```

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

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

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY

  Investment Company Act file number 811-01835

                         Pioneer 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:  March 31, 2014

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 3/31/14 (unaudited)                                           |   |                                             |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       | Shares    |   |                          |                                                                                  |   | Value                                            |
|                                                                                                                                                       |      |   |                          | COMMON STOCKS - 99.6%                                                                 |   |                                             |
|                                                                                                                                                       |      |   |                          | Energy - 9.6%                                                                         |   |                                             |
|                                                                                                                                                       |      |   |                          | Oil & Gas Equipment & Services - 1.2%                                         |   |                                             |
|                                                                                                                                                       | 331,088   |   |                          | Halliburton Co.                                                                       | $      | 19,497,772                                       |
|                                                                                                                                                       |      |   |                          | Integrated Oil & Gas - 4.1%                                                       |   |                                             |
|                                                                                                                                                       | 524,388   |   |                          | Exxon Mobil Corp.                                                                     | $      | 51,222,220                                       |
|                                                                                                                                                       | 166,592   |   |                          | Occidental Petroleum Corp.                                                            |   | 15,874,552                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 67,096,772                                       |
|                                                                                                                                                       |      |   |                          | Oil & Gas Exploration & Production - 3.2%                                     |   |                                             |
|                                                                                                                                                       | 147,274   |   |                          | Apache Corp.                                                                          | $      | 12,216,378                                       |
|                                                                                                                                                       | 324,893   |   |                          | Cabot Oil & Gas Corp.                                                             |   | 11,007,375                                       |
|                                                                                                                                                       | 127,133   |   |                          | EOG Resources, Inc.                                                                   |   | 24,939,681                                       |
|                                                                                                                                                       | 108,752   |   |                          | Southwestern Energy Co. *                                                             |   | 5,003,680                                        |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 53,167,114                                       |
|                                                                                                                                                       |      |   |                          | Oil & Gas Refining & Marketing - 1.1%                                         |   |                                             |
|                                                                                                                                                       | 208,597   |   |                          | Marathon Petroleum Corp. *                                                            | $      | 18,156,283                                       |
|                                                                                                                                                       |      |   |                          | Total Energy                                                                          | $      | 157,917,941                                      |
|                                                                                                                                                       |      |   |                          | Materials - 3.7%                                                                      |   |                                             |
|                                                                                                                                                       |      |   |                          | Commodity Chemicals - 1.5%                                                            |   |                                             |
|                                                                                                                                                       | 278,091   |   |                          | LyondellBasell Industries NV                                                          | $      | 24,733,414                                       |
|                                                                                                                                                       |      |   |                          | Fertilizers & Agricultural Chemicals - 1.2%                                       |   |                                             |
|                                                                                                                                                       | 174,557   |   |                          | Monsanto Co.                                                                          | $      | 19,859,350                                       |
|                                                                                                                                                       |      |   |                          | Specialty Chemicals - 1.0%                                                            |   |                                             |
|                                                                                                                                                       | 147,980   |   |                          | Ecolab, Inc.                                                                          | $      | 15,980,360                                       |
|                                                                                                                                                       |      |   |                          | Total Materials                                                                       | $      | 60,573,124                                       |
|                                                                                                                                                       |      |   |                          | Capital Goods - 8.6%                                                                  |   |                                             |
|                                                                                                                                                       |      |   |                          | Aerospace & Defense - 3.3%                                                        |   |                                             |
|                                                                                                                                                       | 365,238   |   |                          | Honeywell International, Inc.                                                         | $      | 33,879,477                                       |
|                                                                                                                                                       | 174,014   |   |                          | United Technologies Corp.                                                             |   | 20,331,796                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 54,211,273                                       |
|                                                                                                                                                       |      |   |                          | Electrical Components & Equipment - 1.8%                                          |   |                                             |
|                                                                                                                                                       | 393,413   |   |                          | Eaton Corp. Plc                                                                       | $      | 29,553,185                                       |
|                                                                                                                                                       |      |   |                          | Construction & Farm Machinery & Heavy Trucks - 0.9%                           |   |                                             |
|                                                                                                                                                       | 97,172    |   |                          | Cummins, Inc.                                                                         | $      | 14,477,656                                       |
|                                                                                                                                                       |      |   |                          | Industrial Machinery - 2.6%                                                           |   |                                             |
|                                                                                                                                                       | 420,171   |   |                          | Ingersoll-Rand Plc                                                                    | $      | 24,050,588                                       |
|                                                                                                                                                       | 156,420   |   |                          | Parker Hannifin Corp.                                                                 |   | 18,725,038                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 42,775,626                                       |
|                                                                                                                                                       |      |   |                          | Total Capital Goods                                                                   | $      | 141,017,740                                      |
|                                                                                                                                                       |      |   |                          | Transportation - 2.1%                                                                 |   |                                             |
|                                                                                                                                                       |      |   |                          | Air Freight & Logistics - 0.7%                                                    |   |                                             |
|                                                                                                                                                       | 91,090    |   |                          | FedEx Corp.                                                                           | $      | 12,074,890                                       |
|                                                                                                                                                       |      |   |                          | Railroads - 1.4%                                                                      |   |                                             |
|                                                                                                                                                       | 124,049   |   |                          | Union Pacific Corp.                                                                   | $      | 23,279,035                                       |
|                                                                                                                                                       |      |   |                          | Total Transportation                                                                  | $      | 35,353,925                                       |
|                                                                                                                                                       |      |   |                          | Consumer Durables & Apparel - 0.7%                                                |   |                                             |
|                                                                                                                                                       |      |   |                          | Apparel, Accessories & Luxury Goods - 0.7%                                        |   |                                             |
|                                                                                                                                                       | 92,500    |   |                          | PVH Corp.                                                                             | $      | 11,541,225                                       |
|                                                                                                                                                       |      |   |                          | Total Consumer Durables & Apparel                                                 | $      | 11,541,225                                       |
|                                                                                                                                                       |      |   |                          | Consumer Services - 1.7%                                                              |   |                                             |
|                                                                                                                                                       |      |   |                          | Hotels, Resorts & Cruise Lines - 0.9%                                             |   |                                             |
|                                                                                                                                                       | 259,691   |   |                          | Marriott International, Inc.                                                          | $      | 14,547,890                                       |
|                                                                                                                                                       |      |   |                          | Restaurants - 0.8%                                                                    |   |                                             |
|                                                                                                                                                       | 182,459   |   |                          | Starbucks Corp.                                                                       | $      | 13,388,841                                       |
|                                                                                                                                                       |      |   |                          | Total Consumer Services                                                               | $      | 27,936,731                                       |
|                                                                                                                                                       |      |   |                          | Media - 4.3%                                                                          |   |                                             |
|                                                                                                                                                       |      |   |                          | Broadcasting - 0.8%                                                                   |   |                                             |
|                                                                                                                                                       | 209,934   |   |                          | CBS Corp. (Class B)                                                                   | $      | 12,973,921                                       |
|                                                                                                                                                       |      |   |                          | Cable & Satellite - 0.6%                                                          |   |                                             |
|                                                                                                                                                       | 207,377   |   |                          | Comcast Corp.                                                                         | $      | 10,372,998                                       |
|                                                                                                                                                       |      |   |                          | Movies & Entertainment - 2.9%                                                     |   |                                             |
|                                                                                                                                                       | 414,776   |   |                          | The Walt Disney Co.                                                                   | $      | 33,211,114                                       |
|                                                                                                                                                       | 218,084   |   |                          | Time Warner, Inc.                                                                     |   | 14,247,428                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 47,458,542                                       |
|                                                                                                                                                       |      |   |                          | Total Media                                                                           | $      | 70,805,461                                       |
|                                                                                                                                                       |      |   |                          | Retailing - 5.2%                                                                      |   |                                             |
|                                                                                                                                                       |      |   |                          | Internet Retail - 1.2%                                                                |   |                                             |
|                                                                                                                                                       | 57,993    |   |                          | Amazon.com, Inc. *                                                                    | $      | 19,515,804                                       |
|                                                                                                                                                       |      |   |                          | Department Stores - 0.8%                                                              |   |                                             |
|                                                                                                                                                       | 218,669   |   |                          | Macy's, Inc.                                                                          | $      | 12,964,885                                       |
|                                                                                                                                                       |      |   |                          | Apparel Retail - 1.1%                                                                 |   |                                             |
|                                                                                                                                                       | 256,511   |   |                          | Ross Stores, Inc.                                                                     | $      | 18,353,362                                       |
|                                                                                                                                                       |      |   |                          | Home Improvement Retail - 1.6%                                                        |   |                                             |
|                                                                                                                                                       | 538,764   |   |                          | Lowe's Companies, Inc.                                                                | $      | 26,345,560                                       |
|                                                                                                                                                       |      |   |                          | Specialty Stores - 0.5%                                                               |   |                                             |
|                                                                                                                                                       | 157,707   |   |                          | Dick's Sporting Goods, Inc. *                                                         | $      | 8,612,379                                        |
|                                                                                                                                                       |      |   |                          | Total Retailing                                                                       | $      | 85,791,990                                       |
|                                                                                                                                                       |      |   |                          | Food & Staples Retailing - 2.4%                                                   |   |                                             |
|                                                                                                                                                       |      |   |                          | Drug Retail - 1.4%                                                                    |   |                                             |
|                                                                                                                                                       | 314,405   |   |                          | CVS Caremark Corp.                                                                    | $      | 23,536,358                                       |
|                                                                                                                                                       |      |   |                          | Food Retail - 1.0%                                                                    |   |                                             |
|                                                                                                                                                       | 326,727   |   |                          | Whole Foods Market, Inc.                                                              | $      | 16,568,326                                       |
|                                                                                                                                                       |      |   |                          | Total Food & Staples Retailing                                                    | $      | 40,104,684                                       |
|                                                                                                                                                       |      |   |                          | Food, Beverage & Tobacco - 3.9%                                                   |   |                                             |
|                                                                                                                                                       |      |   |                          | Soft Drinks - 1.3%                                                                    |   |                                             |
|                                                                                                                                                       | 248,726   |   |                          | PepsiCo., Inc.                                                                        | $      | 20,768,621                                       |
|                                                                                                                                                       |      |   |                          | Packaged Foods & Meats - 2.6%                                                     |   |                                             |
|                                                                                                                                                       | 422,085   |   |                          | Campbell Soup Co.                                                                     | $      | 18,943,175                                       |
|                                                                                                                                                       | 78,496    |   |                          | Keurig Green Mountain, Inc.                                                           |   | 8,288,393                                        |
|                                                                                                                                                       | 150,361   |   |                          | The Hershey Co.                                                                       |   | 15,697,688                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 42,929,256                                       |
|                                                                                                                                                       |      |   |                          | Total Food, Beverage & Tobacco                                                    | $      | 63,697,877                                       |
|                                                                                                                                                       |      |   |                          | Household & Personal Products - 3.3%                                              |   |                                             |
|                                                                                                                                                       |      |   |                          | Household Products - 1.0%                                                             |   |                                             |
|                                                                                                                                                       | 269,242   |   |                          | Colgate-Palmolive Co.                                                                 | $      | 17,465,729                                       |
|                                                                                                                                                       |      |   |                          | Personal Products - 2.3%                                                              |   |                                             |
|                                                                                                                                                       | 188,823   |   |                          | Nu Skin Enterprises, Inc.                                                             | $      | 15,643,986                                       |
|                                                                                                                                                       | 324,857   |   |                          | The Estee Lauder Companies, Inc.                                                      |   | 21,726,436                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 37,370,422                                       |
|                                                                                                                                                       |      |   |                          | Total Household & Personal Products                                               | $      | 54,836,151                                       |
|                                                                                                                                                       |      |   |                          | Health Care Equipment & Services - 4.7%                                           |   |                                             |
|                                                                                                                                                       |      |   |                          | Health Care Equipment - 0.7%                                                          |   |                                             |
|                                                                                                                                                       | 164,583   |   |                          | Covidien Plc                                                                          | $      | 12,123,184                                       |
|                                                                                                                                                       |      |   |                          | Health Care Distributors - 0.7%                                                       |   |                                             |
|                                                                                                                                                       | 173,138   |   |                          | Cardinal Health, Inc.                                                                 | $      | 12,116,197                                       |
|                                                                                                                                                       |      |   |                          | Health Care Services - 1.7%                                                           |   |                                             |
|                                                                                                                                                       | 140,543   |   |                          | DaVita HealthCare Partners, Inc. *                                                    | $      | 9,676,386                                        |
|                                                                                                                                                       | 243,472   |   |                          | Express Scripts Holding Co. *                                                         |   | 18,282,312                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 27,958,698                                       |
|                                                                                                                                                       |      |   |                          | Managed Health Care - 1.6%                                                            |   |                                             |
|                                                                                                                                                       | 178,573   |   |                          | Aetna, Inc.                                                                           | $      | 13,387,618                                       |
|                                                                                                                                                       | 108,749   |   |                          | Humana, Inc.                                                                          |   | 12,258,187                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 25,645,805                                       |
|                                                                                                                                                       |      |   |                          | Total Health Care Equipment & Services                                            | $      | 77,843,884                                       |
|                                                                                                                                                       |      |   |                          | Pharmaceuticals, Biotechnology & Life Sciences - 9.5%                             |   |                                             |
|                                                                                                                                                       |      |   |                          | Biotechnology - 3.0%                                                                  |   |                                             |
|                                                                                                                                                       | 105,212   |   |                          | Celgene Corp. *                                                                       | $      | 14,687,595                                       |
|                                                                                                                                                       | 341,048   |   |                          | Gilead Sciences, Inc. *                                                               |   | 24,166,661                                       |
|                                                                                                                                                       | 149,140   |   |                          | Vertex Pharmaceuticals, Inc. *                                                        |   | 10,547,181                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 49,401,437                                       |
|                                                                                                                                                       |      |   |                          | Pharmaceuticals - 6.5%                                                                |   |                                             |
|                                                                                                                                                       | 129,222   |   |                          | Actavis plc *                                                                         | $      | 26,600,349                                       |
|                                                                                                                                                       | 119,642   |   |                          | AstraZeneca Plc (A.D.R.)                                                              |   | 7,762,373                                        |
|                                                                                                                                                       | 426,595   |   |                          | Johnson & Johnson                                                                 |   | 41,904,427                                       |
|                                                                                                                                                       | 960,602   |   |                          | Pfizer, Inc.                                                                          |   | 30,854,536                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 107,121,685                                      |
|                                                                                                                                                       |      |   |                          | Total Pharmaceuticals, Biotechnology & Life Sciences                              | $      | 156,523,122                                      |
|                                                                                                                                                       |      |   |                          | Banks - 4.7%                                                                          |   |                                             |
|                                                                                                                                                       |      |   |                          | Regional Banks - 4.7%                                                                 |   |                                             |
|                                                                                                                                                       | 494,311   |   |                          | BB&T Corp.                                                                        | $      | 19,856,473                                       |
|                                                                                                                                                       | 1,784,267 |   |                          | Regions Financial Corp.                                                               |   | 19,823,206                                       |
|                                                                                                                                                       | 438,037   |   |                          | The PNC Financial Services Group, Inc.                                                |   | 38,109,219                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 77,788,898                                       |
|                                                                                                                                                       |      |   |                          | Total Banks                                                                           | $      | 77,788,898                                       |
|                                                                                                                                                       |      |   |                          | Diversified Financials - 9.8%                                                         |   |                                             |
|                                                                                                                                                       |      |   |                          | Other Diversified Financial Services - 5.0%                                           |   |                                             |
|                                                                                                                                                       | 1,733,100 |   |                          | Bank of America Corp.                                                                 | $      | 29,809,320                                       |
|                                                                                                                                                       | 769,659   |   |                          | Citigroup, Inc.                                                                       |   | 36,635,768                                       |
|                                                                                                                                                       | 423,100   |   |                          | Voya Financial, Inc.                                                                  |   | 15,345,837                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 81,790,925                                       |
|                                                                                                                                                       |      |   |                          | Specialized Finance - 0.5%                                                            |   |                                             |
|                                                                                                                                                       | 242,649   |   |                          | The NASDAQ OMX Group, Inc.                                                            | $      | 8,963,454                                        |
|                                                                                                                                                       |      |   |                          | Consumer Finance - 0.9%                                                               |   |                                             |
|                                                                                                                                                       | 245,288   |   |                          | Discover Financial Services, Inc.                                                     | $      | 14,273,309                                       |
|                                                                                                                                                       |      |   |                          | Asset Management & Custody Banks - 1.8%                                           |   |                                             |
|                                                                                                                                                       | 61,875    |   |                          | Affiliated Managers Group, Inc. *                                                     | $      | 12,378,094                                       |
|                                                                                                                                                       | 306,992   |   |                          | The Carlyle Group LP                                                                  |   | 10,787,699                                       |
|                                                                                                                                                       | 246,949   |   |                          | Walter Investment Management Corp. *                                                  |   | 7,366,489                                        |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 30,532,282                                       |
|                                                                                                                                                       |      |   |                          | Investment Banking & Brokerage - 1.6%                                             |   |                                             |
|                                                                                                                                                       | 843,085   |   |                          | Morgan Stanley Co.                                                                    | $      | 26,278,959                                       |
|                                                                                                                                                       |      |   |                          | Total Diversified Financials                                                          | $      | 161,838,929                                      |
|                                                                                                                                                       |      |   |                          | Insurance - 1.7%                                                                      |   |                                             |
|                                                                                                                                                       |      |   |                          | Property & Casualty Insurance - 1.7%                                              |   |                                             |
|                                                                                                                                                       | 154,339   |   |                          | ACE, Ltd.                                                                             | $      | 15,288,821                                       |
|                                                                                                                                                       | 218,853   |   |                          | The Allstate Corp.                                                                    |   | 12,382,703                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 27,671,524                                       |
|                                                                                                                                                       |      |   |                          | Total Insurance                                                                       | $      | 27,671,524                                       |
|                                                                                                                                                       |      |   |                          | Software & Services - 10.3%                                                       |   |                                             |
|                                                                                                                                                       |      |   |                          | Internet Software & Services - 5.6%                                               |   |                                             |
|                                                                                                                                                       | 269,102   |   |                          | eBay, Inc. *                                                                          | $      | 14,865,194                                       |
|                                                                                                                                                       | 47,168    |   |                          | Google, Inc. *                                                                        |   | 52,569,208                                       |
|                                                                                                                                                       | 681,528   |   |                          | Yahoo!, Inc. *                                                                        |   | 24,466,855                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 91,901,257                                       |
|                                                                                                                                                       |      |   |                          | Data Processing & Outsourced Services - 1.6%                                      |   |                                             |
|                                                                                                                                                       | 122,805   |   |                          | Visa, Inc.                                                                            | $      | 26,508,687                                       |
|                                                                                                                                                       |      |   |                          | Systems Software - 3.1%                                                               |   |                                             |
|                                                                                                                                                       | 1,242,792 |   |                          | Microsoft Corp.                                                                       | $      | 50,942,044                                       |
|                                                                                                                                                       |      |   |                          | Total Software & Services                                                         | $      | 169,351,988                                      |
|                                                                                                                                                       |      |   |                          | Technology Hardware & Equipment - 6.9%                                            |   |                                             |
|                                                                                                                                                       |      |   |                          | Communications Equipment - 1.5%                                                       |   |                                             |
|                                                                                                                                                       | 226,870   |   |                          | F5 Networks, Inc. *                                                                   | $      | 24,191,148                                       |
|                                                                                                                                                       |      |   |                          | Computer Hardware - 3.5%                                                              |   |                                             |
|                                                                                                                                                       | 108,016   |   |                          | Apple, Inc.                                                                           | $      | 57,976,507                                       |
|                                                                                                                                                       |      |   |                          | Computer Storage & Peripherals - 1.9%                                             |   |                                             |
|                                                                                                                                                       | 1,157,359 |   |                          | EMC Corp.                                                                             | $      | 31,723,210                                       |
|                                                                                                                                                       |      |   |                          | Total Technology Hardware & Equipment                                             | $      | 113,890,865                                      |
|                                                                                                                                                       |      |   |                          | Semiconductors & Semiconductor Equipment - 1.5%                                   |   |                                             |
|                                                                                                                                                       |      |   |                          | Semiconductors - 1.5%                                                                 |   |                                             |
|                                                                                                                                                       | 184,540   |   |                          | Analog Devices, Inc.                                                                  | $      | 9,806,456                                        |
|                                                                                                                                                       | 275,347   |   |                          | Xilinx, Inc.                                                                          |   | 14,943,082                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 24,749,538                                       |
|                                                                                                                                                       |      |   |                          | Total Semiconductors & Semiconductor Equipment                                    | $      | 24,749,538                                       |
|                                                                                                                                                       |      |   |                          | Telecommunication Services - 2.2%                                                     |   |                                             |
|                                                                                                                                                       |      |   |                          | Integrated Telecommunication Services - 1.7%                                          |   |                                             |
|                                                                                                                                                       | 599,991   |   |                          | Verizon Communications, Inc.                                                          | $      | 28,541,572                                       |
|                                                                                                                                                       |      |   |                          | Wireless Telecommunication Services - 0.5%                                            |   |                                             |
|                                                                                                                                                       | 199,584   |   |                          | Vodafone Group Plc (A.D.R.)                                                           | $      | 7,346,687                                        |
|                                                                                                                                                       |      |   |                          | Total Telecommunication Services                                                      | $      | 35,888,259                                       |
|                                                                                                                                                       |      |   |                          | Utilities - 2.8%                                                                      |   |                                             |
|                                                                                                                                                       |      |   |                          | Electric Utilities - 1.6%                                                             |   |                                             |
|                                                                                                                                                       | 259,409   |   |                          | American Electric Power Co., Inc.                                                     | $      | 13,141,660                                       |
|                                                                                                                                                       | 144,906   |   |                          | NextEra Energy, Inc. *                                                                |   | 13,855,912                                       |
|                                                                                                                                                       |      |   |                          |                                                                                  | $      | 26,997,572                                       |
|                                                                                                                                                       |      |   |                          | Multi-Utilities - 1.2%                                                                |   |                                             |
|                                                                                                                                                       | 486,952   |   |                          | Ameren Corp.                                                                          | $      | 20,062,422                                       |
|                                                                                                                                                       |      |   |                          | Total Utilities                                                                       | $      | 47,059,994                                       |
|                                                                                                                                                       |      |   |                          | TOTAL COMMON STOCKS                                                                   |   |                                             |
|                                                                                                                                                       |      |   |                          | (Cost $1,362,161,709)                                                                 | $      | 1,642,183,850                                    |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       |      |   |                          | TOTAL INVESTMENT IN SECURITIES - 99.6%                                                |   |                                             |
|                                                                                                                                                       |      |   |                          | (Cost $1,362,161,709) (a)                                                             | $      | 1,642,183,850                                    |
|                                                                                                                                                       |      |   |                          | OTHER ASSETS & LIABILITIES - 0.4%                                                 | $      | 6,188,520                                        |
|                                                                                                                                                       |      |   |                          | TOTAL NET ASSETS - 100.0%                                                             | $      | 1,648,372,370                                    |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       | *         |   |                          | Non-income producing security.                                                        |   |                                             |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       | (A.D.R.)  |   | American Depositary Receipts. |                                                                                  |   |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       | (a)       |   |                          | At  March 31, 2014, the net unrealized appreciation on investments based on |
|                                                                                                                                                       |      |   |                          | cost for federal income tax purposes of $1,365,703,988 was as follows:                |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       |      |   |                          | Aggregate gross unrealized appreciation for all investments in which                  |   |                                             |
|                                                                                                                                                       |      |   |                          | there is an excess of value over tax cost                                             | $      |       289,653,084  |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       |      |   |                          | Aggregate gross unrealized depreciation for all investments in which                  |   |                                             |
|                                                                                                                                                       |      |   |                          | there is an excess of tax cost over value                                             |   |       (13,173,222) |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
|                                                                                                                                                       |      |   |                          | Net unrealized appreciation                                                           | $      |       276,479,862  |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |
| 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 March 31, 2014, in valuing the Fund's investments:                                                     |
|                                                                                                                                                       |      |   |                          |                                                                                  |   |                                             |

|                                                                                       |   | Level 1 |          |   | Level 2 |   |   | Level 3 |   |   | Total  |   |
|--------------------------------------------------------------------------------------------|--------|---------|---------------|--------|---------|--------|--------|---------|--------|--------|--------|--------|
| Common Stocks                                                                              |   | $       | 1,642,183,850 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 1,642,183,850 |   |
| Total                                                                                      |   | $       | 1,642,183,850 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 1,642,183,850 |   |
|                                                                                       |   |    |          |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |