```

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
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                                                     hours per response.....
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                                 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 811-09585

                       Pioneer Research 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 Research Fund                                               |   |       |   |   |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------|--------|-------------------------------|---------------------------------------------------------------------|--------|------------|--------|--------|
|                                                                                                                                                                                                    |     |   |                          | Schedule of Investments 3/28/2013                                   |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    | Shares   |   |                          |                                                                |   | Value      |   |   |
|                                                                                                                                                                                                    |     |   |                          | COMMON STOCKS - 97.5%                                               |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Energy - 10.5%                                                      |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Drilling - 0.4%                                       |   |       |   |   |
|                                                                                                                                                                                                    | 4,542    |   |                          | Ensco Plc                                                           | $      | 272,520    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Equipment & Services - 3.6%                       |   |       |   |   |
|                                                                                                                                                                                                    | 5,460    |   |                          | FMC Technologies, Inc. *                                            | $      | 296,969    |   |   |
|                                                                                                                                                                                                    | 25,673   |   |                          | Halliburton Co.                                                     |   | 1,037,446  |   |   |
|                                                                                                                                                                                                    | 16,112   |   |                          | Schlumberger, Ltd.                                                  |   | 1,206,628  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,541,043  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Integrated Oil & Gas - 3.6%                                     |   |       |   |   |
|                                                                                                                                                                                                    | 15,710   |   |                          | Chevron Corp.                                                       | $      | 1,866,662  |   |   |
|                                                                                                                                                                                                    | 8,345    |   |                          | Occidental Petroleum Corp.                                          |   | 653,998    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,520,660  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Exploration & Production - 1.4%                   |   |       |   |   |
|                                                                                                                                                                                                    | 29,224   |   |                          | Marathon Oil Corp.                                                  | $      | 985,433    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Oil & Gas Refining & Marketing - 1.5%                       |   |       |   |   |
|                                                                                                                                                                                                    | 6,014    |   |                          | Marathon Petroleum Corp. *                                          | $      | 538,854    |   |   |
|                                                                                                                                                                                                    | 10,700   |   |                          | Valero Energy Corp.                                                 |   | 486,743    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,025,597  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Energy                                                        | $      | 7,345,253  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Materials - 3.2%                                                    |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Fertilizers & Agricultural Chemicals - 1.2%                     |   |       |   |   |
|                                                                                                                                                                                                    | 14,225   |   |                          | The Mosaic Co.                                                      | $      | 847,952    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Specialty Chemicals - 1.3%                                          |   |       |   |   |
|                                                                                                                                                                                                    | 11,685   |   |                          | Ecolab, Inc.                                                        | $      | 936,903    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified Metals & Mining - 0.7%                              |   |       |   |   |
|                                                                                                                                                                                                    | 14,214   |   |                          | Freeport-McMoRan Copper & Gold, Inc.                            | $      | 470,483    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Materials                                                     | $      | 2,255,338  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Capital Goods - 8.7%                                                |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Aerospace & Defense - 2.2%                                      |   |       |   |   |
|                                                                                                                                                                                                    | 12,420   |   |                          | Raytheon Co.                                                        | $      | 730,172    |   |   |
|                                                                                                                                                                                                    | 9,031    |   |                          | United Technologies Corp.                                           |   | 843,766    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,573,938  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Engineering - 0.7%                               |   |       |   |   |
|                                                                                                                                                                                                    | 16,231   |   |                          | KBR, Inc.                                                           | $      | 520,690    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Industrial Conglomerates - 1.8%                                     |   |       |   |   |
|                                                                                                                                                                                                    | 11,558   |   |                          | 3M Co.                                                              | $      | 1,228,731  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Construction & Farm Machinery & Heavy Trucks - 2.8%         |   |       |   |   |
|                                                                                                                                                                                                    | 5,753    |   |                          | Cummins, Inc.                                                       | $      | 666,255    |   |   |
|                                                                                                                                                                                                    | 11,091   |   |                          | Joy Global, Inc.                                                    |   | 660,136    |   |   |
|                                                                                                                                                                                                    | 30,824   |   |                          | The Manitowoc Co., Inc.                                             |   | 633,741    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,960,132  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Industrial Machinery - 1.2%                                         |   |       |   |   |
|                                                                                                                                                                                                    | 10,544   |   |                          | Ingersoll-Rand Plc                                                  | $      | 580,025    |   |   |
|                                                                                                                                                                                                    | 3,245    |   |                          | SPX Corp.                                                           |   | 256,225    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 836,250    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Capital Goods                                                 | $      | 6,119,741  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Transportation - 1.7%                                               |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Air Freight & Logistics - 0.8%                                  |   |       |   |   |
|                                                                                                                                                                                                    | 5,460    |   |                          | FedEx Corp.                                                         | $      | 536,172    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Railroads - 0.9%                                                    |   |       |   |   |
|                                                                                                                                                                                                    | 4,402    |   |                          | Union Pacific Corp.                                                 | $      | 626,889    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Transportation                                                | $      | 1,163,061  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Durables & Apparel - 0.5%                              |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Apparel, Accessories & Luxury Goods - 0.5%                      |   |       |   |   |
|                                                                                                                                                                                                    | 12,136   |   |                          | True Religion Apparel, Inc.                                         | $      | 316,871    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Durables & Apparel                               | $      | 316,871    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Services - 2.0%                                            |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Hotels, Resorts & Cruise Lines - 0.5%                           |   |       |   |   |
|                                                                                                                                                                                                    | 8,526    |   |                          | Marriott International, Inc.                                        | $      | 360,053    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Restaurants - 1.5%                                                  |   |       |   |   |
|                                                                                                                                                                                                    | 1,319    |   |                          | Chipotle Mexican Grill, Inc. *                                      | $      | 429,823    |   |   |
|                                                                                                                                                                                                    | 10,335   |   |                          | Starbucks Corp.                                                     |   | 588,682    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,018,505  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Consumer Services                                             | $      | 1,378,558  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Media - 4.4%                                                        |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Cable & Satellite - 1.6%                                        |   |       |   |   |
|                                                                                                                                                                                                    | 27,305   |   |                          | Comcast Corp.                                                       | $      | 1,147,083  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Movies & Entertainment - 2.8%                                   |   |       |   |   |
|                                                                                                                                                                                                    | 19,969   |   |                          | The Walt Disney Co.                                                 | $      | 1,134,239  |   |   |
|                                                                                                                                                                                                    | 14,292   |   |                          | Time Warner, Inc.                                                   |   | 823,505    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,957,744  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Media                                                         | $      | 3,104,827  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Retailing - 4.6%                                                    |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Internet Retail - 1.1%                                              |   |       |   |   |
|                                                                                                                                                                                                    | 2,806    |   |                          | Amazon.com, Inc. *                                                  | $      | 747,771    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Department Stores - 0.6%                                            |   |       |   |   |
|                                                                                                                                                                                                    | 10,078   |   |                          | Macy's, Inc.                                                        | $      | 421,664    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Apparel Retail - 0.7%                                               |   |       |   |   |
|                                                                                                                                                                                                    | 8,700    |   |                          | Ross Stores, Inc.                                                   | $      | 527,394    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Home Improvement Retail - 2.2%                                      |   |       |   |   |
|                                                                                                                                                                                                    | 16,641   |   |                          | Lowe's Companies, Inc.                                              | $      | 631,027    |   |   |
|                                                                                                                                                                                                    | 12,934   |   |                          | The Home Depot, Inc.                                                |   | 902,535    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,533,562  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Retailing                                                     | $      | 3,230,391  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Food & Staples Retailing - 2.0%                                 |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Drug Retail - 1.2%                                                  |   |       |   |   |
|                                                                                                                                                                                                    | 15,648   |   |                          | CVS Caremark Corp.                                                  | $      | 860,484    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Food Retail - 0.8%                                                  |   |       |   |   |
|                                                                                                                                                                                                    | 6,641    |   |                          | Whole Foods Market, Inc.                                            | $      | 576,107    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Food & Staples Retailing                                  | $      | 1,436,591  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Food, Beverage & Tobacco - 6.6%                                 |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Soft Drinks - 2.8%                                                  |   |       |   |   |
|                                                                                                                                                                                                    | 5,337    |   |                          | Fomento Economico Mexicano SAB de CV (A.D.R.)                       | $      | 605,750    |   |   |
|                                                                                                                                                                                                    | 17,680   |   |                          | PepsiCo, Inc.                                                       |   | 1,398,665  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,004,415  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Packaged Foods & Meats - 1.2%                                   |   |       |   |   |
|                                                                                                                                                                                                    | 6,585    |   |                          | Campbell Soup Co.                                                   | $      | 298,696    |   |   |
|                                                                                                                                                                                                    | 5,933    |   |                          | The Hershey Co.                                                     |   | 519,315    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 818,011    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Tobacco - 2.6%                                                      |   |       |   |   |
|                                                                                                                                                                                                    | 23,819   |   |                          | Altria Group, Inc.                                                  | $      | 819,135    |   |   |
|                                                                                                                                                                                                    | 10,892   |   |                          | Philip Morris International, Inc.                                   |   | 1,009,797  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,828,932  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Food, Beverage & Tobacco                                  | $      | 4,651,358  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Household & Personal Products - 1.7%                            |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Household Products - 0.8%                                           |   |       |   |   |
|                                                                                                                                                                                                    | 4,887    |   |                          | Colgate-Palmolive Co.                                               | $      | 576,813    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Personal Products - 0.9%                                            |   |       |   |   |
|                                                                                                                                                                                                    | 10,137   |   |                          | The Estee Lauder Companies, Inc.                                    | $      | 649,072    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Household & Personal Products                             | $      | 1,225,885  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment & Services - 3.4%                         |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Equipment - 0.7%                                        |   |       |   |   |
|                                                                                                                                                                                                    | 7,025    |   |                          | Covidien Plc                                                        | $      | 476,576    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Distributors - 0.5%                                     |   |       |   |   |
|                                                                                                                                                                                                    | 7,869    |   |                          | Cardinal Health, Inc.                                               | $      | 327,508    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Health Care Services - 1.2%                                         |   |       |   |   |
|                                                                                                                                                                                                    | 2,801    |   |                          | DaVita HealthCare Partners, Inc. *                                  | $      | 332,171    |   |   |
|                                                                                                                                                                                                    | 8,670    |   |                          | Express Scripts Holding Co. *                                       |   | 499,826    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 831,997    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Managed Health Care - 1.0%                                          |   |       |   |   |
|                                                                                                                                                                                                    | 7,690    |   |                          | Aetna, Inc.                                                         | $      | 393,113    |   |   |
|                                                                                                                                                                                                    | 4,679    |   |                          | Humana, Inc.                                                        |   | 323,366    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 716,479    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Health Care Equipment & Services                          | $      | 2,352,560  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals, Biotechnology & Life Sciences - 9.5%           |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Biotechnology - 2.9%                                                |   |       |   |   |
|                                                                                                                                                                                                    | 6,437    |   |                          | Celgene Corp. *                                                     | $      | 746,113    |   |   |
|                                                                                                                                                                                                    | 16,088   |   |                          | Gilead Sciences, Inc. *                                             |   | 787,186    |   |   |
|                                                                                                                                                                                                    | 10,025   |   |                          | Vertex Pharmaceuticals, Inc. *                                      |   | 551,174    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,084,473  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Pharmaceuticals - 6.6%                                              |   |       |   |   |
|                                                                                                                                                                                                    | 5,803    |   |                          | Actavis, Inc. *                                                     | $      | 534,514    |   |   |
|                                                                                                                                                                                                    | 4,298    |   |                          | Allergan, Inc.                                                      |   | 479,786    |   |   |
|                                                                                                                                                                                                    | 4,560    |   |                          | AstraZeneca Plc (A.D.R.)                                            |   | 227,909    |   |   |
|                                                                                                                                                                                                    | 3,640    |   |                          | Jazz Pharmaceuticals Plc *                                          |   | 203,512    |   |   |
|                                                                                                                                                                                                    | 16,998   |   |                          | Johnson & Johnson                                               |   | 1,385,847  |   |   |
|                                                                                                                                                                                                    | 53,197   |   |                          | Pfizer, Inc.                                                        |   | 1,535,265  |   |   |
|                                                                                                                                                                                                    | 6,263    |   |                          | Teva Pharmaceutical Industries, Ltd. (A.D.R.)                       |   | 248,516    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 4,615,349  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Pharmaceuticals, Biotechnology & Life Sciences            | $      | 6,699,822  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Banks - 3.8%                                                        |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified Banks - 1.3%                                            |   |       |   |   |
|                                                                                                                                                                                                    | 25,356   |   |                          | Wells Fargo & Co.                                               | $      | 937,918    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Regional Banks - 2.5%                                               |   |       |   |   |
|                                                                                                                                                                                                    | 21,664   |   |                          | PNC Financial Services Group, Inc.                                  | $      | 1,440,656  |   |   |
|                                                                                                                                                                                                    | 36,620   |   |                          | Regions Financial Corp.                                             |   | 299,918    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,740,574  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Banks                                                         | $      | 2,678,492  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Diversified Financials - 6.9%                                       |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Other Diversified Financial Services - 2.5%                         |   |       |   |   |
|                                                                                                                                                                                                    | 39,052   |   |                          | Citigroup, Inc.                                                     | $      | 1,727,660  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Consumer Finance - 1.1%                                             |   |       |   |   |
|                                                                                                                                                                                                    | 16,565   |   |                          | Discover Financial Services                                         | $      | 742,775    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Asset Management & Custody Banks - 1.5%                         |   |       |   |   |
|                                                                                                                                                                                                    | 144      |   |                          | Artisan Partners Asset Management, Inc. *                           | $      | 5,681      |   |   |
|                                                                                                                                                                                                    | 11,581   |   |                          | Invesco, Ltd.                                                       |   | 335,386    |   |   |
|                                                                                                                                                                                                    | 11,793   |   |                          | The Carlyle Group LP                                                |   | 356,738    |   |   |
|                                                                                                                                                                                                    | 10,273   |   |                          | Walter Investment Management Corp. *                                |   | 382,669    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,080,474  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Investment Banking & Brokerage - 1.8%                           |   |       |   |   |
|                                                                                                                                                                                                    | 19,265   |   |                          | E*TRADE Financial Corp. *                                           | $      | 206,328    |   |   |
|                                                                                                                                                                                                    | 7,288    |   |                          | The Goldman Sachs Group, Inc.                                       |   | 1,072,429  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,278,757  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Diversified Financials                                        | $      | 4,829,666  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Insurance - 4.0%                                                    |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Life & Health Insurance - 2.4%                                  |   |       |   |   |
|                                                                                                                                                                                                    | 12,638   |   |                          | Aflac, Inc.                                                         | $      | 657,429    |   |   |
|                                                                                                                                                                                                    | 17,769   |   |                          | MetLife, Inc.                                                       |   | 675,577    |   |   |
|                                                                                                                                                                                                    | 14,120   |   |                          | Unum Group                                                          |   | 398,890    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,731,896  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Property & Casualty Insurance - 1.6%                            |   |       |   |   |
|                                                                                                                                                                                                    | 5,688    |   |                          | ACE, Ltd.                                                           | $      | 506,061    |   |   |
|                                                                                                                                                                                                    | 12,223   |   |                          | The Allstate Corp.                                                  |   | 599,783    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,105,844  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Insurance                                                     | $      | 2,837,740  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Real Estate - 0.8%                                                  |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Residential REIT's - 0.8%                                           |   |       |   |   |
|                                                                                                                                                                                                    | 12,114   |   |                          | American Campus Communities, Inc.                                   | $      | 549,249    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Real Estate                                                   | $      | 549,249    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Software & Services - 9.0%                                      |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Internet Software & Services - 3.6%                             |   |       |   |   |
|                                                                                                                                                                                                    | 2,186    |   |                          | Google, Inc. *                                                      | $      | 1,735,750  |   |   |
|                                                                                                                                                                                                    | 33,772   |   |                          | Yahoo!, Inc. *                                                      |   | 794,655    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,530,405  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Data Processing & Outsourced Services - 0.8%                    |   |       |   |   |
|                                                                                                                                                                                                    | 3,140    |   |                          | Visa, Inc.                                                          | $      | 533,298    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Application Software - 1.1%                                         |   |       |   |   |
|                                                                                                                                                                                                    | 5,631    |   |                          | Citrix Systems, Inc. *                                              | $      | 406,333    |   |   |
|                                                                                                                                                                                                    | 17,662   |   |                          | Nuance Communications, Inc. *                                       |   | 356,419    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 762,752    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Systems Software - 3.5%                                             |   |       |   |   |
|                                                                                                                                                                                                    | 48,722   |   |                          | Microsoft Corp.                                                     | $      | 1,393,936  |   |   |
|                                                                                                                                                                                                    | 33,744   |   |                          | Oracle Corp.                                                        |   | 1,091,281  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 2,485,217  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Software & Services                                       | $      | 6,311,672  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Technology Hardware & Equipment - 6.1%                          |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Communications Equipment - 0.6%                                     |   |       |   |   |
|                                                                                                                                                                                                    | 4,392    |   |                          | F5 Networks, Inc. *                                                 | $      | 391,239    |   |   |
|                                                                                                                                                                                                    |     |   |                          | Computer Hardware - 3.8%                                            |   |       |   |   |
|                                                                                                                                                                                                    | 6,114    |   |                          | Apple, Inc.                                                         | $      | 2,706,240  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Computer Storage & Peripherals - 1.7%                           |   |       |   |   |
|                                                                                                                                                                                                    | 37,060   |   |                          | EMC Corp. *                                                         | $      | 885,363    |   |   |
|                                                                                                                                                                                                    | 5,243    |   |                          | SanDisk Corp. *                                                     |   | 288,365    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,173,728  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Technology Hardware & Equipment                           | $      | 4,271,207  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors & Semiconductor Equipment - 2.2%                 |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Semiconductors - 2.2%                                               |   |       |   |   |
|                                                                                                                                                                                                    | 13,791   |   |                          | Analog Devices, Inc.                                                | $      | 641,144    |   |   |
|                                                                                                                                                                                                    | 10,920   |   |                          | Maxim Integrated Products, Inc.                                     |   | 356,538    |   |   |
|                                                                                                                                                                                                    | 13,648   |   |                          | Xilinx, Inc.                                                        |   | 520,944    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,518,626  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Semiconductors & Semiconductor Equipment                  | $      | 1,518,626  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Telecommunication Services - 2.5%                                   |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Integrated Telecommunication Services - 2.5%                        |   |       |   |   |
|                                                                                                                                                                                                    | 5,112    |   |                          | CenturyLink, Inc.                                                   | $      | 179,585    |   |   |
|                                                                                                                                                                                                    | 32,366   |   |                          | Verizon Communications, Inc.                                        |   | 1,590,789  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,770,374  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Telecommunication Services                                    | $      | 1,770,374  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Utilities - 3.4%                                                    |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Electric Utilities - 2.0%                                           |   |       |   |   |
|                                                                                                                                                                                                    | 11,929   |   |                          | American Electric Power Co., Inc.                                   | $      | 580,107    |   |   |
|                                                                                                                                                                                                    | 6,500    |   |                          | NextEra Energy, Inc. *                                              |   | 504,920    |   |   |
|                                                                                                                                                                                                    | 10,146   |   |                          | PPL Corp.                                                           |   | 317,671    |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                | $      | 1,402,698  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Multi-Utilities - 1.4%                                              |   |       |   |   |
|                                                                                                                                                                                                    | 28,770   |   |                          | Ameren Corp.                                                        | $      | 1,007,525  |   |   |
|                                                                                                                                                                                                    |     |   |                          | Total Utilities                                                     | $      | 2,410,223  |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL COMMON STOCKS                                                 |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | (Cost $52,577,133)                                                  | $      | 68,457,505 |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL INVESTMENT IN SECURITIES - 97.5%                              |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | (Cost $52,577,133) (a)                                              | $      | 68,457,505 |   |   |
|                                                                                                                                                                                                    |     |   |                          | OTHER ASSETS & LIABILITIES - 2.5%                               | $      | 1,736,749  |   |   |
|                                                                                                                                                                                                    |     |   |                          | TOTAL NET ASSETS - 100.0%                                           | $      | 70,194,254 |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    | *        |   |                          | Non-income producing security.                                      |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    | (A.D.R.) |   | American Depositary Receipts. |                                                                |   |       |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    | REIT     |   |                          | Real Estate Investment Trust                                        |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    | (a)      |   |                          | At March 28, 2013, the net unrealized gain on investments based on  |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | cost for federal income tax purposes of $53,112,177 was as follows: |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized gain for all investments in which        |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of value over tax cost                           | $      | 15,758,264 |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Aggregate gross unrealized loss for all investments in which        |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | there is an excess of tax cost over value                           |   | (412,936)  |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          | Net unrealized gain                                                 | $      | 15,345,328 |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
| Various inputs are used in determining the value of the Fund’s investments.  These inputs are summarized in the three broad levels listed below.                                        |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
| Level 1 – quoted prices in active markets for identical securities                                                                                                                                |     |   |                          |                                                                |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements - Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining fair value of investments) See Notes to Financial Statements - Note 1A.                      |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                                      |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.  See Notes to Financial Statements - Note 1A.                                               |
|                                                                                                                                                                                                    |     |   |                          |                                                                |   |       |   |   |
| The following is a summary of the inputs used as of March 28, 2013, in valuing the Fund’s investments:                                                                                            |     |   |

|                                                                                     |   | Level 1 |       |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------|--------|---------|------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                            |   | $       | 68,457,505 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 68,457,505 |   |
| Total                                                                                    |   | $       | 68,457,505 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 68,457,505 |   |
|                                                                                     |   |    |       |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the year ended March 28, 2013, there were no transfers between Levels 1, 2 and 3. |   |    |       |   |    |   |   |    |   |