```

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
                                                     Expires:  April 30, 2013
                                                     Estimated average burden
                                                     hours per response.....
                                                     5.6

                                 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 811-08547

                     Pioneer Independence Fund
               (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:  March 31, 2013

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.
```

```

```

|                                                                                                                                                                                                    |                 |                   |   | Pioneer Independence Fund                                               |   |         |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|------------------------|--------|-------------------------------------------------------------------------|--------|--------------|--------|
|                                                                                                                                                                                                    |                 |                   |   | Schedule of Investments 3/28/13 (unaudited)                             |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    | Principal Amount ($) | S&P/Moody'sRatings |   | Value                                                                   |   |
|                                                                                                                                                                                                    |                 |                   |   | CONVERTIBLE CORPORATE BONDS - 0.4%                                      |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Transportation - 0.4%                                                   |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Marine - 0.4%                                                           |   |         |   |
|                                                                                                                                                                                                    | 4,300,000            |                   | NR/NR  | DryShips, Inc., 5.0%, 12/1/14                                           | $      | 3,706,062    |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Transportation                                                    | $      | 3,706,062    |   |
|                                                                                                                                                                                                    |                 |                   |   | TOTAL CONVERTIBLE CORPORATE BONDS                                       |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | (Cost $4,187,848)                                                       | $      | 3,706,062    |   |
|                                                                                                                                                                                                    | Shares               |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | COMMON STOCKS - 98.4%                                                   |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Energy - 12.0%                                                          |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Oil & Gas Drilling - 0.9%                                           |   |         |   |
|                                                                                                                                                                                                    | 120,819              |                   |   | Ensco Plc                                                               | $      | 7,249,140    |   |
|                                                                                                                                                                                                    |                 |                   |   | Oil & Gas Equipment & Services - 1.8%                           |   |         |   |
|                                                                                                                                                                                                    | 275,600              |                   |   | Halliburton Co.                                                         | $      | 11,136,996   |   |
|                                                                                                                                                                                                    | 59,360               |                   |   | National Oilwell Varco, Inc.                                            |   | 4,199,720    |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 15,336,716   |   |
|                                                                                                                                                                                                    |                 |                   |   | Oil & Gas Exploration & Production - 9.3%                       |   |         |   |
|                                                                                                                                                                                                    | 257,900              |                   |   | Anadarko Petroleum Corp.                                                | $      | 22,553,355   |   |
|                                                                                                                                                                                                    | 304,900              |                   |   | Cabot Oil & Gas Corp.                                               |   | 20,614,289   |   |
|                                                                                                                                                                                                    | 232,600              |                   |   | Range Resources Corp.                                                   |   | 18,849,904   |   |
|                                                                                                                                                                                                    | 475,200              |                   |   | Southwestern Energy Co. *                                               |   | 17,705,952   |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 79,723,500   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Energy                                                            | $      | 102,309,356  |   |
|                                                                                                                                                                                                    |                 |                   |   | Materials - 3.8%                                                        |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Fertilizers & Agricultural Chemicals - 1.2%                         |   |         |   |
|                                                                                                                                                                                                    | 180,500              |                   |   | The Mosaic Co.                                                          | $      | 10,759,605   |   |
|                                                                                                                                                                                                    |                 |                   |   | Industrial Gases - 0.6%                                                 |   |         |   |
|                                                                                                                                                                                                    | 44,700               |                   |   | Praxair, Inc.                                                           | $      | 4,985,838    |   |
|                                                                                                                                                                                                    |                 |                   |   | Diversified Metals & Mining - 2.0%                                  |   |         |   |
|                                                                                                                                                                                                    | 512,200              |                   |   | Freeport-McMoRan Copper & Gold, Inc.                                | $      | 16,953,820   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Materials                                                         | $      | 32,699,263   |   |
|                                                                                                                                                                                                    |                 |                   |   | Capital Goods - 10.5%                                                   |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Aerospace & Defense - 5.5%                                          |   |         |   |
|                                                                                                                                                                                                    | 135,300              |                   |   | Precision Castparts Corp.                                               | $      | 25,655,586   |   |
|                                                                                                                                                                                                    | 230,940              |                   |   | United Technologies Corp.                                               |   | 21,576,724   |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 47,232,310   |   |
|                                                                                                                                                                                                    |                 |                   |   | Construction & Engineering - 1.1%                                   |   |         |   |
|                                                                                                                                                                                                    | 283,900              |                   |   | KBR, Inc.                                                               | $      | 9,107,512    |   |
|                                                                                                                                                                                                    |                 |                   |   | Construction & Farm Machinery & Heavy Trucks - 3.0%             |   |         |   |
|                                                                                                                                                                                                    | 63,500               |                   |   | Cummins, Inc.                                                           | $      | 7,353,935    |   |
|                                                                                                                                                                                                    | 898,500              |                   |   | The Manitowoc Co., Inc.                                                 |   | 18,473,160   |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 25,827,095   |   |
|                                                                                                                                                                                                    |                 |                   |   | Industrial Machinery - 0.9%                                             |   |         |   |
|                                                                                                                                                                                                    | 96,000               |                   |   | SPX Corp.                                                               | $      | 7,580,160    |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Capital Goods                                                     | $      | 89,747,077   |   |
|                                                                                                                                                                                                    |                 |                   |   | Transportation - 1.0%                                                   |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Air Freight & Logistics - 1.0%                                      |   |         |   |
|                                                                                                                                                                                                    | 86,400               |                   |   | FedEx Corp.                                                             | $      | 8,484,480    |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Transportation                                                    | $      | 8,484,480    |   |
|                                                                                                                                                                                                    |                 |                   |   | Automobiles & Components - 1.5%                                     |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Auto Parts & Equipment - 1.5%                                       |   |         |   |
|                                                                                                                                                                                                    | 366,500              |                   |   | Johnson Controls, Inc.                                                  | $      | 12,853,155   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Automobiles & Components                                      | $      | 12,853,155   |   |
|                                                                                                                                                                                                    |                 |                   |   | Consumer Services - 4.9%                                                |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Casinos & Gaming - 1.5%                                             |   |         |   |
|                                                                                                                                                                                                    | 233,990              |                   |   | Las Vegas Sands Corp.                                                   | $      | 13,185,336   |   |
|                                                                                                                                                                                                    |                 |                   |   | Hotels, Resorts & Cruise Lines - 1.0%                               |   |         |   |
|                                                                                                                                                                                                    | 129,200              |                   |   | Starwood Hotels & Resorts Worldwide, Inc.                           | $      | 8,233,916    |   |
|                                                                                                                                                                                                    |                 |                   |   | Restaurants - 2.4%                                                      |   |         |   |
|                                                                                                                                                                                                    | 363,200              |                   |   | Starbucks Corp.                                                         | $      | 20,687,872   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Consumer Services                                                 | $      | 42,107,124   |   |
|                                                                                                                                                                                                    |                 |                   |   | Media - 2.2%                                                            |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Cable & Satellite - 2.2%                                            |   |         |   |
|                                                                                                                                                                                                    | 448,000              |                   |   | Comcast Corp.                                                           | $      | 18,820,480   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Media                                                             | $      | 18,820,480   |   |
|                                                                                                                                                                                                    |                 |                   |   | Retailing - 3.5%                                                        |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Internet Retail - 1.9%                                                  |   |         |   |
|                                                                                                                                                                                                    | 60,900               |                   |   | Amazon.com, Inc. *                                                      | $      | 16,229,241   |   |
|                                                                                                                                                                                                    |                 |                   |   | Home Improvement Retail - 1.6%                                          |   |         |   |
|                                                                                                                                                                                                    | 192,300              |                   |   | The Home Depot, Inc.                                                    | $      | 13,418,694   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Retailing                                                         | $      | 29,647,935   |   |
|                                                                                                                                                                                                    |                 |                   |   | Food & Staples Retailing - 3.8%                                     |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Drug Retail - 3.3%                                                      |   |         |   |
|                                                                                                                                                                                                    | 518,420              |                   |   | CVS Caremark Corp.                                                      | $      | 28,507,916   |   |
|                                                                                                                                                                                                    |                 |                   |   | Food Retail - 0.5%                                                      |   |         |   |
|                                                                                                                                                                                                    | 48,500               |                   |   | Whole Foods Market, Inc.                                                | $      | 4,207,375    |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Food & Staples Retailing                                      | $      | 32,715,291   |   |
|                                                                                                                                                                                                    |                 |                   |   | Food, Beverage & Tobacco - 6.8%                                     |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Soft Drinks - 3.9%                                                      |   |         |   |
|                                                                                                                                                                                                    | 170,000              |                   |   | Fomento Economico Mexicano SAB de CV (A.D.R.)                           | $      | 19,295,000   |   |
|                                                                                                                                                                                                    | 179,900              |                   |   | PepsiCo, Inc.                                                           |   | 14,231,889   |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 33,526,889   |   |
|                                                                                                                                                                                                    |                 |                   |   | Packaged Foods & Meats - 1.2%                                       |   |         |   |
|                                                                                                                                                                                                    | 134,700              |                   |   | Nestle SA (A.D.R.)                                                      | $      | 9,761,709    |   |
|                                                                                                                                                                                                    |                 |                   |   | Tobacco - 1.7%                                                          |   |         |   |
|                                                                                                                                                                                                    | 430,000              |                   |   | Altria Group, Inc.                                                      | $      | 14,787,700   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Food, Beverage & Tobacco                                      | $      | 58,076,298   |   |
|                                                                                                                                                                                                    |                 |                   |   | Household & Personal Products - 2.4%                                |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Household Products - 2.4%                                               |   |         |   |
|                                                                                                                                                                                                    | 176,600              |                   |   | Colgate-Palmolive Co.                                                   | $      | 20,844,098   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Household & Personal Products                                 | $      | 20,844,098   |   |
|                                                                                                                                                                                                    |                 |                   |   | Health Care Equipment & Services - 1.2%                             |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Health Care Equipment - 1.2%                                            |   |         |   |
|                                                                                                                                                                                                    | 408,442              |                   |   | Insulet Corp. *                                                         | $      | 10,562,310   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Health Care Equipment & Services                              | $      | 10,562,310   |   |
|                                                                                                                                                                                                    |                 |                   |   | Pharmaceuticals, Biotechnology & Life Sciences - 11.9%              |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Biotechnology - 8.0%                                                    |   |         |   |
|                                                                                                                                                                                                    | 130,500              |                   |   | Alexion Pharmaceuticals, Inc. *                                         | $      | 12,024,270   |   |
|                                                                                                                                                                                                    | 1,140,000            |                   |   | Amarin Corp Plc (A.D.R.) *                                              |   | 8,447,400    |   |
|                                                                                                                                                                                                    | 214,100              |                   |   | Celgene Corp. *                                                         |   | 24,816,331   |   |
|                                                                                                                                                                                                    | 431,000              |                   |   | Vertex Pharmaceuticals, Inc. *                                          |   | 23,696,380   |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 68,984,381   |   |
|                                                                                                                                                                                                    |                 |                   |   | Pharmaceuticals - 3.9%                                                  |   |         |   |
|                                                                                                                                                                                                    | 157,900              |                   |   | Allergan, Inc.                                                          | $      | 17,626,377   |   |
|                                                                                                                                                                                                    | 145,000              |                   |   | Salix Pharmaceuticals, Ltd. *                                           |   | 7,421,100    |   |
|                                                                                                                                                                                                    | 88,500               |                   |   | Shire Plc (A.D.R.)                                                      |   | 8,085,360    |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 33,132,837   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                | $      | 102,117,218  |   |
|                                                                                                                                                                                                    |                 |                   |   | Diversified Financials - 5.5%                                           |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Other Diversified Financial Services - 3.0%                             |   |         |   |
|                                                                                                                                                                                                    | 379,570              |                   |   | Citigroup, Inc.                                                         | $      | 16,792,177   |   |
|                                                                                                                                                                                                    | 190,500              |                   |   | JPMorgan Chase & Co.                                                |   | 9,041,130    |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 25,833,307   |   |
|                                                                                                                                                                                                    |                 |                   |   | Consumer Finance - 0.6%                                                 |   |         |   |
|                                                                                                                                                                                                    | 66,979               |                   |   | American Express Co.                                                    | $      | 4,518,403    |   |
|                                                                                                                                                                                                    |                 |                   |   | Asset Management & Custody Banks - 0.4%                             |   |         |   |
|                                                                                                                                                                                                    | 115,055              |                   |   | The Carlyle Group LP                                                    | $      | 3,480,414    |   |
|                                                                                                                                                                                                    |                 |                   |   | Investment Banking & Brokerage - 1.5%                               |   |         |   |
|                                                                                                                                                                                                    | 87,700               |                   |   | The Goldman Sachs Group, Inc.                                           | $      | 12,905,055   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Diversified Financials                                            | $      | 46,737,179   |   |
|                                                                                                                                                                                                    |                 |                   |   | Software & Services - 8.1%                                          |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Internet Software & Services - 1.4%                                 |   |         |   |
|                                                                                                                                                                                                    | 15,000               |                   |   | Google, Inc. *                                                          | $      | 11,910,450   |   |
|                                                                                                                                                                                                    |                 |                   |   | Data Processing & Outsourced Services - 2.8%                        |   |         |   |
|                                                                                                                                                                                                    | 44,440               |                   |   | Mastercard, Inc.                                                        | $      | 24,047,817   |   |
|                                                                                                                                                                                                    |                 |                   |   | Application Software - 2.4%                                             |   |         |   |
|                                                                                                                                                                                                    | 223,400              |                   |   | Citrix Systems, Inc. *                                                  | $      | 16,120,544   |   |
|                                                                                                                                                                                                    | 205,200              |                   |   | TIBCO Software, Inc. *                                                  |   | 4,149,144    |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 20,269,688   |   |
|                                                                                                                                                                                                    |                 |                   |   | Systems Software - 1.5%                                                 |   |         |   |
|                                                                                                                                                                                                    | 392,650              |                   |   | Oracle Corp.                                                            | $      | 12,698,301   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Software & Services                                           | $      | 68,926,256   |   |
|                                                                                                                                                                                                    |                 |                   |   | Technology Hardware & Equipment - 14.9%                             |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Communications Equipment - 4.5%                                         |   |         |   |
|                                                                                                                                                                                                    | 672,900              |                   |   | Cisco Systems, Inc.                                                     | $      | 14,070,339   |   |
|                                                                                                                                                                                                    | 362,600              |                   |   | Qualcomm, Inc.                                                          |   | 24,276,070   |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 38,346,409   |   |
|                                                                                                                                                                                                    |                 |                   |   | Computer Hardware - 6.2%                                                |   |         |   |
|                                                                                                                                                                                                    | 119,120              |                   |   | Apple, Inc.                                                             | $      | 52,726,087   |   |
|                                                                                                                                                                                                    |                 |                   |   | Computer Storage & Peripherals - 4.2%                               |   |         |   |
|                                                                                                                                                                                                    | 897,500              |                   |   | EMC Corp. *                                                             | $      | 21,441,275   |   |
|                                                                                                                                                                                                    | 244,100              |                   |   | NetApp, Inc. *                                                          |   | 8,338,456    |   |
|                                                                                                                                                                                                    | 115,000              |                   |   | SanDisk Corp. *                                                         |   | 6,325,000    |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 36,104,731   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Technology Hardware & Equipment                               | $      | 127,177,227  |   |
|                                                                                                                                                                                                    |                 |                   |   | Semiconductors & Semiconductor Equipment - 4.4%                     |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Semiconductors - 4.4%                                                   |   |         |   |
|                                                                                                                                                                                                    | 272,800              |                   |   | Analog Devices, Inc.                                                    | $      | 12,682,472   |   |
|                                                                                                                                                                                                    | 242,400              |                   |   | Broadcom Corp.                                                          |   | 8,404,008    |   |
|                                                                                                                                                                                                    | 292,500              |                   |   | Maxim Integrated Products, Inc.                                         |   | 9,550,125    |   |
|                                                                                                                                                                                                    | 194,400              |                   |   | Texas Instruments, Inc.                                                 |   | 6,897,312    |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    | $      | 37,533,917   |   |
|                                                                                                                                                                                                    |                 |                   |   | Total Semiconductors & Semiconductor Equipment                      | $      | 37,533,917   |   |
|                                                                                                                                                                                                    |                 |                   |   | TOTAL COMMON STOCKS                                                     |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | (Cost $608,766,264)                                                     | $      | 841,358,664  |   |
|                                                                                                                                                                                                    | Principal Amount ($) |                   |   |                                                                    |
|                                                                                                                                                                                                    |                 |                   |   | TEMPORARY CASH INVESTMENTS - 0.9%                                       |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Repurchase Agreements - 0.9%                                            |   |         |   |
|                                                                                                                                                                                                    | 7,200,000            |                   |   | TD Securities, Inc., 0.125%, dated 3/28/13, repurchase price of         | $      | 7,200,000    |   |
|                                                                                                                                                                                                    |                 |                   |   | $7,200,000 plus accrued interest on 4/1/13 collateralized by $7,316,600 |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | U.S. Treasury Notes, 0.625%, 5/31/17                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | TOTAL TEMPORARY CASH INVESTMENTS                                        |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | (Cost $7,200,000)                                                       | $      | 7,200,000    |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | TOTAL INVESTMENT IN SECURITIES - 99.7%                                  |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | (Cost $620,154,112) (a)                                                 | $      | 852,264,726  |   |
|                                                                                                                                                                                                    |                 |                   |   | OTHER ASSETS & LIABILITIES - 0.3%                                   | $      | 2,883,315    |   |
|                                                                                                                                                                                                    |                 |                   |   | TOTAL NET ASSETS - 100.0%                                               | $      | 855,148,041  |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    | *                    |                   |   | Non-income producing security.                                          |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    | NR                   |                   |   | Not rated by either S&P or Moody's.                                 |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    | (A.D.R.)             |                   |   | American Depositary Receipts.                                           |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    | (a)                  |                   |   | At March 28, 2013, the net unrealized gain on investments based on      |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | cost for federal income tax purposes of $626,012,169 was as follows:    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Aggregate gross unrealized gain for all investments in which            |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | there is an excess of value over tax cost                               | $      | 246,733,801  |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Aggregate gross unrealized loss for all investments in which            |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | there is an excess of tax cost over value                               |   | (20,481,244) |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   | Net unrealized gain                                                     | $      | 226,252,557  |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                              |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                |                 |                   |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                      |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                      |
| using fair value methods (other than prices supplied by independent pricing services) are categorized as Level 3.                                                                                       |
| See Notes to Financial Statements - Note 1A.                                                                                                                                                            |                 |                   |   |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |
| The following is a summary of the inputs used as of March 28, 2013, in valuing the Fund’s investments:                                                                                            |                 |
|                                                                                                                                                                                                    |                 |                   |   |                                                                    |   |         |   |

|                                                                                     |   | Level 1 |        |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|-------------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Convertible Corporate Bond                                                               |   | $       | -           |   |    | $      | 3,706,062  |    |   | $      | -      |   |   | $ | 3,706,062 |   |
| Common Stocks                                                                            |   |    | 841,358,664 |   |    |   | -          |    |   |   | -      |   |   |   | 841,358,664 |   |
| Repurchase Agreement                                                                     |   |    | -           |   |    |   | 7,200,000  |    |   |   | -      |   |   |   | 7,200,000 |   |
| Total                                                                                    |   | $       | 841,358,664 |   |    | $      | 10,906,062 |    |   | $      | -      |   |   | $ | 852,264,726 |   |
|                                                                                     |   |    |        |   |    |   |       |    |   |   |   |   |   |   |   |   |
| During the year ended March 28, 2013, there were no transfers between Levels 1, 2 and 3. |   |    |        |   |    |   |       |    |   |