```

                                                             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 811-01466

                         Pioneer Pioneer Fund
               (Exact name of registrant as specified in charter)

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

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

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

Date of fiscal year end:  December 31

Date of reporting period:  March 31, 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 Fund                                                                                         |   |                                                        |
|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------|--------|--------|------------------------------------------------------------------------------------------------------|--------|-------------------------------------------------------------|
|                                                                                                                                                                                          |      |   |   | Schedule of Investments 3/31/14 (unaudited)                                                          |   |                                                        |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          | Shares    |   |   |                                                                                                 |   | Value                                                       |
|                                                                                                                                                                                          |      |   |   | COMMON STOCKS - 100.1%                                                                               |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Energy - 9.0%                                                                                        |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Oil & Gas Drilling - 0.8%                                                                        |   |                                                        |
|                                                                                                                                                                                          | 490,804   |   |   | Ensco Plc                                                                                            | $      | 25,904,635                                                  |
|                                                                                                                                                                                          | 144,809   |   |   | Helmerich & Payne, Inc.                                                                          |   | 15,575,656                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 41,480,291                                                  |
|                                                                                                                                                                                          |      |   |   | Oil & Gas Equipment & Services - 2.1%                                                        |   |                                                        |
|                                                                                                                                                                                          | 172,921   |   |   | Cameron International Corp. *                                                                        | $      | 10,681,330                                                  |
|                                                                                                                                                                                          | 170,594   |   |   | FMC Technologies, Inc. *                                                                             |   | 8,920,360                                                   |
|                                                                                                                                                                                          | 313,123   |   |   | Halliburton Co.                                                                                      |   | 18,439,813                                                  |
|                                                                                                                                                                                          | 322,105   |   |   | National Oilwell Varco, Inc.                                                                         |   | 25,082,316                                                  |
|                                                                                                                                                                                          | 478,359   |   |   | Schlumberger, Ltd.                                                                                   |   | 46,640,002                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 109,763,821                                                 |
|                                                                                                                                                                                          |      |   |   | Integrated Oil & Gas - 1.2%                                                                      |   |                                                        |
|                                                                                                                                                                                          | 495,259   |   |   | Exxon Mobil Corp.                                                                                    | $      | 48,376,899                                                  |
|                                                                                                                                                                                          | 132,622   |   |   | Occidental Petroleum Corp.                                                                           |   | 12,637,550                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 61,014,449                                                  |
|                                                                                                                                                                                          |      |   |   | Oil & Gas Exploration & Production - 3.6%                                                    |   |                                                        |
|                                                                                                                                                                                          | 465,786   |   |   | Apache Corp.                                                                                         | $      | 38,636,949                                                  |
|                                                                                                                                                                                          | 1,167,258 |   |   | Cabot Oil & Gas Corp.                                                                            |   | 39,546,701                                                  |
|                                                                                                                                                                                          | 451,948   |   |   | ConocoPhillips                                                                                       |   | 31,794,542                                                  |
|                                                                                                                                                                                          | 1,093,131 |   |   | Marathon Oil Corp.                                                                                   |   | 38,828,013                                                  |
|                                                                                                                                                                                          | 851,076   |   |   | Southwestern Energy Co. *                                                                            |   | 39,158,007                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 187,964,212                                                 |
|                                                                                                                                                                                          |      |   |   | Oil & Gas Refining & Marketing - 1.3%                                                        |   |                                                        |
|                                                                                                                                                                                          | 411,427   |   |   | Marathon Petroleum Corp. *                                                                           | $      | 35,810,606                                                  |
|                                                                                                                                                                                          | 443,762   |   |   | Phillips 66                                                                                          |   | 34,196,300                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 70,006,906                                                  |
|                                                                                                                                                                                          |      |   |   | Total Energy                                                                                         | $      | 470,229,679                                                 |
|                                                                                                                                                                                          |      |   |   | Materials - 2.9%                                                                                     |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Fertilizers & Agricultural Chemicals - 0.7%                                                      |   |                                                        |
|                                                                                                                                                                                          | 192,778   |   |   | Monsanto Co.                                                                                         | $      | 21,932,353                                                  |
|                                                                                                                                                                                          | 334,112   |   |   | The Mosaic Co.                                                                                       |   | 16,705,600                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 38,637,953                                                  |
|                                                                                                                                                                                          |      |   |   | Industrial Gases - 0.8%                                                                              |   |                                                        |
|                                                                                                                                                                                          | 391,800   |   |   | Airgas, Inc.                                                                                         | $      | 41,730,618                                                  |
|                                                                                                                                                                                          |      |   |   | Specialty Chemicals - 1.2%                                                                           |   |                                                        |
|                                                                                                                                                                                          | 555,292   |   |   | Ecolab, Inc.                                                                                         | $      | 59,965,983                                                  |
|                                                                                                                                                                                          |      |   |   | Paper Products - 0.2%                                                                                |   |                                                        |
|                                                                                                                                                                                          | 228,040   |   |   | International Paper Co.                                                                              | $      | 10,462,475                                                  |
|                                                                                                                                                                                          |      |   |   | Total Materials                                                                                      | $      | 150,797,029                                                 |
|                                                                                                                                                                                          |      |   |   | Capital Goods - 9.1%                                                                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Aerospace & Defense - 1.8%                                                                       |   |                                                        |
|                                                                                                                                                                                          | 826,600   |   |   | United Technologies Corp.                                                                            | $      | 96,579,944                                                  |
|                                                                                                                                                                                          |      |   |   | Building Products - 0.3%                                                                             |   |                                                        |
|                                                                                                                                                                                          | 287,617   |   |   | Allegion Plc                                                                                         | $      | 15,004,979                                                  |
|                                                                                                                                                                                          |      |   |   | Electrical Components & Equipment - 0.7%                                                         |   |                                                        |
|                                                                                                                                                                                          | 212,119   |   |   | Eaton Corp. Plc                                                                                      | $      | 15,934,379                                                  |
|                                                                                                                                                                                          | 166,775   |   |   | Rockwell Automation, Inc.                                                                            |   | 20,771,826                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 36,706,205                                                  |
|                                                                                                                                                                                          |      |   |   | Industrial Conglomerates - 3.0%                                                                      |   |                                                        |
|                                                                                                                                                                                          | 674,399   |   |   | 3M Co.                                                                                               | $      | 91,488,968                                                  |
|                                                                                                                                                                                          | 2,447,219 |   |   | General Electric Co.                                                                                 |   | 63,358,500                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 154,847,468                                                 |
|                                                                                                                                                                                          |      |   |   | Construction & Farm Machinery & Heavy Trucks - 1.6%                                          |   |                                                        |
|                                                                                                                                                                                          | 328,110   |   |   | Cummins, Inc.                                                                                        | $      | 48,885,109                                                  |
|                                                                                                                                                                                          | 510,920   |   |   | PACCAR, Inc.                                                                                         |   | 34,456,445                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 83,341,554                                                  |
|                                                                                                                                                                                          |      |   |   | Industrial Machinery - 1.7%                                                                          |   |                                                        |
|                                                                                                                                                                                          | 862,854   |   |   | Ingersoll-Rand Plc                                                                                   | $      | 49,389,763                                                  |
|                                                                                                                                                                                          | 388,269   |   |   | SPX Corp.                                                                                            |   | 38,170,725                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 87,560,488                                                  |
|                                                                                                                                                                                          |      |   |   | Total Capital Goods                                                                                  | $      | 474,040,638                                                 |
|                                                                                                                                                                                          |      |   |   | Transportation - 2.0%                                                                                |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Railroads - 2.0%                                                                                     |   |                                                        |
|                                                                                                                                                                                          | 547,262   |   |   | Norfolk Southern Corp.                                                                               | $      | 53,177,449                                                  |
|                                                                                                                                                                                          | 287,424   |   |   | Union Pacific Corp.                                                                                  |   | 53,937,988                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 107,115,437                                                 |
|                                                                                                                                                                                          |      |   |   | Total Transportation                                                                                 | $      | 107,115,437                                                 |
|                                                                                                                                                                                          |      |   |   | Automobiles & Components - 2.5%                                                                  |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Auto Parts & Equipment - 1.4%                                                                    |   |                                                        |
|                                                                                                                                                                                          | 511,033   |   |   | BorgWarner, Inc.                                                                                     | $      | 31,413,199                                                  |
|                                                                                                                                                                                          | 829,708   |   |   | Johnson Controls, Inc.                                                                               |   | 39,261,783                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 70,674,982                                                  |
|                                                                                                                                                                                          |      |   |   | Automobile Manufacturers - 1.1%                                                                      |   |                                                        |
|                                                                                                                                                                                          | 3,709,150 |   |   | Ford Motor Co.                                                                                       | $      | 57,862,740                                                  |
|                                                                                                                                                                                          |      |   |   | Total Automobiles & Components                                                                   | $      | 128,537,722                                                 |
|                                                                                                                                                                                          |      |   |   | Consumer Services - 1.4%                                                                             |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Restaurants - 1.4%                                                                                   |   |                                                        |
|                                                                                                                                                                                          | 362,593   |   |   | McDonald's Corp.                                                                                     | $      | 35,544,992                                                  |
|                                                                                                                                                                                          | 490,956   |   |   | Starbucks Corp.                                                                                      |   | 36,026,351                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 71,571,343                                                  |
|                                                                                                                                                                                          |      |   |   | Total Consumer Services                                                                              | $      | 71,571,343                                                  |
|                                                                                                                                                                                          |      |   |   | Media - 6.3%                                                                                         |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Broadcasting - 1.0%                                                                                  |   |                                                        |
|                                                                                                                                                                                          | 660,287   |   |   | Scripps Networks Interactive, Inc.                                                                   | $      | 50,122,386                                                  |
|                                                                                                                                                                                          |      |   |   | Cable & Satellite - 0.3%                                                                         |   |                                                        |
|                                                                                                                                                                                          | 357,464   |   |   | Comcast Corp.                                                                                        | $      | 17,880,349                                                  |
|                                                                                                                                                                                          |      |   |   | Movies & Entertainment - 2.0%                                                                    |   |                                                        |
|                                                                                                                                                                                          | 1,095,738 |   |   | The Walt Disney Co.                                                                                  | $      | 87,735,742                                                  |
|                                                                                                                                                                                          | 277,156   |   |   | Time Warner, Inc.                                                                                    |   | 18,106,601                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 105,842,343                                                 |
|                                                                                                                                                                                          |      |   |   | Publishing - 3.0%                                                                                    |   |                                                        |
|                                                                                                                                                                                          | 2,736,229 |   |   | John Wiley & Sons, Inc. (Class A) †                                                        | $      | 157,716,242                                                 |
|                                                                                                                                                                                          |      |   |   | Total Media                                                                                          | $      | 331,561,320                                                 |
|                                                                                                                                                                                          |      |   |   | Retailing - 3.6%                                                                                     |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Department Stores - 1.1%                                                                             |   |                                                        |
|                                                                                                                                                                                          | 765,884   |   |   | Macy's, Inc.                                                                                         | $      | 45,409,262                                                  |
|                                                                                                                                                                                          | 226,528   |   |   | Nordstrom, Inc.                                                                                      |   | 14,146,674                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 59,555,936                                                  |
|                                                                                                                                                                                          |      |   |   | Apparel Retail - 1.8%                                                                                |   |                                                        |
|                                                                                                                                                                                          | 545,883   |   |   | Ross Stores, Inc.                                                                                    | $      | 39,057,929                                                  |
|                                                                                                                                                                                          | 864,599   |   |   | The TJX Companies, Inc.                                                                              |   | 52,437,929                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 91,495,858                                                  |
|                                                                                                                                                                                          |      |   |   | Home Improvement Retail - 0.7%                                                                       |   |                                                        |
|                                                                                                                                                                                          | 330,558   |   |   | Lowe's Companies, Inc.                                                                               | $      | 16,164,286                                                  |
|                                                                                                                                                                                          | 257,975   |   |   | The Home Depot, Inc.                                                                                 |   | 20,413,562                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 36,577,848                                                  |
|                                                                                                                                                                                          |      |   |   | Total Retailing                                                                                      | $      | 187,629,642                                                 |
|                                                                                                                                                                                          |      |   |   | Food & Staples Retailing - 3.0%                                                                  |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Drug Retail - 3.0%                                                                                   |   |                                                        |
|                                                                                                                                                                                          | 718,029   |   |   | CVS Caremark Corp.                                                                                   | $      | 53,751,651                                                  |
|                                                                                                                                                                                          | 1,541,331 |   |   | Walgreen Co.                                                                                         |   | 101,774,086                                                 |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 155,525,737                                                 |
|                                                                                                                                                                                          |      |   |   | Total Food & Staples Retailing                                                                   | $      | 155,525,737                                                 |
|                                                                                                                                                                                          |      |   |   | Food, Beverage & Tobacco - 6.1%                                                                  |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Soft Drinks - 1.0%                                                                                   |   |                                                        |
|                                                                                                                                                                                          | 344,094   |   |   | Coca-Cola Enterprises, Inc.                                                                          | $      | 16,433,929                                                  |
|                                                                                                                                                                                          | 392,823   |   |   | Dr. Pepper Snapple Group, Inc.                                                                       |   | 21,393,141                                                  |
|                                                                                                                                                                                          | 159,747   |   |   | PepsiCo., Inc.                                                                                       |   | 13,338,874                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 51,165,944                                                  |
|                                                                                                                                                                                          |      |   |   | Packaged Foods & Meats - 5.1%                                                                    |   |                                                        |
|                                                                                                                                                                                          | 316,652   |   |   | Campbell Soup Co.                                                                                    | $      | 14,211,342                                                  |
|                                                                                                                                                                                          | 602,133   |   |   | General Mills, Inc.                                                                                  |   | 31,202,532                                                  |
|                                                                                                                                                                                          | 395,823   |   |   | Kraft Foods Group, Inc.                                                                              |   | 22,205,670                                                  |
|                                                                                                                                                                                          | 317,654   |   |   | Mead Johnson Nutrition Co.                                                                           |   | 26,409,754                                                  |
|                                                                                                                                                                                          | 1,187,571 |   |   | Mondelez International, Inc.                                                                         |   | 41,030,578                                                  |
|                                                                                                                                                                                          | 1,279,264 |   |   | The Hershey Co.                                                                                      |   | 133,555,162                                                 |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 268,615,038                                                 |
|                                                                                                                                                                                          |      |   |   | Total Food, Beverage & Tobacco                                                                   | $      | 319,780,982                                                 |
|                                                                                                                                                                                          |      |   |   | Household & Personal Products - 2.2%                                                             |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Household Products - 2.2%                                                                            |   |                                                        |
|                                                                                                                                                                                          | 1,129,686 |   |   | Colgate-Palmolive Co.                                                                                | $      | 73,282,731                                                  |
|                                                                                                                                                                                          | 228,671   |   |   | The Clorox Co.                                                                                       |   | 20,125,335                                                  |
|                                                                                                                                                                                          | 300,696   |   |   | The Procter & Gamble Co.                                                                         |   | 24,236,098                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 117,644,164                                                 |
|                                                                                                                                                                                          |      |   |   | Total Household & Personal Products                                                              | $      | 117,644,164                                                 |
|                                                                                                                                                                                          |      |   |   | Health Care Equipment & Services - 7.6%                                                          |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Health Care Equipment - 5.2%                                                                         |   |                                                        |
|                                                                                                                                                                                          | 1,112,248 |   |   | Abbott Laboratories                                                                                  | $      | 42,832,670                                                  |
|                                                                                                                                                                                          | 481,863   |   |   | Becton Dickinson and Co.                                                                             |   | 56,416,520                                                  |
|                                                                                                                                                                                          | 670,444   |   |   | Covidien Plc                                                                                         |   | 49,384,905                                                  |
|                                                                                                                                                                                          | 664,027   |   |   | CR Bard, Inc.                                                                                        |   | 98,262,715                                                  |
|                                                                                                                                                                                          | 1,845,836 |   |   | Smith & Nephew Plc                                                                               |   | 27,974,202                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 274,871,012                                                 |
|                                                                                                                                                                                          |      |   |   | Health Care Distributors - 0.9%                                                                      |   |                                                        |
|                                                                                                                                                                                          | 263,143   |   |   | McKesson Corp.                                                                                       | $      | 46,463,160                                                  |
|                                                                                                                                                                                          |      |   |   | Health Care Services - 0.8%                                                                          |   |                                                        |
|                                                                                                                                                                                          | 337,122   |   |   | DaVita HealthCare Partners, Inc. *                                                                   | $      | 23,210,850                                                  |
|                                                                                                                                                                                          | 262,695   |   |   | Express Scripts Holding Co. *                                                                        |   | 19,725,768                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 42,936,618                                                  |
|                                                                                                                                                                                          |      |   |   | Managed Health Care - 0.7%                                                                           |   |                                                        |
|                                                                                                                                                                                          | 459,084   |   |   | Aetna, Inc.                                                                                          | $      | 34,417,527                                                  |
|                                                                                                                                                                                          |      |   |   | Total Health Care Equipment & Services                                                           | $      | 398,688,317                                                 |
|                                                                                                                                                                                          |      |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 9.2%                                            |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Biotechnology - 2.5%                                                                                 |   |                                                        |
|                                                                                                                                                                                          | 472,424   |   |   | Amgen, Inc.                                                                                          | $      | 58,268,776                                                  |
|                                                                                                                                                                                          | 255,409   |   |   | Celgene Corp. *                                                                                      |   | 35,655,096                                                  |
|                                                                                                                                                                                          | 528,957   |   |   | Gilead Sciences, Inc. *                                                                              |   | 37,481,893                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 131,405,765                                                 |
|                                                                                                                                                                                          |      |   |   | Pharmaceuticals - 5.9%                                                                               |   |                                                        |
|                                                                                                                                                                                          | 1,137,248 |   |   | AbbVie, Inc.                                                                                         | $      | 58,454,547                                                  |
|                                                                                                                                                                                          | 368,918   |   |   | Eli Lilly & Co.                                                                                  |   | 21,714,513                                                  |
|                                                                                                                                                                                          | 1,016,980 |   |   | Johnson & Johnson                                                                                |   | 99,897,945                                                  |
|                                                                                                                                                                                          | 83,830    |   |   | Mallinckrodt Plc *                                                                                   |   | 5,315,660                                                   |
|                                                                                                                                                                                          | 402,892   |   |   | Merck & Co., Inc.                                                                                |   | 22,872,179                                                  |
|                                                                                                                                                                                          | 2,066,738 |   |   | Pfizer, Inc.                                                                                         |   | 66,383,625                                                  |
|                                                                                                                                                                                          | 1,179,751 |   |   | Zoetis, Inc.                                                                                         |   | 34,141,994                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 308,780,463                                                 |
|                                                                                                                                                                                          |      |   |   | Life Sciences Tools & Services - 0.8%                                                            |   |                                                        |
|                                                                                                                                                                                          | 326,090   |   |   | Thermo Fisher Scientific, Inc.                                                                       | $      | 39,209,062                                                  |
|                                                                                                                                                                                          |      |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                                             | $      | 479,395,290                                                 |
|                                                                                                                                                                                          |      |   |   | Banks - 7.7%                                                                                         |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Diversified Banks - 4.2%                                                                             |   |                                                        |
|                                                                                                                                                                                          | 246,930   |   |   | Canadian Imperial Bank of Commerce                                                                   | $      | 21,291,887                                                  |
|                                                                                                                                                                                          | 1,659,885 |   |   | US Bancorp/MN                                                                                        |   | 71,142,671                                                  |
|                                                                                                                                                                                          | 2,598,318 |   |   | Wells Fargo & Co.                                                                                |   | 129,240,337                                                 |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 221,674,895                                                 |
|                                                                                                                                                                                          |      |   |   | Regional Banks - 3.5%                                                                                |   |                                                        |
|                                                                                                                                                                                          | 987,684   |   |   | BB&T Corp.                                                                                       | $      | 39,675,266                                                  |
|                                                                                                                                                                                          | 1,927,994 |   |   | KeyCorp                                                                                              |   | 27,454,635                                                  |
|                                                                                                                                                                                          | 1,000,000 |   |   | Regions Financial Corp.                                                                              |   | 11,110,000                                                  |
|                                                                                                                                                                                          | 1,185,813 |   |   | The PNC Financial Services Group, Inc.                                                               |   | 103,165,731                                                 |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 181,405,632                                                 |
|                                                                                                                                                                                          |      |   |   | Total Banks                                                                                          | $      | 403,080,527                                                 |
|                                                                                                                                                                                          |      |   |   | Diversified Financials - 6.9%                                                                        |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Other Diversified Financial Services - 2.8%                                                          |   |                                                        |
|                                                                                                                                                                                          | 2,137,124 |   |   | Bank of America Corp.                                                                                | $      | 36,758,533                                                  |
|                                                                                                                                                                                          | 1,280,304 |   |   | Citigroup, Inc.                                                                                      |   | 60,942,470                                                  |
|                                                                                                                                                                                          | 816,085   |   |   | JPMorgan Chase & Co.                                                                             |   | 49,544,520                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 147,245,523                                                 |
|                                                                                                                                                                                          |      |   |   | Consumer Finance - 1.5%                                                                              |   |                                                        |
|                                                                                                                                                                                          | 416,128   |   |   | American Express Co.                                                                                 | $      | 37,464,004                                                  |
|                                                                                                                                                                                          | 695,634   |   |   | Discover Financial Services, Inc.                                                                    |   | 40,478,942                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 77,942,946                                                  |
|                                                                                                                                                                                          |      |   |   | Asset Management & Custody Banks - 2.3%                                                          |   |                                                        |
|                                                                                                                                                                                          | 698,337   |   |   | Franklin Resources, Inc.                                                                             | $      | 37,835,899                                                  |
|                                                                                                                                                                                          | 721,330   |   |   | Invesco, Ltd.                                                                                        |   | 26,689,210                                                  |
|                                                                                                                                                                                          | 300,000   |   |   | State Street Corp.                                                                                   |   | 20,865,000                                                  |
|                                                                                                                                                                                          | 410,345   |   |   | T. Rowe Price Group, Inc.                                                                            |   | 33,791,911                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 119,182,020                                                 |
|                                                                                                                                                                                          |      |   |   | Investment Banking & Brokerage - 0.3%                                                            |   |                                                        |
|                                                                                                                                                                                          | 493,842   |   |   | Morgan Stanley Co.                                                                                   | $      | 15,393,055                                                  |
|                                                                                                                                                                                          |      |   |   | Total Diversified Financials                                                                         | $      | 359,763,544                                                 |
|                                                                                                                                                                                          |      |   |   | Insurance - 3.1%                                                                                     |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Life & Health Insurance - 0.7%                                                                   |   |                                                        |
|                                                                                                                                                                                          | 637,429   |   |   | Aflac, Inc.                                                                                          | $      | 40,183,524                                                  |
|                                                                                                                                                                                          |      |   |   | Property & Casualty Insurance - 2.4%                                                             |   |                                                        |
|                                                                                                                                                                                          | 963,138   |   |   | The Chubb Corp.                                                                                      | $      | 86,008,223                                                  |
|                                                                                                                                                                                          | 452,398   |   |   | The Travelers Companies, Inc.                                                                        |   | 38,499,070                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 124,507,293                                                 |
|                                                                                                                                                                                          |      |   |   | Total Insurance                                                                                      | $      | 164,690,817                                                 |
|                                                                                                                                                                                          |      |   |   | Software & Services - 10.5%                                                                      |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Internet Software & Services - 2.7%                                                              |   |                                                        |
|                                                                                                                                                                                          | 493,404   |   |   | eBay, Inc. *                                                                                         | $      | 27,255,637                                                  |
|                                                                                                                                                                                          | 710,051   |   |   | Facebook, Inc. *                                                                                     |   | 42,773,472                                                  |
|                                                                                                                                                                                          | 49,696    |   |   | Google, Inc. *                                                                                       |   | 55,386,689                                                  |
|                                                                                                                                                                                          | 491,373   |   |   | Yahoo!, Inc. *                                                                                       |   | 17,640,291                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 143,056,089                                                 |
|                                                                                                                                                                                          |      |   |   | IT Consulting & Other Services - 0.8%                                                            |   |                                                        |
|                                                                                                                                                                                          | 222,201   |   |   | International Business Machines Corp.                                                                | $      | 42,771,470                                                  |
|                                                                                                                                                                                          |      |   |   | Data Processing & Outsourced Services - 2.4%                                                     |   |                                                        |
|                                                                                                                                                                                          | 383,180   |   |   | Automatic Data Processing, Inc.                                                                      | $      | 29,604,487                                                  |
|                                                                                                                                                                                          | 341,358   |   |   | DST Systems, Inc.                                                                                    |   | 32,357,325                                                  |
|                                                                                                                                                                                          | 627,637   |   |   | Fiserv, Inc. *                                                                                       |   | 35,580,742                                                  |
|                                                                                                                                                                                          | 125,356   |   |   | Visa, Inc.                                                                                           |   | 27,059,346                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 124,601,900                                                 |
|                                                                                                                                                                                          |      |   |   | Application Software - 1.0%                                                                          |   |                                                        |
|                                                                                                                                                                                          | 782,367   |   |   | Adobe Systems, Inc. *                                                                                | $      | 51,432,807                                                  |
|                                                                                                                                                                                          |      |   |   | Systems Software - 3.6%                                                                              |   |                                                        |
|                                                                                                                                                                                          | 2,915,896 |   |   | Microsoft Corp.                                                                                      | $      | 119,522,577                                                 |
|                                                                                                                                                                                          | 1,129,877 |   |   | Oracle Corp.                                                                                         |   | 46,223,268                                                  |
|                                                                                                                                                                                          | 1,128,570 |   |   | Symantec Corp.                                                                                       |   | 22,537,543                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 188,283,388                                                 |
|                                                                                                                                                                                          |      |   |   | Total Software & Services                                                                        | $      | 550,145,654                                                 |
|                                                                                                                                                                                          |      |   |   | Technology Hardware & Equipment - 2.8%                                                           |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Communications Equipment - 0.6%                                                                      |   |                                                        |
|                                                                                                                                                                                          | 126,518   |   |   | F5 Networks, Inc. *                                                                                  | $      | 13,490,614                                                  |
|                                                                                                                                                                                          | 286,669   |   |   | Motorola Solutions, Inc.                                                                             |   | 18,429,950                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 31,920,564                                                  |
|                                                                                                                                                                                          |      |   |   | Computer Hardware - 1.8%                                                                             |   |                                                        |
|                                                                                                                                                                                          | 178,036   |   |   | Apple, Inc.                                                                                          | $      | 95,559,043                                                  |
|                                                                                                                                                                                          |      |   |   | Computer Storage & Peripherals - 0.4%                                                            |   |                                                        |
|                                                                                                                                                                                          | 735,569   |   |   | EMC Corp.                                                                                            | $      | 20,161,946                                                  |
|                                                                                                                                                                                          |      |   |   | Total Technology Hardware & Equipment                                                            | $      | 147,641,553                                                 |
|                                                                                                                                                                                          |      |   |   | Semiconductors & Semiconductor Equipment - 2.7%                                                  |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Semiconductor Equipment - 0.5%                                                                       |   |                                                        |
|                                                                                                                                                                                          | 264,994   |   |   | ASML Holding NV (A.D.R.)                                                                             | $      | 24,739,840                                                  |
|                                                                                                                                                                                          |      |   |   | Semiconductors - 2.2%                                                                                |   |                                                        |
|                                                                                                                                                                                          | 888,377   |   |   | Analog Devices, Inc.                                                                                 | $      | 47,208,354                                                  |
|                                                                                                                                                                                          | 707,610   |   |   | Intel Corp.                                                                                          |   | 18,263,414                                                  |
|                                                                                                                                                                                          | 894,436   |   |   | Xilinx, Inc.                                                                                         |   | 48,541,042                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 114,012,810                                                 |
|                                                                                                                                                                                          |      |   |   | Total Semiconductors & Semiconductor Equipment                                                   | $      | 138,752,650                                                 |
|                                                                                                                                                                                          |      |   |   | Telecommunication Services - 0.6%                                                                    |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Integrated Telecommunication Services - 0.6%                                                         |   |                                                        |
|                                                                                                                                                                                          | 617,768   |   |   | Verizon Communications, Inc.                                                                         | $      | 29,387,224                                                  |
|                                                                                                                                                                                          |      |   |   | Total Telecommunication Services                                                                     | $      | 29,387,224                                                  |
|                                                                                                                                                                                          |      |   |   | Utilities - 0.9%                                                                                     |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Electric Utilities - 0.9%                                                                            |   |                                                        |
|                                                                                                                                                                                          | 459,084   |   |   | American Electric Power Co., Inc.                                                                    | $      | 23,257,195                                                  |
|                                                                                                                                                                                          | 570,881   |   |   | The Southern Co.                                                                                     |   | 25,084,511                                                  |
|                                                                                                                                                                                          |      |   |   |                                                                                                 | $      | 48,341,706                                                  |
|                                                                                                                                                                                          |      |   |   | Total Utilities                                                                                      | $      | 48,341,706                                                  |
|                                                                                                                                                                                          |      |   |   | TOTAL COMMON STOCKS                                                                                  |   |                                                        |
|                                                                                                                                                                                          |      |   |   | (Cost $2,774,262,974)                                                                                | $      | 5,234,320,975                                               |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   | TOTAL INVESTMENT IN SECURITIES - 100.1%                                                              |   |                                                        |
|                                                                                                                                                                                          |      |   |   | (Cost $2,774,262,974) (a)                                                                            | $      | 5,234,320,975                                               |
|                                                                                                                                                                                          |      |   |   | OTHER ASSETS & LIABILITIES - (0.1)%                                                              | $      | (3,542,345)                                                 |
|                                                                                                                                                                                          |      |   |   | TOTAL NET ASSETS - 100.0%                                                                            | $      | 5,230,778,630                                               |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          | *         |   |   | Non-income producing security.                                                                       |   |                                                        |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          | (A.D.R.)  |   |   | American Depositary Receipts.                                                                        |   |                                                        |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          | †   |   |   | Investment held by the Fund representing 5% or more of the outstanding voting stock of such company. |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          | (a)       |   |   | At  March 31, 2014, the net unrealized appreciation on investments based on                |
|                                                                                                                                                                                          |      |   |   | cost for federal income tax purposes of $2,778,911,381 was as follows:                               |   |                                                        |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Aggregate gross unrealized appreciation for all investments in which                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   | there is an excess of value over tax cost                                                            | $      |    2,461,820,734                             |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Aggregate gross unrealized depreciation for all investments in which                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   | there is an excess of tax cost over value                                                            |   |         (6,411,140) |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
|                                                                                                                                                                                          |      |   |   | Net unrealized appreciation                                                                          | $      |    2,455,409,594                             |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
| 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)  See Notes to Financial Statements — Note 1A. |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
| Generally, equity securities are categorized as Level 1, fixed income securities and senior loans as Level 2 and securities valued                                                            |
| using fair value methods (other than prices supplied by independent pricing services) as Level 3.                                                                                             |      |
|                                                                                                                                                                                          |      |   |   |                                                                                                 |   |                                                        |
| 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                                                                              |   | $       | 5,234,320,975 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 5,234,320,975 |   |
| Total                                                                                      |   | $       | 5,234,320,975 |   |    | $      | -      |    |   | $      | -      |   |   | $ | 5,234,320,975 |   |
|                                                                                       |   |    |          |   |    |   |   |    |   |   |   |   |   |   |   |   |
| During the period ended March 31, 2014, there were no transfers between Levels 1, 2 and 3. |   |    |          |   |    |