```

                                                             OMB APPROVAL
                                                     OMB Number:       3235-0578
                                                     Expires:  January 31, 2016
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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 811-01835

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

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

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

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

Date of fiscal year end:  December 31

Date of reporting period:  September 30, 2015

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

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

<PAGE>
ITEM 1. Schedule of Investments.

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

```

```

|                                                                                                                                                       |      |   |   | Pioneer Core Equity Fund                                                       |   |                                                                                                 |
|------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|--------|--------------------------------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |      |   |   | Schedule of Investments 9/30/15 (unaudited)                                    |   |                                                                                                 |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       | Shares    |   |   |                                                                           |   | Value                                                                                                |
|                                                                                                                                                       |      |   |   | COMMON STOCKS - 95.6%                                                          |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Energy - 5.2%                                                                  |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Oil & Gas Equipment & Services - 2.3%                                  |   |                                                                                                 |
|                                                                                                                                                       | 559,343   |   |   | Halliburton Co.                                                                | $      | 19,772,775                                                                                           |
|                                                                                                                                                       | 210,212   |   |   | Schlumberger, Ltd.                                                             |   | 14,498,322                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 34,271,097                                                                                           |
|                                                                                                                                                       |      |   |   | Oil & Gas Exploration & Production - 1.0%                              |   |                                                                                                 |
|                                                                                                                                                       | 432,384   |   |   | Newfield Exploration Co. *                                                     | $      | 14,225,434                                                                                           |
|                                                                                                                                                       |      |   |   | Oil & Gas Refining & Marketing - 1.9%                                  |   |                                                                                                 |
|                                                                                                                                                       | 470,489   |   |   | Valero Energy Corp.                                                            | $      | 28,276,389                                                                                           |
|                                                                                                                                                       |      |   |   | Total Energy                                                                   | $      | 76,772,920                                                                                           |
|                                                                                                                                                       |      |   |   | Materials - 1.6%                                                               |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Specialty Chemicals - 1.6%                                                     |   |                                                                                                 |
|                                                                                                                                                       | 219,229   |   |   | Ecolab, Inc.                                                                   | $      | 24,053,806                                                                                           |
|                                                                                                                                                       |      |   |   | Total Materials                                                                | $      | 24,053,806                                                                                           |
|                                                                                                                                                       |      |   |   | Capital Goods - 5.0%                                                           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Aerospace & Defense - 2.5%                                                 |   |                                                                                                 |
|                                                                                                                                                       | 385,983   |   |   | Honeywell International, Inc.                                                  | $      | 36,548,730                                                                                           |
|                                                                                                                                                       |      |   |   | Construction & Farm Machinery & Heavy Trucks - 0.9%                    |   |                                                                                                 |
|                                                                                                                                                       | 133,117   |   |   | WABCO Holdings, Inc. *                                                         | $      | 13,954,655                                                                                           |
|                                                                                                                                                       |      |   |   | Industrial Machinery - 1.6%                                                    |   |                                                                                                 |
|                                                                                                                                                       | 456,293   |   |   | Ingersoll-Rand Plc                                                             | $      | 23,165,996                                                                                           |
|                                                                                                                                                       |      |   |   | Total Capital Goods                                                            | $      | 73,669,381                                                                                           |
|                                                                                                                                                       |      |   |   | Transportation - 3.3%                                                          |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Air Freight & Logistics - 1.4%                                             |   |                                                                                                 |
|                                                                                                                                                       | 212,834   |   |   | United Parcel Service, Inc. (Class B)                                          | $      | 21,004,587                                                                                           |
|                                                                                                                                                       |      |   |   | Airlines - 1.9%                                                                |   |                                                                                                 |
|                                                                                                                                                       | 696,380   |   |   | American Airlines Group, Inc.                                                  | $      | 27,040,435                                                                                           |
|                                                                                                                                                       |      |   |   | Total Transportation                                                           | $      | 48,045,022                                                                                           |
|                                                                                                                                                       |      |   |   | Consumer Durables & Apparel - 2.3%                                         |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Homebuilding - 2.3%                                                            |   |                                                                                                 |
|                                                                                                                                                       | 915,327   |   |   | PulteGroup, Inc.                                                               | $      | 17,272,220                                                                                           |
|                                                                                                                                                       | 487,570   |   |   | Toll Brothers, Inc. *                                                          |   | 16,694,397                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 33,966,617                                                                                           |
|                                                                                                                                                       |      |   |   | Total Consumer Durables & Apparel                                          | $      | 33,966,617                                                                                           |
|                                                                                                                                                       |      |   |   | Consumer Services - 2.1%                                                       |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Restaurants - 2.1%                                                             |   |                                                                                                 |
|                                                                                                                                                       | 550,903   |   |   | Starbucks Corp.                                                                | $      | 31,313,327                                                                                           |
|                                                                                                                                                       |      |   |   | Total Consumer Services                                                        | $      | 31,313,327                                                                                           |
|                                                                                                                                                       |      |   |   | Media - 1.5%                                                                   |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Movies & Entertainment - 1.5%                                              |   |                                                                                                 |
|                                                                                                                                                       | 313,978   |   |   | Time Warner, Inc.                                                              | $      | 21,585,988                                                                                           |
|                                                                                                                                                       |      |   |   | Total Media                                                                    | $      | 21,585,988                                                                                           |
|                                                                                                                                                       |      |   |   | Retailing - 6.0%                                                               |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | General Merchandise Stores - 0.5%                                              |   |                                                                                                 |
|                                                                                                                                                       | 102,705   |   |   | Dollar General Corp. *                                                         | $      | 7,439,950                                                                                            |
|                                                                                                                                                       |      |   |   | Apparel Retail - 2.1%                                                          |   |                                                                                                 |
|                                                                                                                                                       | 617,833   |   |   | Ross Stores, Inc.                                                              | $      | 29,946,366                                                                                           |
|                                                                                                                                                       |      |   |   | Automotive Retail - 3.4%                                                       |   |                                                                                                 |
|                                                                                                                                                       | 201,116   |   |   | O'Reilly Automotive, Inc. *                                                    | $      | 50,279,000                                                                                           |
|                                                                                                                                                       |      |   |   | Total Retailing                                                                | $      | 87,665,316                                                                                           |
|                                                                                                                                                       |      |   |   | Food & Staples Retailing - 2.9%                                            |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Food Retail - 2.9%                                                             |   |                                                                                                 |
|                                                                                                                                                       | 514,875   |   |   | Walgreens Boots Alliance, Inc.                                                 | $      | 42,786,112                                                                                           |
|                                                                                                                                                       |      |   |   | Total Food & Staples Retailing                                             | $      | 42,786,112                                                                                           |
|                                                                                                                                                       |      |   |   | Food, Beverage & Tobacco - 7.2%                                            |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Distillers & Vintners - 1.6%                                               |   |                                                                                                 |
|                                                                                                                                                       | 236,288   |   |   | Brown-Forman Corp.                                                             | $      | 22,896,307                                                                                           |
|                                                                                                                                                       |      |   |   | Packaged Foods & Meats - 3.1%                                              |   |                                                                                                 |
|                                                                                                                                                       | 270,754   |   |   | Keurig Green Mountain, Inc.                                                    | $      | 14,117,114                                                                                           |
|                                                                                                                                                       | 770,125   |   |   | Mondelez International, Inc.                                                   |   | 32,245,134                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 46,362,248                                                                                           |
|                                                                                                                                                       |      |   |   | Tobacco - 2.5%                                                                 |   |                                                                                                 |
|                                                                                                                                                       | 815,878   |   |   | Reynolds American, Inc.                                                        | $      | 36,118,919                                                                                           |
|                                                                                                                                                       |      |   |   | Total Food, Beverage & Tobacco                                             | $      | 105,377,474                                                                                          |
|                                                                                                                                                       |      |   |   | Health Care Equipment & Services - 7.5%                                    |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Health Care Equipment - 1.1%                                                   |   |                                                                                                 |
|                                                                                                                                                       | 243,082   |   |   | Medtronic PLC                                                                  | $      | 16,271,909                                                                                           |
|                                                                                                                                                       |      |   |   | Health Care Distributors - 1.4%                                                |   |                                                                                                 |
|                                                                                                                                                       | 273,455   |   |   | Cardinal Health, Inc.                                                          | $      | 21,006,813                                                                                           |
|                                                                                                                                                       |      |   |   | Health Care Services - 1.4%                                                    |   |                                                                                                 |
|                                                                                                                                                       | 247,861   |   |   | Express Scripts Holding Co. *                                                  | $      | 20,066,827                                                                                           |
|                                                                                                                                                       |      |   |   | Managed Health Care - 3.6%                                                     |   |                                                                                                 |
|                                                                                                                                                       | 245,483   |   |   | Aetna, Inc.                                                                    | $      | 26,858,295                                                                                           |
|                                                                                                                                                       | 143,959   |   |   | Humana, Inc.                                                                   |   | 25,768,661                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 52,626,956                                                                                           |
|                                                                                                                                                       |      |   |   | Total Health Care Equipment & Services                                     | $      | 109,972,505                                                                                          |
|                                                                                                                                                       |      |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 6.4%                      |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Biotechnology - 4.2%                                                           |   |                                                                                                 |
|                                                                                                                                                       | 104,862   |   |   | Alder Biopharmaceuticals, Inc.                                                 | $      | 3,435,279                                                                                            |
|                                                                                                                                                       | 216,799   |   |   | Celgene Corp. *                                                                |   | 23,451,148                                                                                           |
|                                                                                                                                                       | 252,297   |   |   | Gilead Sciences, Inc. *                                                        |   | 24,773,042                                                                                           |
|                                                                                                                                                       | 93,805    |   |   | Vertex Pharmaceuticals, Inc. *                                                 |   | 9,768,853                                                                                            |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 61,428,322                                                                                           |
|                                                                                                                                                       |      |   |   | Pharmaceuticals - 2.2%                                                         |   |                                                                                                 |
|                                                                                                                                                       | 392,558   |   |   | AbbVie, Inc.                                                                   | $      | 21,359,081                                                                                           |
|                                                                                                                                                       | 209,481   |   |   | Teva Pharmaceutical Industries, Ltd. (A.D.R.)                                  |   | 11,827,297                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 33,186,378                                                                                           |
|                                                                                                                                                       |      |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                       | $      | 94,614,700                                                                                           |
|                                                                                                                                                       |      |   |   | Banks - 9.2%                                                                   |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Diversified Banks - 4.1%                                                       |   |                                                                                                 |
|                                                                                                                                                       | 989,774   |   |   | JPMorgan Chase & Co.                                                       | $      | 60,346,521                                                                                           |
|                                                                                                                                                       |      |   |   | Regional Banks - 5.1%                                                          |   |                                                                                                 |
|                                                                                                                                                       | 690,807   |   |   | Citizens Financial Group, Inc.                                                 | $      | 16,482,655                                                                                           |
|                                                                                                                                                       | 1,064,153 |   |   | First Horizon National Corp.                                                   |   | 15,089,690                                                                                           |
|                                                                                                                                                       | 1,440,276 |   |   | Huntington Bancshares, Inc./OH                                                 |   | 15,266,926                                                                                           |
|                                                                                                                                                       | 1,093,006 |   |   | KeyCorp                                                                        |   | 14,220,008                                                                                           |
|                                                                                                                                                       | 373,618   |   |   | SunTrust Banks, Inc.                                                           |   | 14,287,152                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 75,346,431                                                                                           |
|                                                                                                                                                       |      |   |   | Total Banks                                                                    | $      | 135,692,952                                                                                          |
|                                                                                                                                                       |      |   |   | Diversified Financials - 5.6%                                                  |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Other Diversified Financial Services - 1.4%                                    |   |                                                                                                 |
|                                                                                                                                                       | 519,896   |   |   | Voya Financial, Inc.                                                           | $      | 20,156,368                                                                                           |
|                                                                                                                                                       |      |   |   | Specialized Finance - 2.4%                                                     |   |                                                                                                 |
|                                                                                                                                                       | 81,382    |   |   | Intercontinental Exchange, Inc.                                                | $      | 19,123,956                                                                                           |
|                                                                                                                                                       | 309,222   |   |   | Nasdaq, Inc.                                                                   |   | 16,490,809                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 35,614,765                                                                                           |
|                                                                                                                                                       |      |   |   | Investment Banking & Brokerage - 1.8%                                      |   |                                                                                                 |
|                                                                                                                                                       | 365,961   |   |   | Lazard, Ltd.                                                                   | $      | 15,846,111                                                                                           |
|                                                                                                                                                       | 360,481   |   |   | Morgan Stanley Co.                                                             |   | 11,355,152                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 27,201,263                                                                                           |
|                                                                                                                                                       |      |   |   | Total Diversified Financials                                                   | $      | 82,972,396                                                                                           |
|                                                                                                                                                       |      |   |   | Insurance - 3.1%                                                               |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Multi-line Insurance - 1.8%                                                    |   |                                                                                                 |
|                                                                                                                                                       | 584,357   |   |   | The Hartford Financial Services Group, Inc.                                    | $      | 26,751,863                                                                                           |
|                                                                                                                                                       |      |   |   | Property & Casualty Insurance - 1.3%                                       |   |                                                                                                 |
|                                                                                                                                                       | 503,505   |   |   | XL Group Plc                                                                   | $      | 18,287,302                                                                                           |
|                                                                                                                                                       |      |   |   | Total Insurance                                                                | $      | 45,039,165                                                                                           |
|                                                                                                                                                       |      |   |   | Software & Services - 15.0%                                                |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Internet Software & Services - 6.9%                                        |   |                                                                                                 |
|                                                                                                                                                       | 391,605   |   |   | eBay, Inc. *                                                                   | $      | 9,570,826                                                                                            |
|                                                                                                                                                       | 358,300   |   |   | Facebook, Inc. *                                                               |   | 32,211,170                                                                                           |
|                                                                                                                                                       | 43,488    |   |   | Google, Inc. (Class A) *                                                       |   | 27,761,435                                                                                           |
|                                                                                                                                                       | 33,763    |   |   | Google, Inc. (Class C)                                                         |   | 20,542,084                                                                                           |
|                                                                                                                                                       | 360,585   |   |   | Yahoo!, Inc. *                                                                 |   | 10,424,512                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 100,510,027                                                                                          |
|                                                                                                                                                       |      |   |   | IT Consulting & Other Services - 1.1%                                      |   |                                                                                                 |
|                                                                                                                                                       | 262,022   |   |   | Cognizant Technology Solutions Corp. *                                         | $      | 16,405,197                                                                                           |
|                                                                                                                                                       |      |   |   | Data Processing & Outsourced Services - 2.7%                               |   |                                                                                                 |
|                                                                                                                                                       | 391,605   |   |   | PayPal Holdings, Inc.                                                          | $      | 12,155,419                                                                                           |
|                                                                                                                                                       | 402,434   |   |   | Visa, Inc.                                                                     |   | 28,033,552                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 40,188,971                                                                                           |
|                                                                                                                                                       |      |   |   | Systems Software - 4.3%                                                        |   |                                                                                                 |
|                                                                                                                                                       | 1,422,203 |   |   | Microsoft Corp.                                                                | $      | 62,946,705                                                                                           |
|                                                                                                                                                       |      |   |   | Total Software & Services                                                  | $      | 220,050,900                                                                                          |
|                                                                                                                                                       |      |   |   | Technology Hardware & Equipment - 5.2%                                     |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Communications Equipment - 1.5%                                                |   |                                                                                                 |
|                                                                                                                                                       | 189,826   |   |   | F5 Networks, Inc. *                                                            | $      | 21,981,851                                                                                           |
|                                                                                                                                                       |      |   |   | Computer Storage & Peripherals - 3.7%                                      |   |                                                                                                 |
|                                                                                                                                                       | 278,635   |   |   | Apple, Inc.                                                                    | $      | 30,733,440                                                                                           |
|                                                                                                                                                       | 970,975   |   |   | EMC Corp.                                                                      |   | 23,458,756                                                                                           |
|                                                                                                                                                       |      |   |   |                                                                           | $      | 54,192,196                                                                                           |
|                                                                                                                                                       |      |   |   | Total Technology Hardware & Equipment                                      | $      | 76,174,047                                                                                           |
|                                                                                                                                                       |      |   |   | Semiconductors & Semiconductor Equipment - 2.0%                            |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Semiconductors - 2.0%                                                          |   |                                                                                                 |
|                                                                                                                                                       | 1,402,971 |   |   | Taiwan Semiconductor Manufacturing Co., Ltd. (A.D.R.)                          | $      | 29,111,648                                                                                           |
|                                                                                                                                                       |      |   |   | Total Semiconductors & Semiconductor Equipment                             | $      | 29,111,648                                                                                           |
|                                                                                                                                                       |      |   |   | Telecommunication Services - 0.6%                                              |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Integrated Telecommunication Services - 0.6%                                   |   |                                                                                                 |
|                                                                                                                                                       | 222,221   |   |   | Verizon Communications, Inc.                                                   | $      | 9,668,836                                                                                            |
|                                                                                                                                                       |      |   |   | Total Telecommunication Services                                               | $      | 9,668,836                                                                                            |
|                                                                                                                                                       |      |   |   | Utilities - 3.9%                                                               |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Electric Utilities - 2.5%                                                      |   |                                                                                                 |
|                                                                                                                                                       | 639,732   |   |   | American Electric Power Co., Inc.                                              | $      | 36,375,162                                                                                           |
|                                                                                                                                                       |      |   |   | Multi-Utilities - 1.4%                                                         |   |                                                                                                 |
|                                                                                                                                                       | 490,676   |   |   | Public Service Enterprise Group, Inc.                                          | $      | 20,686,900                                                                                           |
|                                                                                                                                                       |      |   |   | Total Utilities                                                                | $      | 57,062,062                                                                                           |
|                                                                                                                                                       |      |   |   | TOTAL COMMON STOCKS                                                            |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | (Cost $1,328,741,414)                                                          | $      | 1,405,595,174                                                                                        |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | TOTAL INVESTMENT IN SECURITIES - 95.6%                                         |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | (Cost $1,328,741,414) (a)                                                      | $      | 1,405,595,174                                                                                        |
|                                                                                                                                                       |      |   |   | OTHER ASSETS & LIABILITIES - 4.4%                                          | $      | 65,378,119                                                                                           |
|                                                                                                                                                       |      |   |   | TOTAL NET ASSETS - 100.0%                                                      | $      | 1,470,973,293                                                                                        |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       | *         |   |   | Non-income producing security.                                                 |   |                                                                                                 |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       | (A.D.R.)  |   |   | American Depositary Receipts.                                                  |   |                                                                                                 |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       | (a)       |   |   | At September 30, 2015, the net unrealized appreciation on investments based on |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | cost for federal income tax purposes of $1,332,684,274 was as follows:         |   |                                                                                                 |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Aggregate gross unrealized appreciation for all investments in which           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | there is an excess of value over tax cost                                      | $      |              138,220,111            |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Aggregate gross unrealized depreciation for all investments in which           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | there is an excess of tax cost over value                                      |   |               (65,309,211)     |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
|                                                                                                                                                       |      |   |   | Net unrealized appreciation                                                    | $      |                72,910,900 |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below. |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
| Level 1 – quoted prices in active markets for identical securities.                                                                                  |      |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)                            |      |   |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                         |      |   |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                          |      |   |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |
| The following is a summary of the inputs used as of September 30, 2015, in valuing the Fund's investments:                                                 |      |   |
|                                                                                                                                                       |      |   |   |                                                                           |   |                                                                                                 |

|                                                                                           |   | Level 1 |          |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|------------------------------------------------------------------------------------------------|--------|---------|---------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                                  |   | $       | 1,405,595,174 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 1,405,595,174 |   |
| Total                                                                                          |   | $       | 1,405,595,174 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 1,405,595,174 |   |
|                                                                                           |   |    |          |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended September 30, 2015, there were no transfers between Levels 1, 2 and 3. |   |    |          |   |    |   |   |    |   |   |   |   |   |   |   |   |