight & Logistics - 0.3%                                             |   |                                                                                                 |
|                                                                                                                                                            | 22,192  |   |   | Expeditors International of Washington, Inc.                                   | $      | 1,044,134                                                                                            |
|                                                                                                                                                            |    |   |   | Airlines - 1.9%                                                                |   |                                                                                                 |
|                                                                                                                                                            | 122,070 |   |   | United Continental Holdings, Inc. *                                            | $      | 6,475,814                                                                                            |
|                                                                                                                                                            |    |   |   | Trucking - 0.7%                                                                |   |                                                                                                 |
|                                                                                                                                                            | 34,300  |   |   | Ryder System, Inc.                                                             | $      | 2,539,572                                                                                            |
|                                                                                                                                                            |    |   |   | Total Transportation                                                           | $      | 10,059,520                                                                                           |
|                                                                                                                                                            |    |   |   | Automobiles & Components - 3.0%                                            |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Auto Parts & Equipment - 0.9%                                              |   |                                                                                                 |
|                                                                                                                                                            | 65,225  |   |   | Tenneco, Inc. *                                                                | $      | 2,920,123                                                                                            |
|                                                                                                                                                            |    |   |   | Tires & Rubber - 2.1%                                                      |   |                                                                                                 |
|                                                                                                                                                            | 245,839 |   |   | The Goodyear Tire & Rubber Co.                                             | $      | 7,210,458                                                                                            |
|                                                                                                                                                            |    |   |   | Total Automobiles & Components                                             | $      | 10,130,581                                                                                           |
|                                                                                                                                                            |    |   |   | Consumer Durables & Apparel - 4.2%                                         |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Homebuilding - 1.7%                                                            |   |                                                                                                 |
|                                                                                                                                                            | 118,445 |   |   | Lennar Corp.                                                                   | $      | 5,700,758                                                                                            |
|                                                                                                                                                            |    |   |   | Household Appliances - 1.3%                                                    |   |                                                                                                 |
|                                                                                                                                                            | 30,179  |   |   | Whirlpool Corp.                                                                | $      | 4,444,160                                                                                            |
|                                                                                                                                                            |    |   |   | Housewares & Specialties - 1.2%                                            |   |                                                                                                 |
|                                                                                                                                                            | 85,767  |   |   | Jarden Corp. *                                                                 | $      | 4,192,291                                                                                            |
|                                                                                                                                                            |    |   |   | Total Consumer Durables & Apparel                                          | $      | 14,337,209                                                                                           |
|                                                                                                                                                            |    |   |   | Retailing - 2.8%                                                               |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Department Stores - 1.1%                                                       |   |                                                                                                 |
|                                                                                                                                                            | 71,467  |   |   | Macy's, Inc.                                                                   | $      | 3,667,686                                                                                            |
|                                                                                                                                                            |    |   |   | Apparel Retail - 1.0%                                                          |   |                                                                                                 |
|                                                                                                                                                            | 72,767  |   |   | Ross Stores, Inc.                                                              | $      | 3,527,016                                                                                            |
|                                                                                                                                                            |    |   |   | Specialty Stores - 0.7%                                                        |   |                                                                                                 |
|                                                                                                                                                            | 365,312 |   |   | Office Depot, Inc. *                                                           | $      | 2,345,303                                                                                            |
|                                                                                                                                                            |    |   |   | Total Retailing                                                                | $      | 9,540,005                                                                                            |
|                                                                                                                                                            |    |   |   | Food, Beverage & Tobacco - 6.2%                                            |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Agricultural Products - 2.9%                                                   |   |                                                                                                 |
|                                                                                                                                                            | 50,829  |   |   | Bunge, Ltd.                                                                    | $      | 3,725,766                                                                                            |
|                                                                                                                                                            | 71,074  |   |   | Ingredion, Inc.                                                                |   | 6,205,471                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 9,931,237                                                                                            |
|                                                                                                                                                            |    |   |   | Packaged Foods & Meats - 3.3%                                              |   |                                                                                                 |
|                                                                                                                                                            | 37,075  |   |   | The JM Smucker Co.                                                             | $      | 4,229,887                                                                                            |
|                                                                                                                                                            | 160,262 |   |   | Tyson Foods, Inc.                                                              |   | 6,907,292                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 11,137,179                                                                                           |
|                                                                                                                                                            |    |   |   | Total Food, Beverage & Tobacco                                             | $      | 21,068,416                                                                                           |
|                                                                                                                                                            |    |   |   | Health Care Equipment & Services - 3.9%                                    |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Health Care Equipment - 3.0%                                                   |   |                                                                                                 |
|                                                                                                                                                            | 369,381 |   |   | Boston Scientific Corp. *                                                      | $      | 6,061,542                                                                                            |
|                                                                                                                                                            | 42,485  |   |   | Zimmer Biomet Holdings, Inc.                                                   |   | 3,990,616                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 10,052,158                                                                                           |
|                                                                                                                                                            |    |   |   | Health Care Distributors - 0.9%                                                |   |                                                                                                 |
|                                                                                                                                                            | 40,761  |   |   | Cardinal Health, Inc.                                                          | $      | 3,131,260                                                                                            |
|                                                                                                                                                            |    |   |   | Total Health Care Equipment & Services                                     | $      | 13,183,418                                                                                           |
|                                                                                                                                                            |    |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 2.8%                      |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Pharmaceuticals - 2.8%                                                         |   |                                                                                                 |
|                                                                                                                                                            | 49,440  |   |   | Endo International Plc                                                         | $      | 3,425,203                                                                                            |
|                                                                                                                                                            | 27,854  |   |   | Jazz Pharmaceuticals Plc *                                                     |   | 3,699,290                                                                                            |
|                                                                                                                                                            | 38,927  |   |   | Mallinckrodt Plc *                                                             |   | 2,488,992                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 9,613,485                                                                                            |
|                                                                                                                                                            |    |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                       | $      | 9,613,485                                                                                            |
|                                                                                                                                                            |    |   |   | Banks - 8.9%                                                                   |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Regional Banks - 8.9%                                                          |   |                                                                                                 |
|                                                                                                                                                            | 196,102 |   |   | Cathay General Bancorp                                                         | $      | 5,875,216                                                                                            |
|                                                                                                                                                            | 435,015 |   |   | First Horizon National Corp.                                                   |   | 6,168,513                                                                                            |
|                                                                                                                                                            | 601,330 |   |   | Huntington Bancshares, Inc./OH                                                 |   | 6,374,098                                                                                            |
|                                                                                                                                                            | 459,982 |   |   | KeyCorp                                                                        |   | 5,984,366                                                                                            |
|                                                                                                                                                            | 668,234 |   |   | Regions Financial Corp.                                                        |   | 6,020,788                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 30,422,981                                                                                           |
|                                                                                                                                                            |    |   |   | Total Banks                                                                    | $      | 30,422,981                                                                                           |
|                                                                                                                                                            |    |   |   | Diversified Financials - 7.1%                                                  |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Other Diversified Financial Services - 2.0%                                    |   |                                                                                                 |
|                                                                                                                                                            | 175,261 |   |   | Voya Financial, Inc.                                                           | $      | 6,794,869                                                                                            |
|                                                                                                                                                            |    |   |   | Specialized Finance - 3.8%                                                     |   |                                                                                                 |
|                                                                                                                                                            | 25,729  |   |   | Intercontinental Exchange, Inc.                                                | $      | 6,046,058                                                                                            |
|                                                                                                                                                            | 131,580 |   |   | Nasdaq, Inc.                                                                   |   | 7,017,161                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 13,063,219                                                                                           |
|                                                                                                                                                            |    |   |   | Investment Banking & Brokerage - 1.3%                                      |   |                                                                                                 |
|                                                                                                                                                            | 77,099  |   |   | Lazard, Ltd.                                                                   | $      | 3,338,387                                                                                            |
|                                                                                                                                                            | 25,772  |   |   | Stifel Financial Corp. *                                                       |   | 1,085,001                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 4,423,388                                                                                            |
|                                                                                                                                                            |    |   |   | Total Diversified Financials                                                   | $      | 24,281,476                                                                                           |
|                                                                                                                                                            |    |   |   | Insurance - 11.1%                                                              |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Life & Health Insurance - 4.0%                                             |   |                                                                                                 |
|                                                                                                                                                            | 131,791 |   |   | Lincoln National Corp.                                                         | $      | 6,254,801                                                                                            |
|                                                                                                                                                            | 232,519 |   |   | Unum Group                                                                     |   | 7,459,206                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 13,714,007                                                                                           |
|                                                                                                                                                            |    |   |   | Multi-line Insurance - 2.0%                                                    |   |                                                                                                 |
|                                                                                                                                                            | 150,519 |   |   | The Hartford Financial Services Group, Inc.                                    | $      | 6,890,760                                                                                            |
|                                                                                                                                                            |    |   |   | Property & Casualty Insurance - 3.4%                                       |   |                                                                                                 |
|                                                                                                                                                            | 74,418  |   |   | The Hanover Insurance Group, Inc.                                              | $      | 5,782,279                                                                                            |
|                                                                                                                                                            | 156,949 |   |   | XL Group Plc                                                                   |   | 5,700,388                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 11,482,667                                                                                           |
|                                                                                                                                                            |    |   |   | Reinsurance - 1.7%                                                             |   |                                                                                                 |
|                                                                                                                                                            | 64,648  |   |   | Reinsurance Group of America, Inc.                                             | $      | 5,856,462                                                                                            |
|                                                                                                                                                            |    |   |   | Total Insurance                                                                | $      | 37,943,896                                                                                           |
|                                                                                                                                                            |    |   |   | Real Estate - 7.9%                                                             |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Diversified REIT - 1.2%                                                        |   |                                                                                                 |
|                                                                                                                                                            | 216,148 |   |   | Duke Realty Corp.                                                              | $      | 4,117,619                                                                                            |
|                                                                                                                                                            |    |   |   | Residential REIT - 2.4%                                                        |   |                                                                                                 |
|                                                                                                                                                            | 48,495  |   |   | Mid-America Apartment Communities, Inc.                                        | $      | 3,970,286                                                                                            |
|                                                                                                                                                            | 125,182 |   |   | UDR, Inc.                                                                      |   | 4,316,275                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 8,286,561                                                                                            |
|                                                                                                                                                            |    |   |   | Retail REIT - 1.7%                                                             |   |                                                                                                 |
|                                                                                                                                                            | 10,849  |   |   | Federal Realty Investment Trust                                                | $      | 1,480,346                                                                                            |
|                                                                                                                                                            | 167,795 |   |   | General Growth Properties, Inc.                                                |   | 4,357,636                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 5,837,982                                                                                            |
|                                                                                                                                                            |    |   |   | Specialized REIT - 1.6%                                                        |   |                                                                                                 |
|                                                                                                                                                            | 73,968  |   |   | Corrections Corp of America                                                    | $      | 2,185,015                                                                                            |
|                                                                                                                                                            | 105,770 |   |   | The GEO Group, Inc.                                                            |   | 3,145,600                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 5,330,615                                                                                            |
|                                                                                                                                                            |    |   |   | Real Estate Services - 1.0%                                                    |   |                                                                                                 |
|                                                                                                                                                            | 23,007  |   |   | Jones Lang LaSalle, Inc.                                                       | $      | 3,307,716                                                                                            |
|                                                                                                                                                            |    |   |   | Total Real Estate                                                              | $      | 26,880,493                                                                                           |
|                                                                                                                                                            |    |   |   | Software & Services - 6.6%                                                 |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | IT Consulting & Other Services - 1.4%                                      |   |                                                                                                 |
|                                                                                                                                                            | 85,869  |   |   | Amdocs, Ltd.                                                                   | $      | 4,884,229                                                                                            |
|                                                                                                                                                            |    |   |   | Data Processing & Outsourced Services - 2.8%                               |   |                                                                                                 |
|                                                                                                                                                            | 80,665  |   |   | Fidelity National Information Services, Inc.                                   | $      | 5,411,008                                                                                            |
|                                                                                                                                                            | 93,133  |   |   | Total System Services, Inc.                                                    |   | 4,231,032                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 9,642,040                                                                                            |
|                                                                                                                                                            |    |   |   | Application Software - 2.4%                                                    |   |                                                                                                 |
|                                                                                                                                                            | 57,632  |   |   | Citrix Systems, Inc. *                                                         | $      | 3,992,745                                                                                            |
|                                                                                                                                                            | 251,761 |   |   | Nuance Communications, Inc. *                                                  |   | 4,121,328                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 8,114,073                                                                                            |
|                                                                                                                                                            |    |   |   | Total Software & Services                                                  | $      | 22,640,342                                                                                           |
|                                                                                                                                                            |    |   |   | Technology Hardware & Equipment - 1.3%                                     |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Electronic Manufacturing Services - 1.3%                                       |   |                                                                                                 |
|                                                                                                                                                            | 58,861  |   |   | IPG Photonics Corp.                                                            | $      | 4,471,670                                                                                            |
|                                                                                                                                                            |    |   |   | Total Technology Hardware & Equipment                                      | $      | 4,471,670                                                                                            |
|                                                                                                                                                            |    |   |   | Semiconductors & Semiconductor Equipment - 5.7%                            |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Semiconductor Equipment - 0.9%                                                 |   |                                                                                                 |
|                                                                                                                                                            | 238,614 |   |   | Entegris, Inc. *                                                               | $      | 3,147,319                                                                                            |
|                                                                                                                                                            |    |   |   | Semiconductors - 4.8%                                                          |   |                                                                                                 |
|                                                                                                                                                            | 61,572  |   |   | Broadcom Corp.                                                                 | $      | 3,166,648                                                                                            |
|                                                                                                                                                            | 127,943 |   |   | Microsemi Corp. *                                                              |   | 4,199,089                                                                                            |
|                                                                                                                                                            | 195,369 |   |   | NVIDIA Corp.                                                                   |   | 4,815,846                                                                                            |
|                                                                                                                                                            | 444,836 |   |   | ON Semiconductor Corp. *                                                       |   | 4,181,458                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 16,363,041                                                                                           |
|                                                                                                                                                            |    |   |   | Total Semiconductors & Semiconductor Equipment                             | $      | 19,510,360                                                                                           |
|                                                                                                                                                            |    |   |   | Utilities - 7.0%                                                               |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Electric Utilities - 5.5%                                                      |   |                                                                                                 |
|                                                                                                                                                            | 81,610  |   |   | Edison International                                                           | $      | 5,147,143                                                                                            |
|                                                                                                                                                            | 93,188  |   |   | Eversource Energy                                                              |   | 4,717,177                                                                                            |
|                                                                                                                                                            | 77,036  |   |   | Pinnacle West Capital Corp.                                                    |   | 4,941,089                                                                                            |
|                                                                                                                                                            | 104,413 |   |   | Westar Energy, Inc.                                                            |   | 4,013,636                                                                                            |
|                                                                                                                                                            |    |   |   |                                                                           | $      | 18,819,045                                                                                           |
|                                                                                                                                                            |    |   |   | Multi-Utilities - 1.5%                                                         |   |                                                                                                 |
|                                                                                                                                                            | 118,972 |   |   | Public Service Enterprise Group, Inc.                                          | $      | 5,015,860                                                                                            |
|                                                                                                                                                            |    |   |   | Total Utilities                                                                | $      | 23,834,905                                                                                           |
|                                                                                                                                                            |    |   |   | TOTAL COMMON STOCKS                                                            |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | (Cost $322,617,031)                                                            | $      | 340,301,450                                                                                          |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | TOTAL INVESTMENT IN SECURITIES - 99.7%                                         |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | (Cost $322,617,031) (a)                                                        | $      | 340,301,450                                                                                          |
|                                                                                                                                                            |    |   |   | OTHER ASSETS & LIABILITIES - 0.3%                                          | $      | 1,090,357                                                                                            |
|                                                                                                                                                            |    |   |   | TOTAL NET ASSETS - 100.0%                                                      | $      | 341,391,807                                                                                          |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            | *       |   |   | Non-income producing security.                                                 |   |                                                                                                 |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            | REIT    |   |   | Real Estate Investment Trust.                                                  |   |                                                                                                 |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            | (a)     |   |   | At September 30, 2015, the net unrealized appreciation on investments based on |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | cost for federal income tax purposes of $322,749,551 was as follows:           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Aggregate gross unrealized appreciation for all investments in which           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | there is an excess of value over tax cost                                      | $      |                32,851,615 |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Aggregate gross unrealized depreciation for all investments in which           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | there is an excess of tax cost over value                                      |   |               (15,299,716)     |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                            |    |   |   | Net unrealized appreciation                                                    | $      |                17,551,899 |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
| Various inputs are used in determining the value of the Portfolio's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
| Level 1 – quoted prices in active markets for identical securities.                                                                                       |    |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)      |
| Level 3 – significant unobservable inputs (including the Portfolio's own assumptions in determining fair value of investments)                            |    |   |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                              |    |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                               |    |   |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Portfolio's investments:                                                 |    |   |
|                                                                                                                                                            |    |   |   |                                                                           |   |                                                                                                 |

|                                                                                           |   | Level 1 |        |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                  |   | $       | 340,301,450 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 340,301,450 |   |
| Total                                                                                          |   | $       | 340,301,450 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 340,301,450 |   |
|                                                                                           |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |   |    |   |   |   |   |   |   |   |   |