```

                                 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 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, 2017

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 3/31/17 (unaudited)                                           |   |                                                                                |
|                                                                                                                                                                                                                     | Shares               |   |   |                                                                                  |   | Value                                                                               |
|                                                                                                                                                                                                                     |                 |   |   | COMMON STOCKS - 99.4%                                                                 |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Energy - 6.3%                                                                         |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Oil & Gas Equipment & Services - 3.6%                                         |   |                                                                                |
|                                                                                                                                                                                                                     | 2,240,000            |   |   | Schlumberger, Ltd.                                                                    | $      | 174,944,000                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Oil & Gas Exploration & Production - 2.7%                                     |   |                                                                                |
|                                                                                                                                                                                                                     | 1,361,000            |   |   | EOG Resources, Inc.                                                                   | $      | 132,765,550                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Energy                                                                          | $      | 307,709,550                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Materials - 2.0%                                                                      |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Diversified Chemicals - 1.3%                                                          |   |                                                                                |
|                                                                                                                                                                                                                     | 1,045,000            |   |   | The Dow Chemical Co.                                                                  | $      | 66,399,300                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Specialty Chemicals - 0.7%                                                            |   |                                                                                |
|                                                                                                                                                                                                                     | 260,000              |   |   | Ecolab, Inc.                                                                          | $      | 32,588,400                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Materials                                                                       | $      | 98,987,700                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Capital Goods - 2.9%                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Aerospace & Defense - 0.9%                                                        |   |                                                                                |
|                                                                                                                                                                                                                     | 275,200              |   |   | Raytheon Co.                                                                          | $      | 41,968,000                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Industrial Conglomerates - 2.0%                                                       |   |                                                                                |
|                                                                                                                                                                                                                     | 784,000              |   |   | Honeywell International, Inc.                                                         | $      | 97,898,080                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Capital Goods                                                                   | $      | 139,866,080                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Commercial Services & Supplies - 1.3%                                             |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Environmental & Facilities Services - 1.3%                                        |   |                                                                                |
|                                                                                                                                                                                                                     | 852,000              |   |   | Waste Management, Inc.                                                                | $      | 62,127,840                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Commercial Services & Supplies                                              | $      | 62,127,840                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Transportation - 5.6%                                                                 |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Air Freight & Logistics - 2.2%                                                    |   |                                                                                |
|                                                                                                                                                                                                                     | 546,500              |   |   | FedEx Corp.                                                                           | $      | 106,649,475                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Railroads - 3.4%                                                                      |   |                                                                                |
|                                                                                                                                                                                                                     | 1,445,000            |   |   | Kansas City Southern                                                                  | $      | 123,923,200                                                                         |
|                                                                                                                                                                                                                     | 375,000              |   |   | Union Pacific Corp.                                                                   |   | 39,720,000                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 163,643,200                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Transportation                                                                  | $      | 270,292,675                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Automobiles & Components - 1.1%                                                   |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Auto Parts & Equipment - 1.1%                                                     |   |                                                                                |
|                                                                                                                                                                                                                     | 1,225,000            |   |   | BorgWarner, Inc.                                                                      | $      | 51,192,750                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Automobiles & Components                                                    | $      | 51,192,750                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Consumer Services - 0.9%                                                              |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Restaurants - 0.9%                                                                    |   |                                                                                |
|                                                                                                                                                                                                                     | 765,500              |   |   | Starbucks Corp.                                                                       | $      | 44,697,545                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Consumer Services                                                               | $      | 44,697,545                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Media - 3.7%                                                                          |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Broadcasting - 1.8%                                                                   |   |                                                                                |
|                                                                                                                                                                                                                     | 1,116,000            |   |   | Scripps Networks Interactive, Inc.                                                    | $      | 87,460,920                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Cable & Satellite - 1.1%                                                          |   |                                                                                |
|                                                                                                                                                                                                                     | 838,800              |   |   | DISH Network Corp.                                                                    | $      | 53,255,412                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Movies & Entertainment - 0.8%                                                     |   |                                                                                |
|                                                                                                                                                                                                                     | 364,000              |   |   | The Walt Disney Co.                                                                   | $      | 41,273,960                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Media                                                                           | $      | 181,990,292                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Retailing - 4.5%                                                                      |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Apparel Retail - 1.2%                                                                 |   |                                                                                |
|                                                                                                                                                                                                                     | 736,500              |   |   | The TJX Companies, Inc.                                                               | $      | 58,242,420                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Home Improvement Retail - 2.4%                                                        |   |                                                                                |
|                                                                                                                                                                                                                     | 813,813              |   |   | The Home Depot, Inc.                                                                  | $      | 119,492,163                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Specialty Stores - 0.9%                                                               |   |                                                                                |
|                                                                                                                                                                                                                     | 455,000              |   |   | Tiffany & Co.                                                                     | $      | 43,361,500                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Retailing                                                                       | $      | 221,096,083                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Food & Staples Retailing - 2.1%                                                   |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Drug Retail - 2.1%                                                                    |   |                                                                                |
|                                                                                                                                                                                                                     | 1,293,000            |   |   | CVS Health Corp.                                                                      | $      | 101,500,500                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Food & Staples Retailing                                                    | $      | 101,500,500                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Food, Beverage & Tobacco - 5.9%                                                   |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Soft Drinks - 2.9%                                                                    |   |                                                                                |
|                                                                                                                                                                                                                     | 1,273,300            |   |   | PepsiCo., Inc.                                                                        | $      | 142,431,338                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Packaged Foods & Meats - 3.0%                                                     |   |                                                                                |
|                                                                                                                                                                                                                     | 759,000              |   |   | Campbell Soup Co.                                                                     | $      | 43,445,160                                                                          |
|                                                                                                                                                                                                                     | 921,389              |   |   | The Hershey Co.                                                                       |   | 100,661,748                                                                         |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 144,106,908                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Food, Beverage & Tobacco                                                    | $      | 286,538,246                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Household & Personal Products - 1.2%                                              |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Household Products - 1.2%                                                             |   |                                                                                |
|                                                                                                                                                                                                                     | 416,000              |   |   | The Clorox Co.                                                                        | $      | 56,089,280                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Household & Personal Products                                               | $      | 56,089,280                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Health Care Equipment & Services - 6.2%                                           |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Health Care Equipment - 2.6%                                                          |   |                                                                                |
|                                                                                                                                                                                                                     | 1,541,094            |   |   | Medtronic Plc                                                                         | $      | 124,150,533                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Health Care Supplies - 0.8%                                                           |   |                                                                                |
|                                                                                                                                                                                                                     | 650,000              |   |   | Dentsply Sirona, Inc.                                                                 | $      | 40,586,000                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Managed Health Care - 2.8%                                                            |   |                                                                                |
|                                                                                                                                                                                                                     | 823,000              |   |   | UnitedHealth Group, Inc.                                                              | $      | 134,980,230                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Health Care Equipment & Services                                            | $      | 299,716,763                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Pharmaceuticals, Biotechnology & Life Sciences - 7.6%                             |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Biotechnology - 3.1%                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     | 885,000              |   |   | Celgene Corp. *                                                                       | $      | 110,120,550                                                                         |
|                                                                                                                                                                                                                     | 313,000              |   |   | Incyte Corp. *                                                                        |   | 41,838,710                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 151,959,260                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Pharmaceuticals - 4.5%                                                                |   |                                                                                |
|                                                                                                                                                                                                                     | 809,000              |   |   | Eli Lilly & Co.                                                                   | $      | 68,044,990                                                                          |
|                                                                                                                                                                                                                     | 3,108,500            |   |   | Pfizer, Inc.                                                                          |   | 106,341,785                                                                         |
|                                                                                                                                                                                                                     | 792,800              |   |   | Zoetis, Inc.                                                                          |   | 42,311,736                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 216,698,511                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Pharmaceuticals, Biotechnology & Life Sciences                              | $      | 368,657,771                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Banks - 9.1%                                                                          |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Diversified Banks - 7.6%                                                              |   |                                                                                |
|                                                                                                                                                                                                                     | 2,745,000            |   |   | JPMorgan Chase & Co.                                                              | $      | 241,120,800                                                                         |
|                                                                                                                                                                                                                     | 2,520,500            |   |   | US Bancorp                                                                            |   | 129,805,750                                                                         |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 370,926,550                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Regional Banks - 1.5%                                                                 |   |                                                                                |
|                                                                                                                                                                                                                     | 586,700              |   |   | The PNC Financial Services Group, Inc.                                                | $      | 70,544,808                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Total Banks                                                                           | $      | 441,471,358                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Diversified Financials - 4.1%                                                         |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Asset Management & Custody Banks - 1.8%                                           |   |                                                                                |
|                                                                                                                                                                                                                     | 228,400              |   |   | BlackRock, Inc.                                                                       | $      | 87,593,684                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Investment Banking & Brokerage - 2.3%                                             |   |                                                                                |
|                                                                                                                                                                                                                     | 481,300              |   |   | The Goldman Sachs Group, Inc.                                                         | $      | 110,564,236                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Diversified Financials                                                          | $      | 198,157,920                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Insurance - 3.2%                                                                      |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Multi-line Insurance - 0.9%                                                           |   |                                                                                |
|                                                                                                                                                                                                                     | 854,000              |   |   | The Hartford Financial Services Group, Inc.                                           | $      | 41,051,780                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Property & Casualty Insurance - 2.3%                                              |   |                                                                                |
|                                                                                                                                                                                                                     | 834,900              |   |   | Chubb, Ltd.                                                                           | $      | 113,755,125                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Insurance                                                                       | $      | 154,806,905                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Software & Services - 14.3%                                                       |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Internet Software & Services - 7.4%                                               |   |                                                                                |
|                                                                                                                                                                                                                     | 290,400              |   |   | Alphabet, Inc. (Class A)                                                              | $      | 246,201,120                                                                         |
|                                                                                                                                                                                                                     | 1,045,000            |   |   | eBay, Inc. *                                                                          |   | 35,080,650                                                                          |
|                                                                                                                                                                                                                     | 572,000              |   |   | Facebook, Inc. *                                                                      |   | 81,252,600                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 362,534,370                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Data Processing & Outsourced Services - 1.5%                                      |   |                                                                                |
|                                                                                                                                                                                                                     | 812,300              |   |   | Visa, Inc.                                                                            | $      | 72,189,101                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Systems Software - 5.4%                                                               |   |                                                                                |
|                                                                                                                                                                                                                     | 209,500              |   |   | Check Point Software Technologies, Ltd. *                                             | $      | 21,507,270                                                                          |
|                                                                                                                                                                                                                     | 2,695,319            |   |   | Microsoft Corp.                                                                       |   | 177,513,709                                                                         |
|                                                                                                                                                                                                                     | 1,400,000            |   |   | Oracle Corp.                                                                          |   | 62,454,000                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 261,474,979                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Software & Services                                                         | $      | 696,198,450                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Technology Hardware & Equipment - 6.0%                                            |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Communications Equipment - 2.2%                                                       |   |                                                                                |
|                                                                                                                                                                                                                     | 3,178,000            |   |   | Cisco Systems, Inc.                                                                   | $      | 107,416,400                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Computer Storage & Peripherals - 3.8%                                             |   |                                                                                |
|                                                                                                                                                                                                                     | 1,293,000            |   |   | Apple, Inc.                                                                           | $      | 185,752,380                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Technology Hardware & Equipment                                             | $      | 293,168,780                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Semiconductors & Semiconductor Equipment - 5.1%                                   |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Semiconductor Equipment - 1.2%                                                        |   |                                                                                |
|                                                                                                                                                                                                                     | 472,000              |   |   | Lam Research Corp.                                                                    | $      | 60,585,920                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | Semiconductors - 3.9%                                                                 |   |                                                                                |
|                                                                                                                                                                                                                     | 1,268,000            |   |   | Analog Devices, Inc.                                                                  | $      | 103,912,600                                                                         |
|                                                                                                                                                                                                                     | 2,331,500            |   |   | Intel Corp.                                                                           |   | 84,097,205                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  | $      | 188,009,805                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Semiconductors & Semiconductor Equipment                                    | $      | 248,595,725                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Telecommunication Services - 3.3%                                                     |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Integrated Telecommunication Services - 3.3%                                          |   |                                                                                |
|                                                                                                                                                                                                                     | 3,840,000            |   |   | AT&T, Inc.                                                                        | $      | 159,552,000                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Telecommunication Services                                                      | $      | 159,552,000                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Utilities - 3.0%                                                                      |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Electric Utilities - 3.0%                                                             |   |                                                                                |
|                                                                                                                                                                                                                     | 2,153,700            |   |   | American Electric Power Co., Inc.                                                     | $      | 144,577,881                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | Total Utilities                                                                       | $      | 144,577,881                                                                         |
|                                                                                                                                                                                                                     |                 |   |   | TOTAL COMMON STOCKS                                                                   |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | (Cost $3,636,297,590)                                                                 | $      | 4,826,992,094                                                                       |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     | Principal Amount ($) |   |   |                                                                                  |
|                                                                                                                                                                                                                     |                 |   |   | TEMPORARY CASH INVESTMENT - 0.2%                                                      |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Repurchase Agreement - 0.2%                                                           |   |                                                                                |
|                                                                                                                                                                                                                     | 12,195,000           |   |   | $12,195,000 ScotiaBank, 0.81%, dated 3/31/17 plus accrued interest on 4/3/17          |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | collateralized by the following:                                                      |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | $8,275,750 Federal National Mortgage Association (ARM), 2.272%-3.487%, 5/1/38-10/1/46 |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | $4,163,990 Federal National Mortgage Association, 3.5-5.5%, 1/1/26-1/1/47             | $      | 12,195,000                                                                          |
|                                                                                                                                                                                                                     |                 |   |   | TOTAL TEMPORARY CASH INVESTMENT                                                       |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | (Cost $12,195,000)                                                                    | $      | 12,195,000                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | TOTAL INVESTMENT IN SECURITIES - 99.6%                                                |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | (Cost $3,648,492,590) (a)                                                             | $      | 4,839,187,094                                                                       |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | OTHER ASSETS & LIABILITIES - 0.4%                                                 | $      | 17,637,788                                                                          |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | TOTAL NET ASSETS - 100.0%                                                             | $      | 4,856,824,882                                                                       |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     | *                    |   |   | Non-income producing security.                                                        |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     | (a)                  |   |   | At March 31, 2017, the net unrealized appreciation on investments based on            |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | cost for federal income tax purposes of $3,648,492,590 was as follows:                |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Aggregate gross unrealized appreciation for all investments in which                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | there is an excess of value over tax cost                                             | $      |       1,198,103,803                                   |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Aggregate gross unrealized depreciation for all investments in which                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | there is an excess of tax cost over value                                             |   |             (7,409,299) |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
|                                                                                                                                                                                                                     |                 |   |   | Net unrealized appreciation                                                           | $      |       1,190,694,504                                   |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
| Various inputs are used in determining the value of the Fund's investments.  These inputs are summarized in the three broad levels listed below.                                                               |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
| Level 1 – quoted prices in active markets for identical securities.                                                                                                                                                |                 |   |
| Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)  See Notes to Financial Statements — Note 1A. |
| Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments)  See Notes to Financial Statements — Note 1A.                            |
|                                                                                                                                                                                                                     |                 |   |   |                                                                                  |   |                                                                                |
| The following is a summary of the inputs used as of March 31, 2017, in valuing the Fund's investments:                                                                                                                   |                 |   |

|                                                                                       |   | Level 1 |          |   | Level 2 |   |       | Level 3 |   |   | Total  |   |
|--------------------------------------------------------------------------------------------|--------|---------|---------------|--------|---------|--------|------------|---------|--------|--------|--------|--------|
| Common Stocks                                                                              |   | $       | 4,826,992,094 |   |    | $      | -          |    |   | $      | -      |   |   | $ | 4,826,992,094 |   |
| Repurchase Agreement                                                                       |   |    | -             |   |    |   | 12,195,000 |    |   |   | -      |   |   |   | 12,195,000 |   |
| Total                                                                                      |   | $       | 4,826,992,094 |   |    | $      | -          |    |   | $      | -      |   |   | $ | 4,826,992,094 |   |
|                                                                                       |   |    |          |   |    |   |       |    |   |   |   |   |   |   |   |   |
| During the period ended March 31, 2017, there were no transfers between Levels 1, 2 and 3. |   |    |          |   |    |   |       |    |   |   |   |   |   |   |   |   |