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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
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: January 1, 2012 through June 30, 2012
Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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.
ITEM 1. REPORTS TO SHAREOWNERS.
Pioneer Fund
--------------------------------------------------------------------------------
Semiannual Report | June 30, 2012
--------------------------------------------------------------------------------
Ticker Symbols:
Class A PIODX
Class B PBODX
Class C PCODX
Class R PIORX
Class Y PYODX
Class Z PIOZX
[LOGO] PIONEER
Investments(R)
visit us: us.pioneerinvestments.com
Table of Contents
Letter to Shareowners 2
Portfolio Management Discussion 4
Portfolio Summary 8
Prices and Distributions 9
Performance Update 10
Comparing Ongoing Fund Expenses 16
Schedule of Investments 18
Financial Statements 26
Notes to Financial Statements 36
Trustees, Officers and Service Providers 45
Pioneer Fund | Semiannual Report | 6/30/12 1
President's Letter
Dear Shareowner,
The U.S. economy showed signs of an economic slowdown in the second quarter,
reflecting higher savings by consumers and reduced spending by corporations, in
large part due to concerns about both the U.S. outlook and the deteriorating
situation in Europe. Some 40% - 45% of U.S. corporate earnings come from
overseas, with a large portion of that from Europe. While large U.S.
corporations generally remain in excellent financial health - cash, borrowing
capacity, and margins are all strong - they are holding back on hiring and
investments due to concerns about Europe, China, and U.S. regulations, fiscal
policies, taxes, and politics. Many investors share those concerns, and are
maintaining a cautious approach to the markets.
Despite this tough backdrop, the markets had a surprisingly strong first half of
2012. The Standard & Poor's 500 Index returned 9.5% over the six months ended
June 30, 2012. In the U.S. bond markets, interest rates generally declined, with
riskier sectors faring the best. The broad bond market, as measured by the
Barclays Capital Aggregate Bond Index, returned 2.4% during the same six-month
period, while the high-yield bond market, as measured by the Bank of America
Merrill Lynch High Yield Master II Index, returned 7.1%.
Given the major macroeconomic and political issues facing the markets in the
second half of the year, we certainly expect continuing volatility. But we also
see some positive economic data that give us hope for better news in the second
half of 2012. While the unemployment rate remains unacceptably high at over 8%,
employment and incomes continue to trend upward. Lower oil prices have acted
like an effective tax cut for consumers. Home construction, sales, and
refinancings have increased, and auto sales are holding up as well.
At Pioneer, we have long advocated the benefits of staying diversified* and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy that
works for every investor.
* Diversification does not assure a profit or protect against loss in a
declining market.
2 Pioneer Fund | Semiannual Report | 6/30/12
Pioneer's investment professionals focus on finding good opportunities in both
equity and bond markets using the same disciplined investment approach we have
used since 1928. Our strategy is to identify undervalued individual securities
with the greatest potential for success, carefully weighing risk against reward.
Our teams of investment professionals continually monitor and analyze the
relative valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.
We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us, and we thank
you for investing with Pioneer.
Sincerely,
/s/ Daniel K. Kingsbury
Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.
Any information in this shareowner report regarding market or economic trends or
the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should not
be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.
Pioneer Fund | Semiannual Report | 6/30/12 3
Portfolio Management Discussion | 6/30/12
In the following interview, John Carey, executive vice president and head of
U.S. Core Value at Pioneer Investments, discusses the investment environment
during the six-month period ended June 30, 2012, and the performance of Pioneer
Fund during the period. Mr. Carey is responsible for the day-to-day management
of the Fund.
Q How would you describe the market for equities during the six months ended
June 30, 2012?
A After an especially good advance during the first several months of 2012, the
market corrected in May, but still finished the six-month period with
positive returns. Some of the market's concerns about European financial and
currency-related issues eased for a time (they have since returned), and
investors took heart from positive earnings reports and economic data. The
market correction of 2011 had also pushed many share prices down to what a
lot of investors appeared to regard as bargain levels, prompting buying.
While the general stock market advanced, however, there were shifts in
"market leadership"--that is, in the relative performance of the various
market sectors and industries. The near panic that affected the market during
the difficult months of 2011 gave way to a much more bullish sentiment in
early 2012. The emotional change was reflected in the strong relative
performance of the large diversified financials firms, which had declined by
more than the general market during the downturn, and the relatively weak
performance of utilities, consumer staples, and other stocks regarded as
"safer." The rotation in sector leadership was sometimes characterized in the
business press as "risk off to risk on," though one should hasten to add that
there is potential risk in all investments.
Q How did the Fund perform in that environment during the six months ended June
30, 2012?
A Pioneer Fund Class A shares returned 4.65% at net asset value during the six
months ended June 30, 2012, while the Fund's benchmark, the Standard & Poor's
500 Index (the S&P 500), returned 9.48%. During the same period, the average
return of the 1,075 mutual funds in Lipper's Large-Cap Core Funds category
was 7.95%.
4 Pioneer Fund | Semiannual Report | 6/30/12
Q What were the primary reasons for the underperformance of the Fund versus the
S&P 500 during the six months ended June 30, 2012?
A While sector allocations and stock selections across much of the portfolio
contributed to underperformance of the S&P 500, the Fund's main shortfalls
derived from stock selections we made in information technology, consumer
discretionary, and financials. The Fund's lack of investment in Apple
Computer at the beginning of the year single-handedly cost nearly 1% in
performance relative to the S&P 500 benchmark. We did add Apple to the
portfolio in February 2012, but the stock had already recorded much of its
advance for the six-month period. In consumer discretionary, an exposure to
automotive stocks, particularly to Johnson Controls, hurt the Fund's relative
performance. And in financials, the Fund was largely unrepresented in the
early months of the period in the recovering money-center banks group, with
underweights in Bank of America, JPMorgan Chase, and Citigroup being
especially costly for benchmark-relative performance. Again, we did add
investments to the portfolio in some of those stocks during the period, but
too late to catch the share-price increases.
On the bright side of things, the Fund did have a number of stocks that
performed very well during the period, including Vertex, a biotech company;
C.R. Bard, a medical and surgical devices producer; Hershey, the
confectioner; and Discover Financial, the credit-card company. In general,
though, the Fund's results for the period were disappointing to us.
Q Could you summarize purchases and sales that you made in the portfolio during
the six months ended June 30, 2012?
A It was a busy period for us. The Fund's relative underperformance led us to
look at the portfolio especially carefully, and we made in all 36 new
purchases, while liquidating 28 Fund positions. In addition, the Fund
received shares of Express Scripts in exchange for its shares of Medco in a
merger between the companies, and also received shares of Phillips 66 when
ConocoPhillips separated Phillips 66 into an independent company.
Purchases during the period included two natural-gas producers, Cabot Oil &
Gas and Southwestern Energy. The depressed price of natural gas provided an
opportunity to purchase shares of the companies for the Fund at what we
thought were very reasonable prices. The mild winter had reduced heating
demand, and the plentiful new supplies of gas available as a result of
fracturing technology had also played a role. However, the hot summer has
increased demand for air conditioning, and the price of gas has moved back
up. McDonald's and Starbucks also were added during the period, giving the
portfolio exposure to growth stories in the restaurant industry; both
companies enjoy robust traffic at their locations, which span international
geographies as well as the U.S. domestic market. We also
Pioneer Fund | Semiannual Report | 6/30/12 5
added Disney to the portfolio during the period, which provides an investment
in filmed entertainment and amusement parks. TJX, the off-price apparel
retailer which has been prospering due to bargain-hungry shoppers, was
another addition to the Fund during the period. Celgene and the
aforementioned Vertex are biotech firms that were added during the period.
Both have successful records of drug development and attractive presence in
key medical areas.
We did return to owning several of the money-center institutions after the
completion in the middle of March 2012 of the CCAR (Comprehensive Capital
Analysis and Review) by the Federal Reserve (the Fed), and the Fund by the
end of the period held shares of JPMorgan Chase, Bank of America, and
Citigroup. We also added life insurance to the portfolio's insurance
holdings, buying shares of Aflac and Prudential. In information technology,
Apple was our largest addition to the Fund, but we also purchased shares of
EMC, the storage specialist; Google, the internet search-engine king; and
Xilinx, the programmable-chip maker, among others.
Those are just a portion of our purchases during the period; the
Schedule of Investments, which begins on page 18 of this report, gives a
complete list of all portfolio holdings as of June 30, 2012.
Among sales from the Fund's portfolio during the period were stocks we
thought had reached reasonable price objectives, as well as stocks that
appeared less compelling with respect to longer-term prospects than the
stocks we wished to purchase. In the former category, for example, were
Caterpillar, Parker Hannifin, and Estee Lauder; and among the latter were
Alcoa, Kohl's, and Northern Trust.
Q The positive momentum that the U.S. economy showed at the end of 2011 and
during the early months of 2012 seems to have slowed recently. What is your
outlook for the economy and the markets as we head into the second half of
the year?
A The current business cycle has been slower than many we have experienced.
Dating the economic recovery from early 2009, we see that we are already
three or so years into the cycle. Growth has been steady, but at a modest
pace. There has just not been the sharp burst of economic activity over
several quarters that we are accustomed to seeing, especially after such a
severe downturn as we experienced from late 2007 through 2008. Undoubtedly,
the weakened state of the U.S. financial sector following the so-called
"sub-prime meltdown" is part of the reason why growth has been slow, and the
problems with the European currency union have, likewise, certainly not
helped. Many people have also debated the advisability and
6 Pioneer Fund | Semiannual Report | 6/30/12
merit of various government economic policies, both here in the U.S. and
abroad. Regardless, the situation now confronting us is a possibly even
slower period of growth, particularly for corporate earnings.
We do not yet think that the economy is going back into recession, but we
have been trimming our expectations for growth over the next couple of years
and are inclined to be somewhat cautious. Time will tell, but it is our
thought that well-established and strongly-financed companies will present
solid investment opportunities in an environment of greater concern about
world economic trends. At Pioneer, we analyze companies one by one, paying
particular attention to business fundamentals. We can provide no guarantees,
of course, that our research methods will always help in protecting portfolio
value.
Thank you for your continued support.
Please refer to the Schedule of Investments on pages 18-25 for a full listing of
Fund securities.
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.
Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.
Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.
Pioneer Fund | Semiannual Report | 6/30/12 7
Portfolio Summary | 6/30/12
Portfolio Diversification
--------------------------------------------------------------------------------
(As a percentage of total investment portfolio)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
U.S. Common Stocks 96.0%
International Common Stocks 3.0%
Depositary Receipts for International Stocks 1.0%
Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)
[THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL]
Information Technology 18.6%
Financials 15.5%
Health Care 14.7%
Consumer Discretionary 13.0%
Industrials 10.9%
Consumer Staples 10.8%
Energy 10.7%
Materials 3.9%
Telecommunication Services 1.0%
Utilities 0.9%
10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*
1. John Wiley & Sons, Inc. 2.85%
--------------------------------------------------------------------------------
2. Colgate-Palmolive Co. 2.25
--------------------------------------------------------------------------------
3. The Chubb Corp. 2.23
--------------------------------------------------------------------------------
4. The Hershey Co. 2.20
--------------------------------------------------------------------------------
5. Apple, Inc. 2.15
--------------------------------------------------------------------------------
6. Abbott Laboratories, Inc. 1.73
--------------------------------------------------------------------------------
7. Microsoft Corp. 1.72
--------------------------------------------------------------------------------
8. CR Bard, Inc. 1.72
--------------------------------------------------------------------------------
9. Becton Dickinson and Co. 1.50
--------------------------------------------------------------------------------
10. Wells Fargo & Co. 1.41
--------------------------------------------------------------------------------
* This list excludes temporary cash investments and derivative instruments. The
portfolio is actively managed, and current holdings may be different. The
holdings listed should not be considered recommendations to buy or sell any
security listed.
8 Pioneer Fund | Semiannual Report | 6/30/12
Prices and Distributions | 6/30/12
Net Asset Value per Share
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Class 6/30/12 12/31/11
--------------------------------------------------------------------------------
A $40.19 $38.62
--------------------------------------------------------------------------------
B $39.11 $37.60
--------------------------------------------------------------------------------
C $38.49 $36.99
--------------------------------------------------------------------------------
R $40.25 $38.67
--------------------------------------------------------------------------------
Y $40.32 $38.75
--------------------------------------------------------------------------------
Z $40.25 $38.68
--------------------------------------------------------------------------------
Distributions per Share: 1/1/12-6/30/12
--------------------------------------------------------------------------------
--------------------------------------------------------------------------------
Net Investment Short-Term Long-Term
Class Income Capital Gains Capital Gains
--------------------------------------------------------------------------------
A $ 0.2300 $ -- $ --
--------------------------------------------------------------------------------
B $ -- $ -- $ --
--------------------------------------------------------------------------------
C $ 0.0800 $ -- $ --
--------------------------------------------------------------------------------
R $ 0.1600 $ -- $ --
--------------------------------------------------------------------------------
Y $ 0.3100 $ -- $ --
--------------------------------------------------------------------------------
Z $ 0.2700 $ -- $ --
--------------------------------------------------------------------------------
Index Definition
--------------------------------------------------------------------------------
The Standard & Poor's 500 Index is a commonly used measure of the broad U.S.
stock market. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees, expenses or sales charges. It is not possible
to invest directly in an index.
The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 10-15.
Pioneer Fund | Semiannual Report | 6/30/12 9
Performance Update | 6/30/12 Class A Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fund at public offering price, compared to that
of the Standard & Poor's 500 Index.
Average Annual Total Returns
(As of June 30, 2012)
--------------------------------------------------------------------------------
Net Asset Public Offering
Period Value (NAV) Price (POP)
--------------------------------------------------------------------------------
10 Years 4.09% 3.47%
5 Years -1.80 -2.96
1 Year -4.46 -9.95
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.09%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Standard &
Pioneer Fund Poor's 500 Index
6/30/2002 $ 9,425 $ 10,000
6/30/2003 $ 8,910 $ 10,025
6/30/2004 $ 10,526 $ 11,939
6/30/2005 $ 11,409 $ 12,694
6/30/2006 $ 12,824 $ 13,788
6/30/2007 $ 15,404 $ 16,625
6/30/2008 $ 13,479 $ 14,445
6/30/2009 $ 9,950 $ 10,661
6/30/2010 $ 11,179 $ 12,199
6/30/2011 $ 14,722 $ 15,942
6/30/2012 $ 14,065 $ 16,807
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
10 Pioneer Fund | Semiannual Report | 6/30/12
Performance Update | 6/30/12 Class B Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fund, compared to that of the Standard & Poor's 500
Index.
Average Annual Total Returns
(As of June 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 3.07% 3.07%
5 Years -2.84 -2.84
1 Year -5.60 -9.38
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
2.24%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Standard &
Pioneer Fund Poor's 500 Index
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 9,370 $ 10,025
6/30/2004 $ 10,968 $ 11,939
6/30/2005 $ 11,783 $ 12,694
6/30/2006 $ 13,118 $ 13,788
6/30/2007 $ 15,629 $ 16,625
6/30/2008 $ 13,552 $ 14,445
6/30/2009 $ 9,901 $ 10,661
6/30/2010 $ 11,004 $ 12,199
6/30/2011 $ 14,332 $ 15,942
6/30/2012 $ 13,530 $ 16,807
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
"If Held" results represent the percent change in net asset value per
share. Returns would have been lower had sales charges been reflected.
"If Redeemed" returns reflect the deduction of applicable contingent
deferred sales charge (CDSC). The maximum CDSC for Class B shares is 4%
and declines over five years. For more complete information, please see
the prospectus.
All results are historical and assume the reinvestment of dividends and capital
gains. Other share classes are available for which performance and expenses will
differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.
Pioneer Fund | Semiannual Report | 6/30/12 11
Performance Update | 6/30/12 Class C Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fund, compared to that of the Standard & Poor's 500
Index.
Average Annual Total Returns
(As of June 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 3.27% 3.27%
5 Years -2.56 -2.56
1 Year -5.20 -5.20
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.87%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Standard &
Pioneer Fund Poor's 500 Index
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 9,377 $ 10,025
6/30/2004 $ 10,989 $ 11,939
6/30/2005 $ 11,815 $ 12,694
6/30/2006 $ 13,179 $ 13,788
6/30/2007 $ 15,704 $ 16,625
6/30/2008 $ 13,634 $ 14,445
6/30/2009 $ 9,988 $ 10,661
6/30/2010 $ 11,133 $ 12,199
6/30/2011 $ 14,549 $ 15,942
6/30/2012 $ 13,792 $ 16,807
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not reflect
the 1% front-end sales charge in effect prior to February 1, 2004. If you paid a
1% sales charge, your returns would be lower than those shown above. "If Held"
results represent the percent change in net asset value per share. Returns would
have been lower had sales charges been reflected. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
12 Pioneer Fund | Semiannual Report | 6/30/12
Performance Update | 6/30/12 Class R Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fund, compared to that of the Standard & Poor's 500
Index.
Average Annual Total Returns
(As of June 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 3.88% 3.88%
5 Years -2.03 -2.03
1 Year -4.71 -4.71
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
1.38%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Standard &
Pioneer Fund Poor's 500 Index
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 9,416 $ 10,025
6/30/2004 $ 11,123 $ 11,939
6/30/2005 $ 12,046 $ 12,694
6/30/2006 $ 13,521 $ 13,788
6/30/2007 $ 16,216 $ 16,625
6/30/2008 $ 14,170 $ 14,445
6/30/2009 $ 10,448 $ 10,661
6/30/2010 $ 11,701 $ 12,199
6/30/2011 $ 15,354 $ 15,942
6/30/2012 $ 14,632 $ 16,807
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 1, 2003 is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning April 1, 2003, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fund | Semiannual Report | 6/30/12 13
Performance Update | 6/30/12 Class Y Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 million
investment made in Pioneer Fund, compared to that of the Standard & Poor's 500
Index.
Average Annual Total Returns
(As of June 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.53% 4.53%
5 Years -1.38 -1.38
1 Year -4.09 -4.09
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross
--------------------------------------------------------------------------------
0.72%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $5 Million Investment
Standard &
Pioneer Fund Poor's 500 Index
6/30/2002 $ 5,000,000 $ 5,000,000
6/30/2003 $ 4,748,984 $ 5,012,329
6/30/2004 $ 5,635,540 $ 5,969,646
6/30/2005 $ 6,133,850 $ 6,346,817
6/30/2006 $ 6,924,132 $ 6,894,144
6/30/2007 $ 8,349,708 $ 8,312,557
6/30/2008 $ 7,335,351 $ 7,222,526
6/30/2009 $ 5,443,366 $ 5,330,472
6/30/2010 $ 6,143,636 $ 6,099,642
6/30/2011 $ 8,121,583 $ 7,970,986
6/30/2012 $ 7,789,367 $ 8,403,677
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
14 Pioneer Fund | Semiannual Report | 6/30/12
Performance Update | 6/30/12 Class Z Shares
Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Fund, compared to that of the Standard & Poor's 500
Index.
Average Annual Total Returns
(As of June 30, 2012)
--------------------------------------------------------------------------------
If If
Period Held Redeemed
--------------------------------------------------------------------------------
10 Years 4.26% 4.26%
5 Years -1.41 -1.41
1 Year -4.26 -4.26
--------------------------------------------------------------------------------
Expense Ratio
(Per prospectus dated May 1, 2012)
--------------------------------------------------------------------------------
Gross Net
--------------------------------------------------------------------------------
0.99% 0.85%
--------------------------------------------------------------------------------
[THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL]
Value of $10,000 Investment
Standard &
Pioneer Fund Poor's 500 Index
6/30/2002 $ 10,000 $ 10,000
6/30/2003 $ 9,454 $ 10,025
6/30/2004 $ 11,169 $ 11,939
6/30/2005 $ 12,106 $ 12,694
6/30/2006 $ 13,608 $ 13,788
6/30/2007 $ 16,292 $ 16,625
6/30/2008 $ 14,349 $ 14,445
6/30/2009 $ 10,647 $ 10,661
6/30/2010 $ 12,003 $ 12,199
6/30/2011 $ 15,851 $ 15,942
6/30/2012 $ 15,176 $ 16,807
Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.
The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.
Performance shown for periods prior to the inception of Class Z shares on April
30, 2007 reflects the NAV performance of the Fund's Class A shares. The
performance does not reflect differences in expenses, including the Rule 12b-1
fees applicable to Class A shares. Since fees for Class A shares are generally
higher than those of Class Z shares, the performance for Class Z shares prior to
their inception would have been higher than that shown. Class Z shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.
Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers may
not be in effect for all funds. Certain fee waivers are contractual through a
specified period. Otherwise, fee waivers can be rescinded at any time. See the
prospectus and financial statements for more information.
The net expense ratio reflects the contractual expense limitation currently in
effect through May 1, 2013, for Class Z shares. There can be no assurance that
Pioneer will extend the expense limitation beyond such time. Please see the
prospectus and financial statements for more information.
The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.
Pioneer Fund | Semiannual Report | 6/30/12 15
Comparing Ongoing Fund Expenses
As a shareowner in the Fund, you incur two types of costs:
(1) ongoing costs, including management fees, distribution and/or service
(12b-1) fees, and other Fund expenses; and
(2) transaction costs, including sales charges (loads) on purchase payments.
This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.
Using the Tables
--------------------------------------------------------------------------------
Actual Expenses
The first table below provides information about actual account values and
actual expenses.You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:
(1) Divide your account value by $1,000
Example: an $8,600 account value (divided by) $1,000 = 8.6
(2) Multiply the result in (1) above by the corresponding share class's number
in the third row under the heading entitled "Expenses Paid During Period"
to estimate the expenses you paid on your account during this period.
Expenses Paid on a $1,000 Investment in Pioneer Fund
Based on actual returns from January 1, 2012, through June 30, 2012.
---------------------------------------------------------------------------------------------
Share Class A B C R Y Z
---------------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 1/1/12
---------------------------------------------------------------------------------------------
Ending Account $1,046.50 $1,040.20 $1,042.70 $1,045.00 $1,048.40 $1,047.50
Value on 6/30/12
---------------------------------------------------------------------------------------------
Expenses Paid $5.29 $11.62 $9.14 $6.92 $3.41 $4.33
During Period*
---------------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.04%, 2.29%,
1.80%, 1.36%, 0.67%, and 0.85% for Class A, Class B, Class C, Class R,
Class Y and Class Z shares, respectively, multiplied by the average
account value over the period, multiplied by 182/366 (to reflect the
one-half year period).
16 Pioneer Fund | Semiannual Report | 6/30/12
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period.
You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the 5%
hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.
Expenses Paid on a $1,000 Investment in Pioneer Fund
Based on a hypothetical 5% per year return before expenses, reflecting the
period from January 1, 2012, through June 30, 2012.
----------------------------------------------------------------------------------------
Share Class A B C R Y Z
----------------------------------------------------------------------------------------
Beginning Account $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00 $1,000.00
Value on 1/1/12
----------------------------------------------------------------------------------------
Ending Account $1,019.69 $1,013.48 $1,015.91 $1,018.10 $1,021.53 $1,020.64
Value on 6/30/12
----------------------------------------------------------------------------------------
Expenses Paid $5.22 $11.46 $9.02 $6.82 $3.37 $4.27
During Period*
----------------------------------------------------------------------------------------
* Expenses are equal to the Fund's annualized expense ratio of 1.04%, 2.29%,
1.80%, 1.36%, 0.67%, and 0.85% for Class A, Class B, Class C, Class R,
Class Y and Class Z shares, respectively, multiplied by the average
account value over the period, multiplied by 182/366 (to reflect the
one-half year period).
Pioneer Fund | Semiannual Report | 6/30/12 17
Schedule of Investments | 6/30/12 (unaudited)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
COMMON STOCKS -- 99.8%
ENERGY -- 10.7%
Oil & Gas Drilling -- 0.8%
783,948 Ensco Plc $ 36,822,038
294,982 Helmerich & Payne, Inc. 12,825,817
----------------
$ 49,647,855
--------------------------------------------------------------------------------
Oil & Gas Equipment & Services -- 1.2%
315,600 National Oilwell Varco, Inc. $ 20,337,264
787,096 Schlumberger, Ltd. 51,090,401
----------------
$ 71,427,665
--------------------------------------------------------------------------------
Integrated Oil & Gas -- 2.9%
657,810 Chevron Corp. $ 69,398,955
962,321 Exxon Mobil Corp. 82,345,808
216,900 Occidental Petroleum Corp. 18,603,513
----------------
$ 170,348,276
--------------------------------------------------------------------------------
Oil & Gas Exploration & Production -- 4.9%
909,364 Apache Corp. $ 79,924,002
1,000,000 Cabot Oil & Gas Corp. 39,400,000
1,160,769 ConocoPhillips 64,863,772
1,429,209 Marathon Oil Corp. 36,544,874
2,000,000 Southwestern Energy Co.* 63,860,000
----------------
$ 284,592,648
--------------------------------------------------------------------------------
Oil & Gas Refining & Marketing -- 0.9%
714,604 Marathon Petroleum Corp.* $ 32,100,012
580,384 Phillips 66 Co.* 19,291,964
----------------
$ 51,391,976
----------------
Total Energy $ 627,408,420
--------------------------------------------------------------------------------
MATERIALS -- 4.0%
Diversified Chemicals -- 0.9%
1,074,838 EI du Pont de Nemours & Co. $ 54,354,558
--------------------------------------------------------------------------------
Fertilizers & Agricultural Chemicals -- 0.6%
580,200 The Mosaic Co. $ 31,771,752
--------------------------------------------------------------------------------
Industrial Gases -- 0.9%
641,415 Airgas, Inc. $ 53,885,274
--------------------------------------------------------------------------------
Specialty Chemicals -- 0.9%
726,011 Ecolab, Inc. $ 49,753,534
--------------------------------------------------------------------------------
Diversified Metals & Mining -- 0.6%
1,011,647 Freeport-McMoRan Copper & Gold, Inc. $ 34,466,813
--------------------------------------------------------------------------------
Paper Products -- 0.1%
280,000 International Paper Co. $ 8,094,800
----------------
Total Materials $ 232,326,731
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
18 Pioneer Fund | Semiannual Report | 6/30/12
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
CAPITAL GOODS -- 8.5%
Aerospace & Defense -- 1.1%
864,276 United Technologies Corp. $ 65,278,766
--------------------------------------------------------------------------------
Construction & Engineering -- 0.4%
1,044,600 KBR, Inc. $ 25,812,066
--------------------------------------------------------------------------------
Electrical Components & Equipment -- 0.6%
546,155 Rockwell Automation, Inc. $ 36,078,999
--------------------------------------------------------------------------------
Industrial Conglomerates -- 2.3%
755,662 3M Co. $ 67,707,315
3,130,105 General Electric Co. 65,231,388
----------------
$ 132,938,703
--------------------------------------------------------------------------------
Construction & Farm Machinery & Heavy Trucks -- 3.1%
401,700 Cummins, Inc. $ 38,928,747
748,968 Deere & Co. 60,569,042
2,110,190 PACCAR, Inc. 82,698,346
----------------
$ 182,196,135
--------------------------------------------------------------------------------
Industrial Machinery -- 1.0%
743,000 Ingersoll-Rand Plc $ 31,339,740
415,500 SPX Corp. 27,140,460
----------------
$ 58,480,200
----------------
Total Capital Goods $ 500,784,869
--------------------------------------------------------------------------------
TRANSPORTATION -- 2.4%
Air Freight & Logistics -- 0.5%
382,000 United Parcel Service, Inc. (Class B) $ 30,086,320
--------------------------------------------------------------------------------
Railroads -- 1.9%
1,045,009 Norfolk Southern Corp. $ 75,000,296
279,000 Union Pacific Corp. 33,287,490
----------------
$ 108,287,786
----------------
Total Transportation $ 138,374,106
--------------------------------------------------------------------------------
AUTOMOBILES & COMPONENTS -- 2.4%
Auto Parts & Equipment -- 1.6%
496,763 BorgWarner, Inc.* $ 32,582,685
2,125,583 Johnson Controls, Inc. 58,899,905
----------------
$ 91,482,590
--------------------------------------------------------------------------------
Automobile Manufacturers -- 0.8%
5,008,640 Ford Motor Co. $ 48,032,858
----------------
Total Automobiles & Components $ 139,515,448
--------------------------------------------------------------------------------
CONSUMER DURABLES & APPAREL -- 1.1%
Apparel, Accessories & Luxury Goods -- 1.1%
1,062,826 Coach, Inc. $ 62,154,064
----------------
Total Consumer Durables & Apparel $ 62,154,064
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 19
Schedule of Investments | 6/30/12 (unaudited) (continued)
Shares Value
--------------------------------------------------------------------------------
CONSUMER SERVICES -- 1.2%
Restaurants -- 1.2%
550,900 McDonald's Corp. $ 48,771,177
400,000 Starbucks Corp. 21,328,000
----------------
$ 70,099,177
----------------
Total Consumer Services $ 70,099,177
--------------------------------------------------------------------------------
MEDIA -- 4.0%
Movies & Entertainment -- 1.2%
1,432,500 The Walt Disney Co. $ 69,476,250
--------------------------------------------------------------------------------
Publishing -- 2.8%
3,419,296 John Wiley & Sons, Inc.+ $ 167,511,313
----------------
Total Media $ 236,987,563
--------------------------------------------------------------------------------
RETAILING -- 4.4%
Department Stores -- 1.2%
1,001,200 Macy's, Inc. $ 34,391,220
700,247 Nordstrom, Inc. 34,795,273
----------------
$ 69,186,493
--------------------------------------------------------------------------------
General Merchandise Stores -- 1.3%
1,298,941 Target Corp. $ 75,585,377
--------------------------------------------------------------------------------
Apparel Retail -- 0.8%
1,130,400 TJX Companies, Inc. $ 48,528,072
--------------------------------------------------------------------------------
Home Improvement Retail -- 1.1%
2,282,004 Lowe's Companies, Inc. $ 64,900,194
----------------
Total Retailing $ 258,200,136
--------------------------------------------------------------------------------
FOOD & STAPLES RETAILING -- 1.7%
Drug Retail -- 1.1%
2,153,571 Walgreen Co. $ 63,702,630
--------------------------------------------------------------------------------
Food Distributors -- 0.6%
1,280,360 Sysco Corp. $ 38,167,532
----------------
Total Food & Staples Retailing $ 101,870,162
--------------------------------------------------------------------------------
FOOD, BEVERAGE & TOBACCO -- 6.1%
Soft Drinks -- 0.4%
482,200 Dr. Pepper Snapple Group, Inc. $ 21,096,250
--------------------------------------------------------------------------------
Packaged Foods & Meats -- 5.7%
1,747,058 General Mills, Inc. $ 67,331,615
1,485,146 HJ Heinz Co. 80,762,239
1,552,488 Kraft Foods, Inc. 59,957,087
1,791,599 The Hershey Co. 129,048,876
----------------
$ 337,099,817
----------------
Total Food, Beverage & Tobacco $ 358,196,067
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
20 Pioneer Fund | Semiannual Report | 6/30/12
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
HOUSEHOLD & PERSONAL PRODUCTS -- 3.0%
Household Products -- 3.0%
1,267,337 Colgate-Palmolive Co. $ 131,929,782
298,951 The Clorox Co. 21,661,989
393,000 The Procter & Gamble Co. 24,071,250
----------------
$ 177,663,021
----------------
Total Household & Personal Products $ 177,663,021
--------------------------------------------------------------------------------
HEALTH CARE EQUIPMENT & SERVICES -- 7.7%
Health Care Equipment -- 6.3%
567,481 Baxter International, Inc. $ 30,161,615
1,183,015 Becton Dickinson and Co. 88,430,371
876,580 Covidien Plc 46,897,030
938,941 CR Bard, Inc. 100,879,821
4,301,967 Smith & Nephew Plc 43,005,204
595,419 St. Jude Medical, Inc. 23,763,172
640,928 Stryker Corp. 35,315,133
----------------
$ 368,452,346
--------------------------------------------------------------------------------
Health Care Distributors -- 0.4%
519,744 Cardinal Health, Inc. $ 21,829,248
--------------------------------------------------------------------------------
Health Care Services -- 0.4%
424,190 Express Scripts Holding Co.* $ 23,682,528
--------------------------------------------------------------------------------
Managed Health Care -- 0.6%
643,800 UnitedHealth Group, Inc. $ 37,662,300
----------------
Total Health Care Equipment & Services $ 451,626,422
--------------------------------------------------------------------------------
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES
-- 7.1%
Biotechnology -- 2.1%
674,270 Amgen, Inc. $ 49,248,681
300,000 Celgene Corp.* 19,248,000
1,000,000 Vertex Pharmaceuticals, Inc.* 55,920,000
----------------
$ 124,416,681
--------------------------------------------------------------------------------
Pharmaceuticals -- 4.7%
1,577,749 Abbott Laboratories $ 101,717,478
625,824 Eli Lilly & Co. 26,854,108
1,155,000 Hospira, Inc.* 40,401,900
210,000 Johnson & Johnson Co. 14,187,600
727,027 Merck & Co., Inc. 30,353,377
2,759,853 Pfizer, Inc. 63,476,619
----------------
$ 276,991,082
--------------------------------------------------------------------------------
Life Sciences Tools & Services -- 0.3%
350,000 Agilent Technologies, Inc. $ 13,734,000
----------------
Total Pharmaceuticals, Biotechnology & Life
Sciences $ 415,141,763
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 21
Schedule of Investments | 6/30/12 (unaudited) (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
BANKS -- 5.0%
Diversified Banks -- 3.7%
322,800 Canadian Imperial Bank of Commerce $ 22,731,948
1,293,822 Comerica, Inc. 39,733,274
2,169,852 US Bancorp 69,782,440
2,475,169 Wells Fargo & Co. 82,769,651
----------------
$ 215,017,313
--------------------------------------------------------------------------------
Regional Banks -- 1.3%
2,886,985 KeyCorp $ 22,345,264
941,380 PNC Financial Services Group, Inc. 57,527,732
----------------
$ 79,872,996
----------------
Total Banks $ 294,890,309
--------------------------------------------------------------------------------
DIVERSIFIED FINANCIALS -- 7.2%
Other Diversified Financial Services -- 2.3%
3,000,000 Bank of America Corp. $ 24,540,000
1,310,500 Citigroup, Inc. 35,920,805
2,015,900 JPMorgan Chase & Co. 72,028,107
----------------
$ 132,488,912
--------------------------------------------------------------------------------
Consumer Finance -- 1.7%
649,157 American Express Co. $ 37,787,429
500,000 Capital One Financial Corp. 27,330,000
1,038,300 Discover Financial Services LLC 35,904,414
----------------
$ 101,021,843
--------------------------------------------------------------------------------
Asset Management & Custody Banks -- 2.6%
397,376 Franklin Resources, Inc. $ 44,104,762
1,006,009 Invesco, Ltd. 22,735,803
679,659 State Street Corp. 30,339,978
892,975 T. Rowe Price Group, Inc. 56,221,706
----------------
$ 153,402,249
--------------------------------------------------------------------------------
Investment Banking & Brokerage -- 0.6%
2,267,200 Morgan Stanley Co. $ 33,078,448
----------------
Total Diversified Financials $ 419,991,452
--------------------------------------------------------------------------------
INSURANCE -- 3.3%
Life & Health Insurance -- 0.4%
301,000 Aflac, Inc. $ 12,819,590
300,000 Prudential Financial, Inc. 14,529,000
----------------
$ 27,348,590
--------------------------------------------------------------------------------
Property & Casualty Insurance -- 2.9%
1,800,720 The Chubb Corp. $ 131,128,430
591,397 The Travelers Companies, Inc. 37,754,784
----------------
$ 168,883,214
----------------
Total Insurance $ 196,231,804
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
22 Pioneer Fund | Semiannual Report | 6/30/12
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
SOFTWARE & SERVICES -- 9.2%
Internet Software & Services -- 1.5%
762,100 eBay, Inc.* $ 32,015,821
571,660 Facebook, Inc.* 17,790,059
65,000 Google, Inc.* 37,704,550
----------------
$ 87,510,430
--------------------------------------------------------------------------------
IT Consulting & Other Services -- 1.0%
287,177 International Business Machines Corp. $ 56,166,078
--------------------------------------------------------------------------------
Data Processing & Outsourced Services -- 2.6%
1,142,579 Automatic Data Processing, Inc. $ 63,595,947
694,874 DST Systems, Inc. 37,738,607
543,346 Fiserv, Inc.* 39,240,448
30,000 Mastercard, Inc. 12,903,300
----------------
$ 153,478,302
--------------------------------------------------------------------------------
Application Software -- 1.0%
1,222,615 Adobe Systems, Inc.* $ 39,576,048
787,799 Nuance Communications, Inc.* 18,765,372
----------------
$ 58,341,420
--------------------------------------------------------------------------------
Systems Software -- 3.1%
3,312,794 Microsoft Corp. $ 101,338,368
1,997,948 Oracle Corp. 59,339,056
1,675,300 Symantec Corp.* 24,476,133
----------------
$ 185,153,557
----------------
Total Software & Services $ 540,649,787
--------------------------------------------------------------------------------
TECHNOLOGY HARDWARE & EQUIPMENT -- 5.0%
Communications Equipment -- 1.8%
2,023,474 Cisco Systems, Inc. $ 34,743,049
1,420,700 Juniper Networks, Inc.* 23,171,617
352,021 Motorola Solutions, Inc. 16,935,730
592,831 Qualcomm, Inc. 33,008,830
----------------
$ 107,859,226
--------------------------------------------------------------------------------
Computer Hardware -- 2.4%
215,834 Apple, Inc.* $ 126,047,056
830,107 Hewlett-Packard Co. 16,693,452
----------------
$ 142,740,508
--------------------------------------------------------------------------------
Computer Storage & Peripherals -- 0.8%
706,600 EMC Corp.* $ 18,110,158
569,200 NetApp, Inc.* 18,111,944
200,000 SanDisk Corp.* 7,296,000
----------------
$ 43,518,102
----------------
Total Technology Hardware & Equipment $ 294,117,836
--------------------------------------------------------------------------------
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 23
Schedule of Investments | 6/30/12 (unaudited) (continued)
--------------------------------------------------------------------------------
Shares Value
--------------------------------------------------------------------------------
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 4.4%
Semiconductor Equipment -- 0.8%
931,450 ASML Holding NV (A.D.R.) $ 47,895,159
--------------------------------------------------------------------------------
Semiconductors -- 3.6%
739,246 Altera Corp. $ 25,016,085
1,675,625 Analog Devices, Inc. 63,120,794
2,836,242 Intel Corp. 75,585,849
1,219,755 Texas Instruments, Inc. 34,994,771
400,000 Xilinx, Inc. 13,428,000
----------------
$ 212,145,499
----------------
Total Semiconductors & Semiconductor Equipment $ 260,040,658
--------------------------------------------------------------------------------
TELECOMMUNICATION SERVICES -- 1.0%
Integrated Telecommunication Services -- 1.0%
417,500 AT&T, Inc. $ 14,888,050
1,011,591 Verizon Communications, Inc. 44,955,104
----------------
$ 59,843,154
----------------
Total Telecommunication Services $ 59,843,154
--------------------------------------------------------------------------------
UTILITIES -- 0.4%
Electric Utilities -- 0.4%
600,000 American Electric Power Co., Inc. $ 23,940,000
----------------
Total Utilities $ 23,940,000
--------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(Cost $3,942,297,701) $ 5,860,052,949
--------------------------------------------------------------------------------
TOTAL INVESTMENT IN SECURITIES -- 99.8%
(Cost $3,942,297,701) (a) $ 5,860,052,949
================================================================================
OTHER ASSETS & LIABILITIES -- 0.2% $ 9,867,344
================================================================================
TOTAL NET ASSETS -- 100.0% $ 5,869,920,293
================================================================================
* Non-income producing security.
+ Investment held by the Fund representing 5% or more of the outstanding
voting stock of such company. See Notes to Financial Statements --
Note 6.
(A.D.R.) American Depositary Receipts.
(a) At June 30, 2012, the net unrealized gain on investments based on cost
for federal income tax purposes of $3,950,248,739 was as follows:
Aggregate gross unrealized gain for all investments
in which there is an excess of value over tax cost $2,074,272,701
Aggregate gross unrealized loss for all investments
in which there is an excess of tax cost over value (164,468,491)
---------------
Net unrealized gain $1,909,804,210
===============
Purchases and sales of securities (excluding temporary cash investments) for the
six months ended June 30, 2012 aggregated $1,555,776,858 and $1,909,955,994,
respectively.
The accompanying notes are an integral part of these financial statements.
24 Pioneer Fund | Semiannual Report | 6/30/12
Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.
Level 1 - quoted prices in active markets for identical securities
Level 2 - other significant observable inputs (including quoted
prices for similar securities, interest rates, prepayment
speeds, credit risk, etc.)
Level 3 - significant unobservable inputs (including the Fund's
own assumptions in determining fair value of investments)
Generally, equity securities are categorized as Level 1, fixed income securities
and senior loans as Level 2 and securities valued using fair value methods
(other than prices supplied by independent pricing services) as Level 3. See
Notes to Financial Statements -- Note 1A.
The following is a summary of the inputs used as of June 30, 2012, in valuing
the Fund's assets:
--------------------------------------------------------------------------------
Level 1 Level 2 Level 3 Total
--------------------------------------------------------------------------------
Common Stocks $5,860,052,949 $ -- $ -- $5,860,052,949
--------------------------------------------------------------------------------
Total $5,860,052,949 $ -- $ -- $5,860,052,949
================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 25
Statement of Assets and Liabilities | 6/30/12 (unaudited)
ASSETS:
Investment in securities of unaffiliated issuers, at value
(cost $3,934,728,767) $5,692,541,636
Investment in securities of affiliated issuers, at value
(cost $7,568,934) 167,511,313
---------------------------------------------------------------------------------------
Total investment in securities, at value (cost $3,942,297,701) $5,860,052,949
Cash 5,600,316
Receivables --
Fund shares sold 4,221,166
Dividends 7,599,177
Due from Pioneer Investment Management, Inc. 529
Other 155,468
---------------------------------------------------------------------------------------
Total assets $5,877,629,605
---------------------------------------------------------------------------------------
LIABILITIES:
Payables --
Fund shares repurchased $ 5,790,182
Due to affiliates 1,761,292
Accrued expenses 157,838
---------------------------------------------------------------------------------------
Total liabilities $ 7,709,312
---------------------------------------------------------------------------------------
NET ASSETS:
Paid-in capital $3,424,460,688
Undistributed net investment income 1,344,683
Accumulated net realized gain on investments and foreign
currency transactions 526,357,558
Net unrealized gain on investments 1,917,755,248
Net unrealized gain on forward foreign currency contracts and
other assets and liabilities denominated in foreign currencies 2,116
---------------------------------------------------------------------------------------
Total net assets $5,869,920,293
---------------------------------------------------------------------------------------
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
Class A (based on $3,952,619,297/98,343,717 shares) $ 40.19
Class B (based on $39,229,991/1,003,055 shares) $ 39.11
Class C (based on $144,096,522/3,743,986 shares) $ 38.49
Class R (based on $115,131,131/2,860,444 shares) $ 40.25
Class Y (based on $1,617,270,309/40,108,729 shares) $ 40.32
Class Z (based on $1,573,043/39,082 shares) $ 40.25
MAXIMUM OFFERING PRICE:
Class A ($40.19 (divided by) 94.25%) $ 42.64
=======================================================================================
The accompanying notes are an integral part of these financial statements.
26 Pioneer Fund | Semiannual Report | 6/30/12
Statement of Operations (unaudited)
For the Six Months Ended 6/30/12
INVESTMENT INCOME:
Dividends (net of foreign taxes withheld of $318,319 and
including income from affiliated issuers of $688,859) $ 68,312,065
Interest and other income 2,838
--------------------------------------------------------------------------------------------
Total investment income $ 68,314,903
--------------------------------------------------------------------------------------------
EXPENSES:
Management fees
Basic fee $ 16,297,121
Performance adjustment (510,899)
Transfer agent fees and expenses
Class A 3,534,722
Class B 130,191
Class C 71,447
Class R 7,602
Class Y 46,809
Class Z 1,409
Distribution fees
Class A 5,084,592
Class B 221,744
Class C 745,246
Class R 300,873
Administrative reimbursement 899,607
Shareholder communications expense 2,480,609
Custodian fees 57,131
Registration fees 79,526
Professional fees 140,991
Printing expense 105,955
Fees and expenses of nonaffiliated Trustees 110,573
Miscellaneous 262,442
--------------------------------------------------------------------------------------------
Total expenses $ 30,067,691
Less fees waived and expenses reimbursed
by Pioneer Investment Management, Inc. (529)
--------------------------------------------------------------------------------------------
Net expenses $ 30,067,162
--------------------------------------------------------------------------------------------
Net investment income $ 38,247,741
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
AND FOREIGN CURRENCY TRANSACTIONS:
Net realized gain (loss) on:
Investments $ 714,750,048
Class action 73,377
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (20,338) $ 714,803,087
--------------------------------------------------------------------------------------------
Change in net unrealized loss on:
Investments $(469,626,291)
Forward foreign currency contracts and other assets
and liabilities denominated in foreign currencies (3,148) $(469,629,439)
---------------------------------------------------------------------------------------------
Net gain on investments and foreign currency transactions $ 245,173,648
---------------------------------------------------------------------------------------------
Net increase in net assets resulting from operations $ 283,421,389
============================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 27
Statement of Changes in Net Assets
--------------------------------------------------------------------------------------
Six Months
Ended
6/30/12 Year Ended
(unaudited) 12/31/11
--------------------------------------------------------------------------------------
FROM OPERATIONS:
Net investment income $ 38,247,741 $ 78,942,908
Net realized gain on investments, class actions
and foreign currency transactions 714,803,087 27,395,937
Change in net unrealized loss on investments and
foreign currency transactions (469,629,439) (414,745,080)
--------------------------------------------------------------------------------------
Net increase (decrease) in net assets
resulting from operations $ 283,421,389 $ (308,406,235)
--------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
Class A ($0.23 and $0.46 per share, $ (22,892,264) $ (48,419,246)
respectively)
Class C ($0.08 and $0.17 per share, (303,167) (701,234)
respectively)
Class R ($0.16 and $0.34 per share, (465,252) (1,154,449)
respectively)
Class Y ($0.31 and $0.60 per share, (13,565,951) (29,572,830)
respectively)
Class Z ($0.27 and $0.57 per share, (10,439) (13,713)
respectively)
--------------------------------------------------------------------------------------
Total distributions to shareowners $ (37,237,073) $ (79,861,472)
--------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares $ 235,270,635 $ 881,551,018
Reinvestment of distributions 34,642,954 73,603,598
Redemptions in-kind -- (105,977,026)
Cost of shares repurchased (806,888,496) (1,154,959,296)
--------------------------------------------------------------------------------------
Net decrease in net assets resulting from
Fund share transactions $ (536,974,907) $ (305,781,706)
--------------------------------------------------------------------------------------
Net decrease in net assets $ (290,790,591) $ (694,049,413)
NET ASSETS:
Beginning of period 6,160,710,884 6,854,760,297
--------------------------------------------------------------------------------------
End of period $5,869,920,293 $ 6,160,710,884
--------------------------------------------------------------------------------------
Undistributed net investment income $ 1,344,683 $ 334,015
======================================================================================
The accompanying notes are an integral part of these financial statements.
28 Pioneer Fund | Semiannual Report | 6/30/12
-------------------------------------------------------------------------------------------------------------
'12 Shares '12 Amount
(unaudited) (unaudited) '11 Shares '11 Amount
-------------------------------------------------------------------------------------------------------------
CLASS A
Shares sold 1,905,821 $ 77,522,314 5,409,148 $ 219,310,870
Reinvestment of distributions 528,970 21,393,068 1,174,755 45,231,316
Less shares repurchased (7,067,268) (287,450,246) (14,120,589) (568,863,180)
-------------------------------------------------------------------------------------------------------------
Net decrease (4,632,477) $ (188,534,864) (7,536,686) $ (304,320,994)
=============================================================================================================
CLASS B
Shares sold or exchanged 8,203 $ 34,760 43,177 $ 1,674,286
Less shares repurchased (285,755) (11,278,865) (833,536) (32,699,414)
-------------------------------------------------------------------------------------------------------------
Net decrease (277,552) $ (11,244,105) (790,359) $ (31,025,128)
=============================================================================================================
CLASS C
Shares sold 190,613 $ 7,139,940 436,126 $ 16,764,683
Reinvestment of distributions 4,554 176,193 11,501 410,030
Less shares repurchased (429,897) (16,746,379) (991,483) (38,092,936)
-------------------------------------------------------------------------------------------------------------
Net decrease (234,730) $ (9,430,246) (543,856) $ (20,918,223)
=============================================================================================================
CLASS R
Shares sold 197,966 $ 7,830,058 834,494 $ 34,096,167
Reinvestment of distributions 11,269 455,807 29,496 1,131,626
Less shares repurchased (642,714) (26,117,391) (928,138) (36,683,351)
-------------------------------------------------------------------------------------------------------------
Net decrease (433,479) $ (17,831,526) (64,148) $ (1,455,558)
=============================================================================================================
CLASS Y
Shares sold 3,449,880 $ 142,171,664 14,955,320 $ 609,010,824
Reinvestment of distributions 310,103 12,608,142 691,749 26,818,158
Redemptions in-kind -- -- (2,290,645) (105,977,026)
Less shares repurchased (11,655,239) (465,218,714) (12,318,479) (478,433,527)
-------------------------------------------------------------------------------------------------------------
Net increase (decrease) (7,895,256) $ (310,438,908) 1,037,945 $ 51,418,429
=============================================================================================================
CLASS Z
Shares sold 13,790 $ 571,899 17,117 $ 694,188
Reinvestment of distributions 241 9,744 325 12,468
Less shares repurchased (1,894) (76,901) (4,639) (186,888)
-------------------------------------------------------------------------------------------------------------
Net increase 12,137 $ 504,742 12,803 $ 519,768
=============================================================================================================
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 29
Financial Highlights
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/12 Ended Ended Ended Ended Ended
(unaudited) 12/31/11 12/31/10 12/31/09 12/31/08 12/31/07
----------------------------------------------------------------------------------------------------------------------------------
Class A
Net asset value, beginning of period $ 38.62 $ 40.96 $ 35.72 $ 29.13 $ 46.32 $ 48.10
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.23 $ 0.46 $ 0.35 $ 0.40 $ 0.45 $ 0.41
Net realized and unrealized gain (loss) on
investments 1.57 (2.34) 5.22 6.59 (16.33) 1.79
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.80 $ (1.88) $ 5.57 $ 6.99 $ (15.88) $ 2.20
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.23) (0.46) (0.33) (0.39) (0.45) (0.41)
Net realized gain -- -- -- -- (0.86) (3.57)
Tax return of capital -- -- -- (0.01) -- --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.57 $ (2.34) $ 5.24 $ 6.59 $ (17.19) $ (1.78)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 40.19 $ 38.62 $ 40.96 $ 35.72 $ 29.13 $ 46.32
==================================================================================================================================
Total return* 4.65% (4.59)% 15.72% 24.24% (34.38)% 4.71%
Ratio of net expenses to average net assets+ 1.04%** 1.09% 1.16% 1.23% 1.19% 1.09%
Ratio of net investment income to average net assets+ 1.14%** 1.11% 0.94% 1.31% 1.11% 0.81%
Portfolio turnover rate 50%** 10% 10% 12% 11% 10%
Net assets, end of period (in thousands) $ 3,952,619 $3,976,835 $4,526,447 $4,323,282 $3,767,132 $6,299,615
Ratios with reductions for fees paid indirectly:
Net expenses 1.04%** 1.09% 1.16% 1.23% 1.18% 1.08%
Net investment income 1.14%** 1.11% 0.94% 1.31% 1.12% 0.82%
==================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
30 Pioneer Fund | Semiannual Report | 6/30/12
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/12 Ended Ended Ended Ended Ended
(unaudited) 12/31/11 12/31/10 12/31/09 12/31/08 12/31/07
----------------------------------------------------------------------------------------------------------------------------------
Class B
Net asset value, beginning of period $ 37.60 $ 39.86 $ 34.82 $ 28.43 $ 45.11 $ 46.98
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income (loss) $ (0.02) $ (0.03) $ (0.06) $ 0.06 $ 0.07 $ (0.04)
Net realized and unrealized gain (loss) on
investments 1.53 (2.23) 5.10 6.41 (15.89) 1.74
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.51 $ (2.26) $ 5.04 $ 6.47 $ (15.82) $ 1.70
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income -- --(a) -- (0.07) -- --
Net realized gain -- --(a) -- -- (0.86) (3.57)
Tax return of capital -- -- -- (0.01) -- --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.51 $ (2.26) $ 5.04 $ 6.39 $ (16.68) $ (1.87)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 39.11 $ 37.60 $ 39.86 $ 34.82 $ 28.43 $ 45.11
==================================================================================================================================
Total return* 4.02% (5.67)% 14.47% 22.84% (34.99)% 3.76%
Ratio of net expenses to average net assets+ 2.29%** 2.24% 2.24% 2.34% 2.13% 1.99%
Ratio of net investment income (loss) to average net
assets+ (0.11)%** (0.06)% (0.14)% 0.23% 0.14% (0.10)%
Portfolio turnover rate 50%** 10% 10% 12% 11% 10%
Net assets, end of period (in thousands) $ 39,230 $ 48,149 $ 82,547 $ 110,976 $ 134,094 $ 296,491
Ratios with reduction for fees paid indirectly:
Net expenses 2.29%** 2.24% 2.24% 2.34% 2.12% 1.97%
Net investment income (loss) (0.11)%** (0.06)% (0.14)% 0.23% 0.15% (0.08)%
==================================================================================================================================
(a) Dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for
Class B shares of other Pioneer Funds, as permitted by existing exchange
privileges.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 31
Financial Highlights (continued)
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/12 Ended Ended Ended Ended Ended
(unaudited) 12/31/11 12/31/10 12/31/09 12/31/08 12/31/07
---------------------------------------------------------------------------------------------------------------------------------
Class C
Net asset value, beginning of period $ 36.99 $ 39.26 $ 34.26 $ 27.96 $ 44.55 $ 46.44
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.07 $ 0.13 $ 0.05 $ 0.16 $ 0.13 $ 0.02
Net realized and unrealized gain (loss) on investments 1.51 (2.23) 5.01 6.31 (15.70) 1.72
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.58 $ (2.10) $ 5.06 $ 6.47 $ (15.57) $ 1.74
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.08) (0.17) (0.06) (0.16) (0.16) (0.06)
Net realized gain -- -- -- -- (0.86) (3.57)
Tax return of capital -- -- -- (0.01) -- --
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.50 $ (2.27) $ 5.00 $ 6.30 $ (16.59) $ (1.89)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 38.49 $ 36.99 $ 39.26 $ 34.26 $ 27.96 $ 44.55
=================================================================================================================================
Total return* 4.27% (5.33)% 14.80% 23.28% (34.91)% 3.88%
Ratio of net expenses to average net assets+ 1.80%** 1.87% 1.96% 1.99% 1.97% 1.88%
Ratio of net investment income to average net assets+ 0.38%** 0.33% 0.14% 0.56% 0.32% 0.02%
Portfolio turnover rate 50%** 10% 10% 12% 11% 10%
Net assets, end of period (in thousands) $ 144,097 $147,166 $177,540 $178,807 $169,362 $296,094
Ratios with reduction for fees paid indirectly:
Net expenses 1.80%** 1.87% 1.96% 1.99% 1.97% 1.87%
Net investment income 0.38%** 0.33% 0.14% 0.56% 0.32% 0.03%
=================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, the complete redemption of the
investment at net asset value at the end of each period, and no sales
charges. Total return would be reduced if sales charges were taken into
account.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
32 Pioneer Fund | Semiannual Report | 6/30/12
---------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/12 Ended Ended Ended Ended Ended
(unaudited) 12/31/11 12/31/10 12/31/09 12/31/08 12/31/07
---------------------------------------------------------------------------------------------------------------------------------
Class R
Net asset value, beginning of period $ 38.67 $ 41.00 $ 35.76 $ 29.17 $ 46.37 $ 48.16
---------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.17 $ 0.34 $ 0.22 $ 0.33 $ 0.40 $ 0.33
Net realized and unrealized gain (loss) on investments 1.57 (2.33) 5.23 6.58 (16.35) 1.80
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.74 $ (1.99) $ 5.45 $ 6.91 $ (15.95) $ 2.13
---------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.16) (0.34) (0.21) (0.31) (0.39) (0.35)
Net realized gain -- -- -- -- (0.86) (3.57)
Tax return of capital -- -- -- (0.01) -- --
---------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.58 $ (2.33) $ 5.24 $ 6.59 $ (17.20) $ (1.79)
---------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 40.25 $ 38.67 $ 41.00 $ 35.76 $ 29.17 $ 46.37
=================================================================================================================================
Total return* 4.50% (5.33)% 15.31% 23.94% (34.46)% 4.56%
Ratio of net expenses to average net assets+ 1.36%** 1.38% 1.50% 1.45% 1.32% 1.23%
Ratio of net investment income to average net assets+ 0.81%** 0.83% 0.60% 1.07% 0.99% 0.68%
Portfolio turnover rate 50%** 10% 10% 12% 11% 10%
Net assets, end of period (in thousands) $ 115,131 $127,377 $137,683 $121,773 $102,070 $161,311
Ratios with reduction for fees paid indirectly:
Net expenses 1.36%** 1.38% 1.50% 1.45% 1.32% 1.23%
Net investment income 0.81%** 0.83% 0.60% 1.07% 0.99% 0.68%
=================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 33
Financial Highlights (continued)
----------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year Year
6/30/12 Ended Ended Ended Ended Ended
(unaudited) 12/31/11 12/31/10 12/31/09 12/31/08 12/31/07
----------------------------------------------------------------------------------------------------------------------------------
Class Y
Net asset value, beginning of period $ 38.75 $ 41.09 $ 35.84 $ 29.22 $ 46.45 $ 48.23
----------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.33 $ 0.60 $ 0.49 $ 0.52 $ 0.61 $ 0.60
Net realized and unrealized gain (loss) on
investments 1.55 (2.34) 5.25 6.65 (16.35) 1.80
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.88 $ (1.74) $ 5.74 $ 7.17 $ (15.74) $ 2.40
----------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.31) (0.60) (0.49) (0.54) (0.63) (0.61)
Net realized gain -- -- -- -- (0.86) (3.57)
Tax return of capital -- -- -- (0.01) -- --
----------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.57 $ (2.34) $ 5.25 $ 6.62 $ (17.23) $ (1.78)
----------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 40.32 $ 38.75 $ 41.09 $ 35.84 $ 29.22 $ 46.45
==================================================================================================================================
Total return* 4.84% (4.22)% 16.17% 24.86% (34.07)% 5.11%
Ratio of net expenses to average net assets+ 0.67%** 0.72% 0.74% 0.71% 0.74% 0.70%
Ratio of net investment income to average net assets+ 1.52%** 1.49% 1.37% 1.72% 1.62% 1.21%
Portfolio turnover rate 50%** 10% 10% 12% 11% 10%
Net assets, end of period (in thousands) $ 1,617,270 $1,860,141 $1,929,967 $1,279,182 $462,572 $487,357
Ratios with reduction for fees paid indirectly:
Net expenses 0.67%** 0.72% 0.74% 0.71% 0.74% 0.70%
Net investment income 1.52%** 1.49% 1.37% 1.72% 1.62% 1.21%
==================================================================================================================================
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
34 Pioneer Fund | Semiannual Report | 6/30/12
------------------------------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Year Year Year
6/30/12 Ended Ended Ended Ended 4/30/07(a)
(unaudited) 12/31/11 12/31/10 12/31/09 12/31/08 to 12/31/07
------------------------------------------------------------------------------------------------------------------------------------
Class Z
Net asset value, beginning of period $ 38.68 $ 41.03 $ 35.80 $ 29.20 $ 46.41 $ 50.61
------------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
Net investment income $ 0.26 $ 0.50 $ 0.48 $ 0.48 $ 0.63 $ 0.42
Net realized and unrealized gain (loss) on investments 1.58 (2.28) 5.23 6.64 (16.36) (0.58)
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) from investment operations $ 1.84 $ (1.78) $ 5.71 $ 7.12 $ (15.73) $ (0.16)
------------------------------------------------------------------------------------------------------------------------------------
Distributions to shareowners:
Net investment income (0.27) (0.57) (0.48) (0.51) (0.62) (0.47)
Net realized gain -- -- -- -- (0.86) (3.57)
Tax return of capital -- -- -- (0.01) -- --
------------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value $ 1.57 $ (2.35) $ 5.23 $ 6.60 $ (17.21) $ (4.20)
------------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period $ 40.25 $ 38.68 $ 41.03 $ 35.80 $ 29.20 $ 46.41
====================================================================================================================================
Total return* 4.75% (4.34)% 16.09% 24.72% (34.06)% (0.70)%(b)
Ratio of net expenses to average net assets+ 0.85%** 0.85% 0.80% 0.85% 0.74% 0.70%**
Ratio of net investment income to average net assets+ 1.35%** 1.39% 1.31% 1.68% 1.57% 1.25%**
Portfolio turnover rate 50%** 10% 10% 12% 11% 10%
Net assets, end of period (in thousands) $ 1,573 $ 1,042 $ 580 $ 310 $ 58 $ 92
Ratios with no waiver of fees and assumption of expenses
by the Adviser and no reduction for fees paid indirectly:
Net expenses 0.92%** 0.99% 0.80% 1.03% 0.74% 0.70%**
Net investment income 1.28%** 1.25% 1.31% 1.50% 1.57% 1.25%**
Ratios with waiver of fees and assumption of expenses by the
Adviser and reduction for fees paid indirectly:
Net expenses 0.85%** 0.85% 0.80% 0.85% 0.74% 0.70%**
Net investment income 1.35%** 1.39% 1.31% 1.68% 1.57% 1.25%**
====================================================================================================================================
(a) Class Z shares were first publicly offered on April 30, 2007.
(b) Not annualized.
* Assumes initial investment at net asset value at the beginning of each
period, reinvestment of all distributions, and the complete redemption of
the investment at net asset value at the end of each period.
** Annualized.
+ Ratio with no reduction for fees paid indirectly.
The accompanying notes are an integral part of these financial statements.
Pioneer Fund | Semiannual Report | 6/30/12 35
Notes to Financial Statements | 6/30/12 (unaudited)
1. Organization and Significant Accounting Policies
Pioneer Fund (the Fund) is a Delaware statutory trust registered under the
Investment Company Act of 1940 as a diversified, open-end management investment
company. The investment objective of the Fund is to provide reasonable income
and capital growth.
The Fund offers six classes of shares designated as Class A, Class B, Class C,
Class R, Class Y and Class Z shares. Class Z shares were first publicly offered
on April 30, 2007. Effective as of the close of business on December 31, 2009,
Class B shares are no longer offered to new or existing shareholders, except
that dividends and/or capital gain distributions may continue to be reinvested
in Class B shares, and shareholders may exchange their Class B shares for Class
B shares of other Pioneer funds, as permitted by existing exchange privileges.
Each class of shares represents an interest in the same portfolio of investments
of the Fund and has identical rights (based on relative net asset values) to
assets and liquidation proceeds. Share classes can bear different rates of
class-specific fees and expenses such as transfer agent and distribution fees.
Differences in class-specific fees and expenses will result in differences in
net investment income and, therefore, the payment of different dividends from
net investment income earned by each class. The Amended and Restated Declaration
of Trust of the Fund gives the Board the flexibility to specify either per-share
voting or dollar-weighted voting when submitting matters for shareholder
approval. Under per-share voting, each share of a class of the Fund is entitled
to one vote. Under dollar-weighted voting, a shareholder's voting power is
determined not by the number of shares owned, but by the dollar value of the
shares on the record date. Each share class has exclusive voting rights with
respect to matters affecting only that class, including with respect to the
distribution plan for that class. There is no distribution plan for Class Y or
Class Z shares. Class B shares convert to Class A shares approximately eight
years after the date of purchase.
The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the Fund
to, among other things, make estimates and assumptions that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and
liabilities at the date of the financial statements, and the reported amounts of
income, expenses and gains and losses on investments during the reporting
period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:
36 Pioneer Fund | Semiannual Report | 6/30/12
A. Security Valuation
Security transactions are recorded as of trade date. The net asset value of
the Fund is computed once daily, on each day the New York Stock Exchange
(NYSE) is open, as of the close of regular trading on the NYSE. In computing
the net asset value, securities that have traded on an exchange are valued at
the last sale price on the principal exchange where they are traded.
Securities that have not traded on the date of valuation, or securities for
which sale prices are not available, generally are valued at the mean between
the last bid and asked prices. Short-term fixed income securities with
remaining maturities of sixty days or less generally are valued at amortized
cost. Money market mutual funds are valued at net asset value.
Trading in foreign securities is substantially completed each day at various
times prior to the close of the NYSE. The values of such securities used in
computing the net asset value of the Fund's shares are determined as of such
times.
Securities for which market prices and/or quotations are not readily
available or are considered to be unreliable are valued using fair value
methods pursuant to procedures adopted by the Board of Trustees. The Fund may
use fair value methods if it is determined that a significant event has
occurred after the close of the exchange or market on which the security
trades and prior to the determination of the Fund's net asset value. Examples
of a significant event might include political or economic news, corporate
restructurings, natural disasters, terrorist activity or trading halts. Thus,
the valuation of the Fund's securities may differ from exchange prices.
At June 30, 2012 there were no securities that were valued using fair value
methods (other than securities that were valued using prices supplied by
independent pricing services). Inputs used when applying fair value methods
to value a security may include credit ratings, the financial condition of
the company, current market conditions and comparable securities.
Dividend income is recorded on the ex-dividend date except that certain
dividends from foreign securities where the ex-dividend date may have passed
are recorded as soon as the Fund becomes aware of the ex-dividend data in the
exercise of reasonable diligence. Interest income, including interest on
income bearing cash accounts, is recorded on the accrual basis. Dividend and
interest income are reported net of unrecoverable foreign taxes withheld at
the applicable country rates.
Gains and losses on sales of investments are calculated on the identified
cost method for both financial reporting and federal income tax purposes.
Pioneer Fund | Semiannual Report | 6/30/12 37
B. Foreign Currency Translation
The books and records of the Fund are maintained in U.S. dollars. Amounts
denominated in foreign currencies are translated into U.S. dollars using
current exchange rates.
Net realized gains and losses on foreign currency transactions, if any,
represent, among other things, the net realized gains and losses on foreign
currency contracts, disposition of foreign currencies and the difference
between the amount of income accrued and the U.S. dollars actually received.
Further, the effects of changes in foreign currency exchange rates on
investments are not segregated in the Statement of Operations from the
effects of changes in market prices of those securities but are included with
the net realized and unrealized gain or loss on investments.
C. Forward Foreign Currency Contracts
The Fund may enter into forward foreign currency contracts (contracts) for
the purchase or sale of a specific foreign currency at a fixed price on a
future date. All contracts are marked to market daily at the applicable
exchange rates, and any resulting unrealized gains or losses are recorded in
the Fund's financial statements. The Fund records realized gains and losses
at the time a portfolio hedge is offset by entry into a closing transaction
or extinguished by delivery of the currency. Risks may arise upon entering
into these contracts from the potential inability of counterparties to meet
the terms of the contract and from unanticipated movements in the value of
foreign currencies relative to the U.S. dollar. The Fund had no outstanding
portfolio or settlement hedges as of June 30, 2012.
D. Federal Income Taxes
It is the Fund's policy to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and to distribute
all of its taxable income and net realized capital gains, if any, to its
shareowners. Therefore, no federal income tax provision is required. Tax
years for the prior three fiscal years remain subject to examination by
federal and state tax authorities.
The amounts and characterizations of distributions to shareowners for
financial reporting purposes are determined in accordance with federal income
tax rules. Therefore, the sources of the Fund's distributions may be shown in
the accompanying financial statements as from or in excess of net investment
income or as from net realized gain on investment transactions, or as from
paid-in capital, depending on the type of book/tax differences that may
exist.
38 Pioneer Fund | Semiannual Report | 6/30/12
The tax character of current year distributions payable will be determined at
the end of the Fund's taxable year. The tax character of distributions paid
during the year ended December 31, 2011 was as follows:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributions paid from:
Ordinary income $79,861,472
--------------------------------------------------------------------------------
Total $79,861,472
================================================================================
The following shows the components of distributable earnings on a federal
income tax basis at December 31, 2011:
--------------------------------------------------------------------------------
2011
--------------------------------------------------------------------------------
Distributable earnings:
Undistributed ordinary income $ 334,015
Capital loss carryforward (173,787,442)
Post-October loss deferred (6,707,049)
Net unrealized gain 2,379,435,765
--------------------------------------------------------------------------------
Total $2,199,275,289
================================================================================
The difference between book-basis and tax-basis net unrealized gain is
attributable to the tax deferral of losses on wash sales.
E. Fund Shares
The Fund records sales and repurchases of its shares as of trade date.
Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
earned $262,949 in underwriting commissions on the sale of Class A shares
during the six months ended June 30, 2012.
F. Class Allocations
Income, common expenses and realized and unrealized gains and losses are
calculated at the Fund level and allocated daily to each class of shares
based on its respective percentage of adjusted net assets at the beginning of
the day. During the six months ended June 30, 2012, the Fund recognized gains
of $73,377 in the settlement of class action lawsuits from several different
companies, as reflected on the Statement of Operations.
Pioneer Fund | Semiannual Report | 6/30/12 39
Distribution fees are calculated based on the average daily net asset value
attributable to Class A, Class B, Class C, and Class R shares of the Fund,
respectively (see Note 4). Class Y and Class Z shares do not pay distribution
fees. All expenses and fees paid to the transfer agent, Pioneer Investment
Management Shareholder Services, Inc. (PIMSS), for its services are allocated
among the classes of shares based on the number of accounts in each class and
the ratable allocation of related out-of-pocket expenses (see Note 3).
Distributions to shareowners are recorded as of the ex-dividend date.
Distributions paid by the Fund with respect to each class of shares are
calculated in the same manner and at the same time, except that net
investment income dividends to Class A, Class B, Class C, Class R, Class Y
and Class Z shares can reflect different transfer agent and distribution
expense rates.
G. Risks
At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making the Fund more susceptible
to any economic, political, or regulatory developments or other risks
affecting those industries and sectors. The Fund's prospectus contains
unaudited information regarding the Fund's principal risks. Please refer to
that document when considering the Fund's principal risks.
H. Repurchase Agreements
With respect to repurchase agreements entered into by the Fund, the value of
the underlying securities (collateral), including accrued interest, is
required to be equal to or in excess of the repurchase price. The collateral
for all repurchase agreements is held in safekeeping in the customer-only
account of the Fund's custodian or a subcustodian of the Fund. The Fund's
investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
for determining that the value of the collateral remains at least equal to
the repurchase price.
2. Management Agreement
PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.60% of
the Fund's average daily net assets up to $7.5 billion, 0.575% on the next $2.5
billion and 0.55% on assets over $10 billion. The basic fee can increase or
decrease by a maximum of 0.10% based on the investment performance of the Fund's
Class A shares as compared to the Standard and Poor's 500 Index. The performance
comparison is made for a rolling 36-month period. In addition, Pioneer
contractually limits any positive adjustment of the Fund's management fee to
0.10% of the Fund's average daily net assets on an annual basis (i.e., to a
40 Pioneer Fund | Semiannual Report | 6/30/12
maximum annual fee of 0.70% after the performance adjustment). For the six
months ended June 30, 2012, the aggregate performance adjustment resulted in a
decrease to the basic fee of $510,899. For the six months ended June 30, 2012,
the net management fee (excluding waivers and/or assumption of expenses) was
equivalent to 0.50% of the Fund's average daily net assets.
PIM has contractually agreed to limit ordinary operating expenses of the Fund to
the extent required to reduce Fund expenses to 1.47%, 1.22% and 0.85% of the
average daily net assets attributable to Class A, Class Y and Class Z shares,
respectively. Fees waived and expenses reimbursed during the six months ended
June 30, 2012 are reflected on the Statement of Operations. The expense
limitation for Class Z shares is in effect through May 1, 2013. The expense
limitation for Class A and Class Y shares expired on June 1, 2012. Class B,
Class C, and Class R shares do not have an expense limitation. There can be no
assurance that PIM will extend the expense limitation agreement for a class of
shares beyond the date referred to above.
In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$347,483 in management fees, administrative costs and certain other
reimbursements payable to PIM at June 30, 2012.
Effective March 5, 2012 PIM has retained Brown Brothers Harriman & Co. to
provide certain sub-administration and accounting services to the Fund.
3. Transfer Agent
PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.
In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts. For
the six months ended June 30, 2012, such out-of-pocket expenses by class of
shares were as follows:
----------------------------------------------------------------------------
Shareholder Communications:
----------------------------------------------------------------------------
Class A $1,167,565
Class B 31,730
Class C 111,916
Class R 176,784
Class Y 991,299
Class Z 1,315
----------------------------------------------------------------------------
Total $2,480,609
============================================================================
Pioneer Fund | Semiannual Report | 6/30/12 41
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $1,259,746 in transfer agent fees and out-of-pocket
reimbursements payable to PIMSS at June 30, 2012.
4. Distribution and Service Plans
The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C and
Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the average
daily net assets attributable to Class A shares as compensation for personal
services and/or account maintenance services or distribution services with
regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD 1.00% of
the average daily net assets attributable to Class B and Class C shares. The fee
for Class B and Class C shares consists of a 0.25% service fee and a 0.75%
distribution fee paid as compensation for personal services and/or account
maintenance services or distribution services with regard to Class B and Class C
shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of the average
daily net assets attributable to Class R shares for distribution services.
Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $154,063 in distribution fees payable to PFD at June 30, 2012.
The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.
In addition, redemptions of each class of shares (except Class R, Class Y and
Class Z shares) may be subject to a contingent deferred sales charge (CDSC). A
CDSC of 1.00% may be imposed on redemptions of certain net asset value purchases
of Class A shares within 12 months of purchase. Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates beginning
at 4.00%, based on the lower of cost or market value of shares being redeemed.
Redemptions of Class C shares within one year of purchase are subject to a CDSC
of 1.00%, based on the lower of cost or market value of shares being redeemed.
Shares purchased as part of an exchange remain subject to any CDSC that applied
to the original purchase of those shares. There is no CDSC for Class R, Class Y
or Class Z shares. Proceeds from the CDSCs are paid to PFD. For the six months
ended June 30, 2012, CDSCs in the amount of $24,909 were paid to PFD.
42 Pioneer Fund | Semiannual Report | 6/30/12
5. Expense Offset Arrangements
The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned on
cash held by PIMSS. For the six months ended June 30, 2012, the Fund's expenses
were not reduced under such arrangements.
6. Affiliated Companies
The Fund's investments in certain companies may exceed 5% of the outstanding
voting stock of those companies. Such companies are deemed affiliates of the
Fund for financial reporting purposes. The following summarizes transactions
with affiliates of the Fund for the six months ended June 30, 2012:
-------------------------------------------------------------------------------------------------------
Beginning Ending
Balance Purchases Sales Balance Dividend
Affiliates (shares) (shares) (shares) (shares) Income Value
-------------------------------------------------------------------------------------------------------
John Wiley and Sons 3,444,296 -- 25,000 3,419,296 $688,859 $167,511,313
=======================================================================================================
7. Line of Credit Facility
The Fund, along with certain other funds in the Pioneer Family of Funds
(the Funds), participates in a committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available
under the facility or the limits set for borrowing by the Fund's
prospectus and the 1940 Act. The credit facility in effect until January 20,
2012 was in the amount of $165 million. Under such facility, interest on
borrowings was payable at the higher of the London Interbank Offered Rate
(LIBOR) on the borrowing date plus 1.25% on an annualized basis or the
Federal Funds Rate on the borrowing date plus 1.25% on an annualized basis. The
credit facility in effect as of February 15, 2012 is in the amount of $215
million. Under such facility, depending on the type of loan, interest on
borrowings is payable at LIBOR plus 0.90% on an annualized basis, or the
Alternate Base Rate, which is the greater of (a) the facility's administrative
agent's daily announced prime rate on the borrowing date, (b) 2% plus the
Federal Funds Rate on the borrowing date and (c) 2% plus the overnight Euro
dollar rate on the borrowing date. The Funds pay an annual commitment fee to
participate in a credit facility. The commitment fee is allocated among
participating Funds based on an allocation schedule set forth in the credit
agreement. For the six months ended June 30, 2012, the Fund had no borrowings
under a credit facility.
Pioneer Fund | Semiannual Report | 6/30/12 43
8. Additional Disclosures about Derivative Instruments and Hedging Activities
The effect of derivative instruments on the Statement of Operations for the six
months ended June 30, 2012 was as follows:
------------------------------------------------------------------------------------
Realized
Derivatives Not Accounted Gain on
for as Hedging Instruments Location of Gain or (Loss) Derivatives
Under Accounting Standards On Derivatives Recognized Recognized
Codification (ASC) 815 in Income in Income
------------------------------------------------------------------------------------
Forward Foreign Currency Contracts Net realized loss on forward
foreign currency contracts and
other assets and liabilities
denominated in foreign currencies $455
====================================================================================
44 Pioneer Fund | Semiannual Report | 6/30/12
Trustees, Officers and Service Providers
Trustees Officers
Thomas J. Perna, Chairman John F. Cogan, Jr., President*
David R. Bock Daniel K. Kingsbury, Executive
Mary K. Bush Vice President
John F. Cogan, Jr. Mark E. Bradley, Treasurer**
Benjamin M. Friedman Christopher J. Kelley, Secretary
Margaret B.W. Graham
Daniel K. Kingsbury
Marguerite A. Piret
Stephen K. West
Investment Adviser and Administrator
Pioneer Investment Management, Inc.
Custodian and Sub-Administrator
Brown Brothers Harriman & Co.
Principal Underwriter
Pioneer Funds Distributor, Inc.
Legal Counsel
Bingham McCutchen LLP
Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.
Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during the
most recent 12-month period ended June 30 is publicly available to shareowners
at us.pioneerinvestments.com. This information is also available on the
Securities and Exchange Commission's web site at http://www.sec.gov.
* Chief Executive Officer of the Funds
** Chief Financial and Accounting Officer of the Funds
Pioneer Fund | Semiannual Report | 6/30/12 45
This page for your notes.
46 Pioneer Fund | Semiannual Report | 6/30/12
This page for your notes.
Pioneer Fund | Semiannual Report | 6/30/12 47
This page for your notes.
48 Pioneer Fund | Semiannual Report | 6/30/12
This page for your notes.
Pioneer Fund | Semiannual Report | 6/30/12 49
This page for your notes.
50 Pioneer Fund | Semiannual Report | 6/30/12
This page for your notes.
Pioneer Fund | Semiannual Report | 6/30/12 51
This page for your notes.
52 Pioneer Fund | Semiannual Report | 6/30/12
How to Contact Pioneer
We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.
Call us for:
----------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms 1-800-225-6292
FactFone(SM) for automated fund yields, prices,
account information and transactions 1-800-225-4321
Retirement plans information 1-800-622-0176
Write to us:
----------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014
Our toll-free fax 1-800-225-4240
Our internet e-mail address ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)
Visit our web site: us.pioneerinvestments.com
This report must be preceded or accompanied by a prospectus.
The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.
[LOGO] Pioneer
Investment(R)
Pioneer Investment Management, Inc.
60 State Street
Boston, MA 02109
us.pioneerinvestments.com
Securities offered through Pioneer Funds Distributor, Inc.
60 State Street, Boston, MA 02109
Underwriter of Pioneer Mutual Funds, Member SIPC
(c) 2012 Pioneer Investments 19404-06-0812
ITEM 2. CODE OF ETHICS.
(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party. If
the registrant has not adopted such a code of ethics, explain why it has not
done so.
The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.
(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:
(1) Honest and ethical conduct, including the ethical handling of actual
or apparent conflicts of interest between personal and professional
relationships;
(2) Full, fair, accurate, timely, and understandable disclosure in
reports and documents that a registrant files with, or submits to, the
Commission and in other public communications made by the registrant;
(3) Compliance with applicable governmental laws, rules, and
regulations;
(4) The prompt internal reporting of violations of the code to an
appropriate person or persons identified in the code; and
(5) Accountability for adherence to the code.
(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.
The registrant has made no amendments to the code of ethics during the period
covered by this report.
(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.
Not applicable.
(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.
Not applicable.
(f) The registrant must:
(1) File with the Commission, pursuant to Item 10(a), a copy of its code
of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer or controller,
or persons performing similar functions, as an exhibit to its annual
report on this Form N-CSR (see attachment);
(2) Post the text of such code of ethics on its Internet website and
disclose, in its most recent report on this Form N-CSR, its Internet
address and the fact that it has posted such code of ethics on its
Internet website; or
(3) Undertake in its most recent report on this Form N-CSR to provide to
any person without charge, upon request, a copy of such code of ethics
and explain the manner in which such request may be made.
See Item 10(2)
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
(a) (1) Disclose that the registrant's board of trustees has determined that
the registrant either:
(i) Has at least one audit committee financial expert serving on its audit
committee; or
(ii) Does not have an audit committee financial expert serving on its audit
committee.
The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.
(2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:
(i) Accept directly or indirectly any consulting, advisory, or other
compensatory fee from the issuer; or
(ii) Be an "interested person" of the investment company as defined in
Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).
Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.
(3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.
N/A
(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.
N/A
(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.
N/A
(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.
N/A
(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.
PIONEER FUNDS
APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
PROVIDED BY THE INDEPENDENT AUDITOR
SECTION I - POLICY PURPOSE AND APPLICABILITY
The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.
The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.
Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).
In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.
Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
SECTION II - POLICY
---------------- -------------------------------- -------------------------------------------------
SERVICE SERVICE CATEGORY DESCRIPTION SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
I. AUDIT Services that are directly o Accounting research assistance
SERVICES related to performing the o SEC consultation, registration
independent audit of the Funds statements, and reporting
o Tax accrual related matters
o Implementation of new accounting
standards
o Compliance letters (e.g. rating agency
letters)
o Regulatory reviews and assistance
regarding financial matters
o Semi-annual reviews (if requested)
o Comfort letters for closed end
offerings
---------------- -------------------------------- -------------------------------------------------
II. Services which are not o AICPA attest and agreed-upon procedures
AUDIT-RELATED prohibited under Rule o Technology control assessments
SERVICES 210.2-01(C)(4) (the "Rule") o Financial reporting control assessments
and are related extensions of o Enterprise security architecture
the audit services support the assessment
audit, or use the
knowledge/expertise gained
from the audit procedures as a
foundation to complete the
project. In most cases, if
the Audit-Related Services are
not performed by the Audit
firm, the scope of the Audit
Services would likely
increase. The Services are
typically well-defined and
governed by accounting
professional standards (AICPA,
SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
------------------------------------- ------------------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the audit period for all services and related fees
pre-approved specific service reported at each regularly
subcategories. Approval of the scheduled Audit Committee
independent auditors as meeting.
auditors for a Fund shall
constitute pre approval for
these services.
------------------------------------- ------------------------------------
o "One-time" pre-approval o A summary of all such
for the fund fiscal year within services and related fees
a specified dollar limit (including comparison to
for all pre-approved specified dollar limits)
specific service subcategories reported quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limit for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for Audit-Related
Services not denoted as
"pre-approved", or
to add a specific service
subcategory as "pre-approved"
------------------------------------- ------------------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
III. TAX SERVICES Services which are not o Tax planning and support
prohibited by the Rule, o Tax controversy assistance
if an officer of the Fund o Tax compliance, tax returns, excise
determines that using the tax returns and support
Fund's auditor to provide o Tax opinions
these services creates
significant synergy in
the form of efficiency,
minimized disruption, or
the ability to maintain a
desired level of
confidentiality.
----------------------- --------------------------- -----------------------------------------------
------------------------------------- -------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year all such services and
within a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for tax services not
denoted as pre-approved, or to add a specific
service subcategory as
"pre-approved"
------------------------------------- -------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- --------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
IV. OTHER SERVICES Services which are not o Business Risk Management support
prohibited by the Rule, o Other control and regulatory
A. SYNERGISTIC, if an officer of the Fund compliance projects
UNIQUE QUALIFICATIONS determines that using the
Fund's auditor to provide
these services creates
significant synergy in
the form of efficiency,
minimized disruption,
the ability to maintain a
desired level of
confidentiality, or where
the Fund's auditors
posses unique or superior
qualifications to provide
these services, resulting
in superior value and
results for the Fund.
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--------------------------------------- ------------------------
AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------- --------------------------
o "One-time" pre-approval o A summary of
for the fund fiscal year within all such services and
a specified dollar limit related fees
(including comparison
to specified dollar
limits) reported
quarterly.
o Specific approval is
needed to exceed the
pre-approved dollar limits for
these services (see general
Audit Committee approval policy
below for details on obtaining
specific approvals)
o Specific approval is
needed to use the Fund's
auditors for "Synergistic" or
"Unique Qualifications" Other
Services not denoted as
pre-approved to the left, or to
add a specific service
subcategory as "pre-approved"
------------------------------------- --------------------------
SECTION III - POLICY DETAIL, CONTINUED
----------------------- ------------------------- -----------------------------------------------
SERVICE CATEGORY SERVICE CATEGORY SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
PROHIBITED SERVICES Services which result 1. Bookkeeping or other services
in the auditors losing related to the accounting records or
independence status financial statements of the audit
under the Rule. client*
2. Financial information systems design
and implementation*
3. Appraisal or valuation services,
fairness* opinions, or
contribution-in-kind reports
4. Actuarial services (i.e., setting
actuarial reserves versus actuarial
audit work)*
5. Internal audit outsourcing services*
6. Management functions or human
resources
7. Broker or dealer, investment
advisor, or investment banking services
8. Legal services and expert services
unrelated to the audit
9. Any other service that the Public
Company Accounting Oversight Board
determines, by regulation, is
impermissible
----------------------- ------------------------- -----------------------------------------------
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AUDIT COMMITTEE APPROVAL POLICY AUDIT COMMITTEE
REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be o A summary of all
performed with the exception of the(*) services and related
services that may be permitted fees reported at each
if they would not be subject to audit regularly scheduled
procedures at the audit client (as Audit Committee meeting
defined in rule 2-01(f)(4)) level will serve as continual
the firm providing the service. confirmation that has
not provided any
restricted services.
------------------------------------------- ------------------------------
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
make an assessment to determine that any proposed projects will not impair
independence.
o Potential services will be classified into the four non-restricted service
categories and the "Approval of Audit, Audit-Related, Tax and Other
Services" Policy above will be applied. Any services outside the specific
pre-approved service subcategories set forth above must be specifically
approved by the Audit Committee.
o At least quarterly, the Audit Committee shall review a report summarizing the
services by service category, including fees, provided by the Audit firm as
set forth in the above policy.
--------------------------------------------------------------------------------
(2) Disclose the percentage of services described in each of paragraphs (b)
through (d) of this Item that were approved by the audit committee pursuant
to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
N/A
(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.
N/A
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.
N/A
(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.
The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.
Item 5. Audit Committee of Listed Registrants
(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.
N/A
(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.
N/A
Item 6. Schedule of Investments.
File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.
Included in Item 1
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.
Not applicable to open-end management investment companies.
Item 8. Portfolio Managers of Closed-End Management Investment
Companies.
(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.
Not applicable to open-end management investment companies.
Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.
(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.
Not applicable to open-end management investment companies.
Item 10. Submission of Matters to a Vote of Security Holders.
Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.
There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.
ITEM 11. CONTROLS AND PROCEDURES.
(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.
The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.
(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.
There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.
The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:
In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose. Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.
ITEM 12. EXHIBITS.
File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.
(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.
(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).
Filed herewith.
SIGNATURES
[See General Instruction F]
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) Pioneer Fund
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President
Date August 29, 2012
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President
Date August 29, 2012
By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer
Date August 29, 2012
* Print the name and title of each signing officer under his or her signature.