OMB APPROVAL OMB Number: 3235-0570 Expires: August 31, 2013 Estimated average burden hours per response.....18.9 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, 2013 through June 30, 2013 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, 2013 -------------------------------------------------------------------------------- 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 7 Prices and Distributions 8 Performance Update 9 Comparing Ongoing Fund Expenses 15 Schedule of Investments 17 Financial Statements 25 Notes to Financial Statements 35 Trustees, Officers and Service Providers 44 Pioneer Fund | Semiannual Report | 6/30/13 1 President's Letter Dear Shareowner, When we look at the U.S. economy as we head into the second half of 2013, we continue to see slow, but ongoing, growth. Employment has been steadily rising. Consumer incomes, savings, wealth, and debt-servicing capacity have been solid buttresses for the recovering housing and auto industries. Industrial activity is growing only modestly, but current corporate profits are generally solid and balance sheets appear able to support needed capital spending and dividend* payouts. The scaled-back "fiscal cliff" tax increases and spending cuts have meaningfully cut the budget deficit without, it seems, driving the economy back into recession. In addition, we feel that continuing slack in labor markets and capacity utilization offers the potential for continuing growth without bottlenecks and rising inflation. After observing the strengthening economic trends, the Federal Reserve (the Fed) has hinted that it may begin to scale back its bond purchases (currently $85 billion per month in quantitative easing, or "QE") later in 2013, and could terminate the purchases altogether sometime in 2014, depending on subsequent economic data releases. Pioneer believes that, barring an external shock, modest economic growth can be sustained at least over the next couple of years without continuous, aggressive intervention from the Fed. The Fed has also said that short-term interest rates are likely to remain near zero for some time to come. Given that inflation remains subdued and unemployment remains high, there is no urgency about raising rates. While inflation is not a near-term concern, the Fed's aggressive monetary policies helped investors drive long-term Treasury yields to unsustainably low levels. A return to more normal levels in response to expectations of a stronger economy and the potential for less QE resulted in disappointing returns for bond investors during the first half of 2013, but the stock market rewarded shareholders who were undaunted by the double-barreled threat of the "fiscal cliff" and debt-ceiling debates at the beginning of 2013. The Standard & Poor's 500 Index, a broad measure of the U.S. stock market, returned 13.82% during the first six months of 2013, while the Barclays Aggregate Bond Index, which tracks the performance of a higher-quality U.S. bond universe, returned -2.44%. Investors showed a rising preference for higher-yielding corporate paper over government bonds during the first half of 2013, helping the Bank of America Merrill Lynch High Yield Master II Index, which measures the performance of high-yield corporate bonds, to post a 1.50% return for the six months ended June 30, 2013. Three-month Treasury bills, generally regarded as essentially "risk free" by the markets, returned 0.03% in the first half of 2013. * Dividends are not guaranteed. 2 Pioneer Fund | Semiannual Report | 6/30/13 There are certainly risks and uncertainties that continue to plague the global economy. Europe remains in recession and a number of countries in the emerging markets have experienced difficulties. Still, a potential ending of the European recession, continuing economic improvement in Japan in response to the new government's quantitative easing policies, and a "soft landing" of 7% growth in China could very well result in an improving global outlook over the remainder of 2013. There are also geopolitical worries abroad and political fights at home, and while most of the widely recognized risks we've outlined may already be "priced in" to the market, we believe investors should continue to expect market volatility. At Pioneer, we have long advocated the benefits of staying diversified and investing for the long term. And while diversification alone does not assure a profit or protect against loss in a declining market, we believe there are still opportunities for prudent investors to earn attractive returns. 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, keeping in mind that there is no single best strategy that works for every investor. Pioneer's investment teams have, since 1928, sought out attractive opportunities in global equity and bond markets, using in-depth research to identify undervalued individual securities, and using thoughtful risk management to construct portfolios which balance potential risks and rewards in an ever-changing world. We encourage 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 | 6/30/13 3 Portfolio Management Discussion | 6/30/13 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, 2013, and Pioneer Fund's performance during the period. Mr. Carey is responsible for the day-to-day management of Pioneer Fund. Q How would you describe the market for equities during the six months ended June 30, 2013? A The stock market trended steadily higher through the middle of May, but a mild correction ensued for the next month as investors fretted about indications from the Federal Reserve Board (the Fed) that it might "taper" its bond purchases at some point and let interest rates find their own level. The final week of the six-month period saw a sharp rebound as investors took heart from projections of continued low inflation and moderate economic growth. Dividend-paying* stocks, especially those in sectors such as consumer discretionary and health care, were popular with investors during the six- month period. Merger-and-acquisition activity also affected the Fund's portfolio when, in February, H. J. Heinz received a premium take-over bid from Berkshire Hathaway and a Brazilian company called 3G Capital. Q How did the Fund perform in that environment during the six months ended June 30, 2013? A Pioneer Fund's Class A shares returned 13.78% at net asset value during the six months ended June 30, 2013, while the Fund's benchmark, the Standard & Poor's 500 Index (the S&P 500), returned 13.82%. During the same period, the average return of the 973 mutual funds Lipper's Large Cap Core Funds category was 13.19%. Q What were some of the key drivers of the Fund's benchmark-relative returns during the six months ended June 30, 2013? A While the Fund showed positive performance attribution across most sectors compared with the S&P 500, stock selection results in consumer discretionary and financials detracted from relative returns. In consumer discretionary, the Fund's shares of publisher John Wiley & Sons lagged; and in financials, not owning above-average performer Berkshire Hathaway hurt the Fund's results. * Dividends are not guaranteed. 4 Pioneer Fund | Semiannual Report | 6/30/13 The biggest positive contributions to benchmark-relative returns during the period came from the Fund's underweight position in poor-performer Apple. The Fund also benefited from having overweight positions in strong performers Vertex Pharmaceuticals, Hershey, Cabot Oil & Gas, PNC Financial, H.J. Heinz, Celgene, and Becton Dickinson. Overall sector allocation results also contributed to relative returns during the six-month period. Q Could you summarize purchases and sales that you made in the Fund during the six months ended June 30, 2013? A The Fund held nine new positions at period end, while thirteen were liquidated during the six-month period. New additions Cameron International and FMC Technologies expanded the Fund's holdings in energy equipment and services. Both firms are known especially for their specialties in technologically-advanced, offshore drilling and production. Monsanto, a world leader in agricultural chemicals and seeds, also was added to the Fund during the period, as were Keycorp and Goldman Sachs, which provide exposures to areas in financial services that have seen sharp improvement since the troubled years between 2007 and 2009. In consumer staples, we added PepsiCo, a pre-eminent name globally both in soft drinks and beverages as well as in snack foods, where the company's Frito-Lay division is famous. Another Fund entry, Raytheon, provides diversification into air-defense missiles and radar. In addition to making those purchases, the Fund received shares of AbbVie when an existing holding, Abbott Laboratories, split off its pharmaceutical business. Zoetis, an animal-health medicines company, initially came into the Fund's portfolio through purchases, when Pfizer, also an existing holding, had an initial public offering for that profitable division of its business. We expanded the Fund's Zoetis position through additional purchases and acceptance of an exchange offer from Pfizer. Among stocks sold from the Fund's portfolio during the period were several that we felt had reached fair value, including Vertex Pharmaceuticals, Qualcomm, and Sandisk; some where we had come to question the companies' longer-term, earnings-growth potential, including Exxon Mobil, Agilent Technologies, and AT&T; and others we just regarded as having less compelling prospects than those of companies whose stocks we wished to purchase. Pioneer Fund | Semiannual Report | 6/30/13 5 Q Given the various potential headwinds for the global economy, what is your outlook for the remainder of 2013? A Certainly there are risks and uncertainties for the global economy. Europe remains sluggish; growth in China appears to have slowed over the past couple of years from its former, very robust rate; Brazil, Argentina, and Venezuela, among other Latin American countries, have been experiencing difficulties; and here in the U.S., the national fiscal situation continues to cause unease. Besides the economic issues, there are also some obvious geopolitical trouble spots in the world, including the Middle East and the Korean peninsula. However, when we look at the U.S., the principal economic arena for the majority of the Fund's holdings, we see steady, if moderate, growth that we think can be sustained at least over the next couple of years by improvement in the housing sector, higher auto sales, and falling unemployment. The domestic economy, unlike economies in some other parts of the world, is predominantly dependent on the state of the consumer and the level of consumer confidence. A better housing market can go a long ways all by itself towards creating a more upbeat set of economic conditions. Next to the potential for the U.S. economy to keep expanding we would set the historically reasonable level of share-price valuations and the decent dividend yields relative to income-generating alternatives like money- market instruments and investment-grade bonds. So, headwinds, yes, but also, perhaps, some tailwinds. We shall see in the months and quarters ahead where the prevailing winds blow. Thank you for your interest and support. Please refer to the Schedule of Investments on pages 17-24 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. 6 Pioneer Fund | Semiannual Report | 6/30/13 Portfolio Summary | 6/30/13 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 3.4% Depositary Receipts for International Stocks 0.6% Sector Distribution -------------------------------------------------------------------------------- (As a percentage of equity holdings) [THE FOLLOWING DATA WAS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL] Information Technology 17.2% Financials 16.4% Health Care 15.4% Consumer Discretionary 13.7% Consumer Staples 11.7% Industrials 11.5% Energy 9.5% Materials 2.8% Utilities 1.0% Telecommunication Services 0.8% 10 Largest Holdings -------------------------------------------------------------------------------- (As a percentage of equity holdings)* 1. The Hershey Co. 2.60% -------------------------------------------------------------------------------- 2. John Wiley & Sons, Inc. 2.33 -------------------------------------------------------------------------------- 3. Wells Fargo & Co. 2.28 -------------------------------------------------------------------------------- 4. Microsoft Corp. 2.14 -------------------------------------------------------------------------------- 5. Colgate-Palmolive Co. 2.09 -------------------------------------------------------------------------------- 6. Johnson & Johnson Co. 1.85 -------------------------------------------------------------------------------- 7. The PNC Financial Services Group, Inc. 1.83 -------------------------------------------------------------------------------- 8. Apple, Inc. 1.73 -------------------------------------------------------------------------------- 9. The Chubb Corp. 1.73 -------------------------------------------------------------------------------- 10. United Technologies Corp. 1.63 -------------------------------------------------------------------------------- * 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. Pioneer Fund | Semiannual Report | 6/30/13 7 Prices and Distributions | 6/30/13 Net Asset Value per Share -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Class 6/30/13 12/31/12 -------------------------------------------------------------------------------- A $36.74 $32.45 -------------------------------------------------------------------------------- B $35.35 $31.26 -------------------------------------------------------------------------------- C $34.68 $30.64 -------------------------------------------------------------------------------- R $36.83 $32.51 -------------------------------------------------------------------------------- Y $36.94 $32.61 -------------------------------------------------------------------------------- Z $36.84 $32.53 -------------------------------------------------------------------------------- Distributions per Share: 1/1/13-6/30/13 -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- Net Investment Short-Term Long-Term Class Income Capital Gains Capital Gains -------------------------------------------------------------------------------- A $0.1800 $ -- $ -- -------------------------------------------------------------------------------- B $ -- $ -- $ -- -------------------------------------------------------------------------------- C $0.0500 $ -- $ -- -------------------------------------------------------------------------------- R $0.1200 $ -- $ -- -------------------------------------------------------------------------------- Y $0.2300 $ -- $ -- -------------------------------------------------------------------------------- Z $0.1900 $ -- $ -- -------------------------------------------------------------------------------- Index Definition -------------------------------------------------------------------------------- The Standard & Poor's 500 Index is an unmanaged, commonly used measure of the broad U.S. stock market. Index returns are calculated monthly, 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 9-14. 8 Pioneer Fund | Semiannual Report | 6/30/13 Performance Update | 6/30/13 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, 2013) -------------------------------------------------------------------------------- Net Asset Public Offering Period Value (NAV) Price (POP) -------------------------------------------------------------------------------- 10 Years 6.55% 5.92% 5 Years 4.51 3.28 1 Year 19.49 12.63 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated May 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.01% -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment Pioneer Fund Standard & Poor's 500 Index 6/30/2003 $ 9,425 $ 10,000 6/30/2004 $ 11,135 $ 11,910 6/30/2005 $ 12,069 $ 12,662 6/30/2006 $ 13,565 $ 13,754 6/30/2007 $ 16,295 $ 16,584 6/30/2008 $ 14,258 $ 14,410 6/30/2009 $ 10,525 $ 10,635 6/30/2010 $ 11,826 $ 12,169 6/30/2011 $ 15,574 $ 15,903 6/30/2012 $ 14,879 $ 16,766 6/30/2013 $ 17,779 $ 20,217 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. Pioneer Fund | Semiannual Report | 6/30/13 9 Performance Update | 6/30/13 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, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 5.47% 5.47% 5 Years 3.34 3.34 1 Year 18.02 14.40 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated May 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 2.27% -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment Pioneer Fund Standard & Poor's 500 Index 6/30/2003 $ 10,000 $ 10,000 6/30/2004 $ 11,704 $ 11,910 6/30/2005 $ 12,575 $ 12,662 6/30/2006 $ 13,999 $ 13,754 6/30/2007 $ 16,679 $ 16,584 6/30/2008 $ 14,462 $ 14,410 6/30/2009 $ 10,566 $ 10,635 6/30/2010 $ 11,744 $ 12,169 6/30/2011 $ 15,295 $ 15,903 6/30/2012 $ 14,439 $ 16,766 6/30/2013 $ 17,040 $ 20,217 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. 10 Pioneer Fund | Semiannual Report | 6/30/13 Performance Update | 6/30/13 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, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 5.72% 5.72% 5 Years 3.70 3.70 1 Year 18.56 18.56 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated May 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.80% -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment Pioneer Fund Standard & Poor's 500 Index 6/30/2003 $ 10,000 $ 10,000 6/30/2004 $ 11,718 $ 11,910 6/30/2005 $ 12,599 $ 12,662 6/30/2006 $ 14,054 $ 13,754 6/30/2007 $ 16,747 $ 16,584 6/30/2008 $ 14,540 $ 14,410 6/30/2009 $ 10,651 $ 10,635 6/30/2010 $ 11,872 $ 12,169 6/30/2011 $ 15,515 $ 15,903 6/30/2012 $ 14,708 $ 16,766 6/30/2013 $ 17,439 $ 20,217 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. Pioneer Fund | Semiannual Report | 6/30/13 11 Performance Update | 6/30/13 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, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 6.36% 6.36% 5 Years 4.24 4.24 1 Year 19.18 19.18 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated May 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 1.33% -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment Pioneer Fund Standard & Poor's 500 Index 6/30/2003 $ 10,000 $ 10,000 6/30/2004 $ 11,813 $ 11,910 6/30/2005 $ 12,793 $ 12,662 6/30/2006 $ 14,360 $ 13,754 6/30/2007 $ 17,223 $ 16,584 6/30/2008 $ 15,050 $ 14,410 6/30/2009 $ 11,097 $ 10,635 6/30/2010 $ 12,427 $ 12,169 6/30/2011 $ 16,307 $ 15,903 6/30/2012 $ 15,540 $ 16,766 6/30/2013 $ 18,520 $ 20,217 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 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. 12 Pioneer Fund | Semiannual Report | 6/30/13 Performance Update | 6/30/13 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, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 7.00% 7.00% 5 Years 4.95 4.95 1 Year 19.91 19.91 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated May 1, 2013) -------------------------------------------------------------------------------- Gross -------------------------------------------------------------------------------- 0.66% -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $5 Million Investment Pioneer Fund Standard & Poor's 500 Index 6/30/2003 $ 5,000,000 $ 5,000,000 6/30/2004 $ 5,933,416 $ 5,954,934 6/30/2005 $ 6,458,066 $ 6,331,187 6/30/2006 $ 7,290,120 $ 6,877,205 6/30/2007 $ 8,791,047 $ 8,292,105 6/30/2008 $ 7,723,074 $ 7,204,756 6/30/2009 $ 5,731,085 $ 5,317,322 6/30/2010 $ 6,468,369 $ 6,084,567 6/30/2011 $ 8,550,863 $ 7,951,293 6/30/2012 $ 8,201,088 $ 8,382,893 6/30/2013 $ 9,834,269 $ 10,108,414 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. Pioneer Fund | Semiannual Report | 6/30/13 13 Performance Update | 6/30/13 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, 2013) -------------------------------------------------------------------------------- If If Period Held Redeemed -------------------------------------------------------------------------------- 10 Years 6.78% 6.78% 5 Years 4.82 4.82 1 Year 19.65 19.65 -------------------------------------------------------------------------------- Expense Ratio (Per prospectus dated May 1, 2013) -------------------------------------------------------------------------------- Gross Net -------------------------------------------------------------------------------- 0.87% 0.85% -------------------------------------------------------------------------------- [THE FOLLOWING DATA WAS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL] Value of $10,000 Investment Pioneer Fund Standard & Poor's 500 Index 6/30/2003 $ 10,000 $10,000 6/30/2004 $ 11,814 $11,909 6/30/2005 $ 12,805 $12,662 6/30/2006 $ 14,393 $13,754 6/30/2007 $ 17,296 $16,584 6/30/2008 $ 15,232 $14,409 6/30/2009 $ 11,303 $10,634 6/30/2010 $ 12,742 $12,169 6/30/2011 $ 16,827 $15,902 6/30/2012 $ 16,110 $16,765 6/30/2013 $ 19,276 $20,216 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, 2014, 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. 14 Pioneer Fund | Semiannual Report | 6/30/13 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, 2013, through June 30, 2013. ----------------------------------------------------------------------------------- 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 1/1/13 ----------------------------------------------------------------------------------- Ending Account $1,137.80 $1,130.80 $1,133.50 $1,136.60 $1,139.90 $1,138.40 Value on 6/30/13 ----------------------------------------------------------------------------------- Expenses Paid $ 5.19 $ 11.78 $ 9.20 $ 6.46 $ 3.29 $ 4.51 During Period* ----------------------------------------------------------------------------------- * Expenses are equal to the Fund's annualized net expense ratio of 0.98%, 2.23%, 1.74%, 1.22%, 0.62%, 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 181/365 (to reflect the one-half year period). Pioneer Fund | Semiannual Report | 6/30/13 15 Comparing Ongoing Fund Expenses (continued) 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, 2013, through June 30, 2013. ----------------------------------------------------------------------------------- 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 1/1/13 ----------------------------------------------------------------------------------- Ending Account $1,019.93 $1,013.74 $1,016.17 $1,018.74 $1,021.72 $1,020.58 Value on 6/30/13 ----------------------------------------------------------------------------------- Expenses Paid $ 4.91 $ 11.13 $ 8.70 $ 6.11 $ 3.11 $ 4.26 During Period* ----------------------------------------------------------------------------------- * Expenses are equal to the Fund's annualized net expense ratio of 0.98%, 2.23%, 1.74%, 1.22%, 0.62%, 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 181/365 (to reflect the one-half year period). 16 Pioneer Fund | Semiannual Report | 6/30/13 Schedule of Investments | 6/30/13 (unaudited) -------------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------------- COMMON STOCKS -- 100.0% ENERGY -- 9.6% Oil & Gas Drilling -- 0.9% 610,174 Ensco Plc $ 35,463,313 147,315 Helmerich & Payne, Inc. 9,199,822 -------------- $ 44,663,135 -------------------------------------------------------------------------------------- Oil & Gas Equipment & Services -- 2.0% 175,977 Cameron International Corp.* $ 10,762,753 173,621 FMC Technologies, Inc.* 9,667,217 383,928 Halliburton Co. 16,017,476 327,722 National Oilwell Varco, Inc. 22,580,046 486,724 Schlumberger, Ltd. 34,878,642 -------------- $ 93,906,134 -------------------------------------------------------------------------------------- Integrated Oil & Gas -- 1.4% 481,441 Chevron Corp. $ 56,973,728 134,876 Occidental Petroleum Corp. 12,034,985 -------------- $ 69,008,713 -------------------------------------------------------------------------------------- Oil & Gas Exploration & Production -- 4.1% 494,344 Apache Corp. $ 41,440,858 729,307 Cabot Oil & Gas Corp. 51,795,383 520,932 ConocoPhillips 31,516,386 1,112,362 Marathon Oil Corp. 38,465,478 865,989 Southwestern Energy Co.* 31,634,578 -------------- $ 194,852,683 -------------------------------------------------------------------------------------- Oil & Gas Refining & Marketing -- 1.2% 418,657 Marathon Petroleum Corp.* $ 29,749,766 451,596 Phillips 66 26,603,520 -------------- $ 56,353,286 -------------- Total Energy $ 458,783,951 -------------------------------------------------------------------------------------- MATERIALS -- 2.9% Fertilizers & Agricultural Chemicals -- 0.9% 196,182 Monsanto Co. $ 19,382,782 396,778 The Mosaic Co. 21,350,624 -------------- $ 40,733,406 -------------------------------------------------------------------------------------- Industrial Gases -- 0.8% 412,586 Airgas, Inc. $ 39,385,460 -------------------------------------------------------------------------------------- Specialty Chemicals -- 1.0% 565,016 Ecolab, Inc. $ 48,133,713 -------------------------------------------------------------------------------------- Paper Products -- 0.2% 232,084 International Paper Co. $ 10,283,642 -------------- Total Materials $ 138,536,221 -------------------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. Pioneer Fund | Semiannual Report | 6/30/13 17 Schedule of Investments | 6/30/13 (unaudited) (continued) -------------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------------- CAPITAL GOODS -- 9.2% Aerospace & Defense -- 1.9% 209,914 Raytheon Co. $ 13,879,514 841,108 United Technologies Corp. 78,172,578 -------------- $ 92,052,092 -------------------------------------------------------------------------------------- Construction & Engineering -- 0.6% 847,311 KBR, Inc. $ 27,537,608 -------------------------------------------------------------------------------------- Electrical Components & Equipment -- 0.3% 169,655 Rockwell Automation, Inc. $ 14,105,117 -------------------------------------------------------------------------------------- Industrial Conglomerates -- 2.8% 686,209 3M Co. $ 75,036,954 2,591,883 General Electric Co. 60,105,767 -------------- $ 135,142,721 -------------------------------------------------------------------------------------- Construction & Farm Machinery & Heavy Trucks -- 2.0% 333,902 Cummins, Inc. $ 36,215,011 301,924 Joy Global, Inc. 14,652,372 798,943 PACCAR, Inc. 42,871,281 -------------- $ 93,738,664 -------------------------------------------------------------------------------------- Industrial Machinery -- 1.6% 878,014 Ingersoll-Rand Plc $ 48,747,337 395,111 SPX Corp. 28,440,090 -------------- $ 77,187,427 -------------- Total Capital Goods $ 439,763,629 -------------------------------------------------------------------------------------- TRANSPORTATION -- 2.3% Air Freight & Logistics -- 0.5% 267,887 United Parcel Service, Inc. (Class B) $ 23,166,868 -------------------------------------------------------------------------------------- Railroads -- 1.8% 586,986 Norfolk Southern Corp. $ 42,644,533 292,508 Union Pacific Corp. 45,128,134 -------------- $ 87,772,667 -------------- Total Transportation $ 110,939,535 -------------------------------------------------------------------------------------- AUTOMOBILES & COMPONENTS -- 2.4% Auto Parts & Equipment -- 1.1% 260,003 BorgWarner, Inc.* $ 22,399,258 844,254 Johnson Controls, Inc. 30,215,851 -------------- $ 52,615,109 -------------------------------------------------------------------------------------- Automobile Manufacturers -- 1.3% 3,898,499 Ford Motor Co. $ 60,309,780 -------------- Total Automobiles & Components $ 112,924,889 -------------------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. 18 Pioneer Fund | Semiannual Report | 6/30/13 -------------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------------- CONSUMER DURABLES & APPAREL -- 0.6% Apparel, Accessories & Luxury Goods -- 0.6% 520,104 Coach, Inc. $ 29,692,737 -------------- Total Consumer Durables & Apparel $ 29,692,737 -------------------------------------------------------------------------------------- CONSUMER SERVICES -- 1.6% Restaurants -- 1.6% 428,756 McDonald's Corp. $ 42,446,844 499,578 Starbucks Corp. 32,717,363 -------------- $ 75,164,207 -------------- Total Consumer Services $ 75,164,207 -------------------------------------------------------------------------------------- MEDIA -- 4.5% Cable & Satellite -- 0.3% 363,722 Comcast Corp. $ 15,232,677 -------------------------------------------------------------------------------------- Movies & Entertainment -- 1.8% 1,115,002 The Walt Disney Co. $ 70,412,376 282,012 Time Warner, Inc. 16,305,934 -------------- $ 86,718,310 -------------------------------------------------------------------------------------- Publishing -- 2.4% 2,784,250 John Wiley & Sons, Inc.+ $ 111,620,582 -------------- Total Media $ 213,571,569 -------------------------------------------------------------------------------------- RETAILING -- 4.8% Department Stores -- 1.4% 779,334 Macy's, Inc. $ 37,408,032 466,175 Nordstrom, Inc. 27,942,530 -------------- $ 65,350,562 -------------------------------------------------------------------------------------- General Merchandise Stores -- 1.0% 681,185 Target Corp. $ 46,906,399 -------------------------------------------------------------------------------------- Apparel Retail -- 1.7% 555,490 Ross Stores, Inc. $ 36,001,307 879,780 TJX Companies, Inc. 44,041,787 -------------- $ 80,043,094 -------------------------------------------------------------------------------------- Home Improvement Retail -- 0.7% 386,580 Lowe's Companies, Inc. $ 15,811,122 262,492 The Home Depot, Inc. 20,335,255 -------------- $ 36,146,377 -------------- Total Retailing $ 228,446,432 -------------------------------------------------------------------------------------- FOOD & STAPLES RETAILING -- 2.7% Drug Retail -- 2.3% 730,583 CVS Caremark Corp. $ 41,774,736 1,568,351 Walgreen Co. 69,321,114 -------------- $ 111,095,850 -------------------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. Pioneer Fund | Semiannual Report | 6/30/13 19 Schedule of Investments | 6/30/13 (unaudited) (continued) -------------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------------- Hypermarkets & Super Centers -- 0.4% 231,200 Wal-Mart Stores, Inc. $ 17,222,088 -------------- Total Food & Staples Retailing $ 128,317,938 -------------------------------------------------------------------------------------- FOOD, BEVERAGE & TOBACCO -- 6.1% Soft Drinks -- 1.0% 350,185 Coca-Cola Enterprises, Inc. $ 12,312,505 399,721 Dr. Pepper Snapple Group, Inc. 18,359,186 228,650 PepsiCo, Inc. 18,701,284 -------------- $ 49,372,975 -------------------------------------------------------------------------------------- Packaged Foods & Meats -- 5.1% 524,701 Campbell Soup Co. $ 23,501,358 752,122 General Mills, Inc. 36,500,481 402,759 Kraft Foods Group, Inc.* 22,502,145 1,208,380 Mondelez International, Inc. 34,475,081 1,394,463 The Hershey Co. 124,497,656 -------------- $ 241,476,721 -------------- Total Food, Beverage & Tobacco $ 290,849,696 -------------------------------------------------------------------------------------- HOUSEHOLD & PERSONAL PRODUCTS -- 3.0% Household Products -- 3.0% 1,745,703 Colgate-Palmolive Co. $ 100,011,325 232,722 The Clorox Co. 19,348,507 305,946 The Procter & Gamble Co. 23,554,783 -------------- $ 142,914,615 -------------- Total Household & Personal Products $ 142,914,615 -------------------------------------------------------------------------------------- HEALTH CARE EQUIPMENT & SERVICES -- 6.8% Health Care Equipment -- 5.4% 1,157,229 Abbott Laboratories, Inc. $ 40,364,148 441,686 Baxter International, Inc. 30,595,589 490,372 Becton Dickinson and Co. 48,463,465 682,204 Covidien Plc 42,869,699 690,994 CR Bard, Inc. 75,097,228 1,878,153 Smith & Nephew Plc 20,996,530 -------------- $ 258,386,659 -------------------------------------------------------------------------------------- Health Care Distributors -- 0.1% 156,891 Cardinal Health, Inc. $ 7,405,255 -------------------------------------------------------------------------------------- Health Care Services -- 0.7% 171,463 DaVita HealthCare Partners, Inc.* $ 20,712,730 185,873 Express Scripts Holding Co.* 11,466,505 -------------- $ 32,179,235 -------------------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. 20 Pioneer Fund | Semiannual Report | 6/30/13 -------------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------------- Managed Health Care -- 0.6% 467,109 Aetna, Inc. $ 29,680,106 -------------- Total Health Care Equipment & Services $ 327,651,255 -------------------------------------------------------------------------------------- PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES -- 8.6% Biotechnology -- 2.3% 480,715 Amgen, Inc. $ 47,427,342 329,194 Celgene Corp.* 38,486,071 436,506 Gilead Sciences, Inc.* 22,353,472 -------------- $ 108,266,885 -------------------------------------------------------------------------------------- Pharmaceuticals -- 5.8% 1,157,229 AbbVie, Inc. $ 47,839,847 375,418 Eli Lilly & Co. 18,440,532 1,034,862 Johnson & Johnson Co. 88,853,251 565,816 Merck & Co., Inc. 26,282,153 2,103,010 Pfizer, Inc. 58,905,310 1,200,462 Zoetis, Inc. 37,082,271 -------------- $ 277,403,364 -------------------------------------------------------------------------------------- Life Sciences Tools & Services -- 0.5% 280,933 Thermo Fisher Scientific, Inc. $ 23,775,360 -------------- Total Pharmaceuticals, Biotechnology & Life Sciences $ 409,445,609 -------------------------------------------------------------------------------------- BANKS -- 6.2% Diversified Banks -- 3.9% 251,309 Canadian Imperial Bank of Commerce $ 17,855,127 1,688,984 US Bancorp 61,056,772 2,643,919 Wells Fargo & Co. 109,114,537 -------------- $ 188,026,436 -------------------------------------------------------------------------------------- Regional Banks -- 2.3% 1,961,836 KeyCorp $ 21,658,669 1,206,600 The PNC Financial Services Group, Inc. 87,985,272 -------------- $ 109,643,941 -------------- Total Banks $ 297,670,377 -------------------------------------------------------------------------------------- DIVERSIFIED FINANCIALS -- 7.0% Other Diversified Financial Services -- 3.0% 2,335,074 Bank of America Corp. $ 30,029,052 1,347,969 Citigroup, Inc. 64,662,073 880,662 JPMorgan Chase & Co. 46,490,147 -------------- $ 141,181,272 -------------------------------------------------------------------------------------- Consumer Finance -- 1.4% 423,417 American Express Co. $ 31,654,655 760,108 Discover Financial Services, Inc. 36,211,545 -------------- $ 67,866,200 -------------------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. Pioneer Fund | Semiannual Report | 6/30/13 21 Schedule of Investments | 6/30/13 (unaudited) (continued) -------------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------------- Asset Management & Custody Banks -- 2.2% 254,915 Franklin Resources, Inc. $ 34,673,538 734,025 Invesco, Ltd. 23,341,995 663,562 T. Rowe Price Group, Inc. 48,539,560 -------------- $ 106,555,093 -------------------------------------------------------------------------------------- Investment Banking & Brokerage -- 0.4% 120,554 The Goldman Sachs Group, Inc. $ 18,233,792 -------------- Total Diversified Financials $ 333,836,357 -------------------------------------------------------------------------------------- INSURANCE -- 3.3% Life & Health Insurance -- 0.8% 648,578 Aflac, Inc. $ 37,695,353 -------------------------------------------------------------------------------------- Property & Casualty Insurance -- 2.5% 980,048 The Chubb Corp. $ 82,961,063 460,339 The Travelers Companies, Inc. 36,790,293 -------------- $ 119,751,356 -------------- Total Insurance $ 157,446,709 -------------------------------------------------------------------------------------- SOFTWARE & SERVICES -- 10.7% Internet Software & Services -- 2.0% 593,157 eBay, Inc.* $ 30,678,080 722,505 Facebook, Inc.* 17,961,474 50,616 Google, Inc.* 44,560,808 -------------- $ 93,200,362 -------------------------------------------------------------------------------------- IT Consulting & Other Services -- 1.1% 281,596 International Business Machines Corp. $ 53,815,812 -------------------------------------------------------------------------------------- Data Processing & Outsourced Services -- 3.1% 808,447 Automatic Data Processing, Inc. $ 55,669,660 347,315 DST Systems, Inc. 22,690,089 319,332 Fiserv, Inc.* 27,912,810 36,098 Mastercard, Inc. 20,738,301 127,519 Visa, Inc. 23,304,097 -------------- $ 150,314,957 -------------------------------------------------------------------------------------- Application Software -- 0.9% 796,123 Adobe Systems, Inc.* $ 36,271,364 358,721 Nuance Communications, Inc.* 6,593,292 -------------- $ 42,864,656 -------------------------------------------------------------------------------------- Systems Software -- 3.6% 2,967,057 Microsoft Corp. $ 102,452,478 1,351,351 Oracle Corp. 41,513,503 1,303,934 Symantec Corp. 29,299,397 -------------- $ 173,265,378 -------------- Total Software & Services $ 513,461,165 -------------------------------------------------------------------------------------- The accompanying notes are an integral part of these financial statements. 22 Pioneer Fund | Semiannual Report | 6/30/13 -------------------------------------------------------------------------------------- Shares Value -------------------------------------------------------------------------------------- TECHNOLOGY HARDWARE & EQUIPMENT -- 3.4% Communications Equipment -- 1.3% 1,575,131 Cisco Systems, Inc. $ 38,291,435 128,696 F5 Networks, Inc.* 8,854,285 291,744 Motorola Solutions, Inc. 16,842,381 1,919 Palo Alto Networks, Inc.* 80,905 -------------- $ 64,069,006 -------------------------------------------------------------------------------------- Computer Hardware -- 1.7% 209,925 Apple, Inc. $ 83,147,094 -------------------------------------------------------------------------------------- Computer Storage & Peripherals -- 0.4% 748,441 EMC Corp. $ 17,678,176 -------------- Total Technology Hardware & Equipment $ 164,894,276 -------------------------------------------------------------------------------------- SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT -- 3.1% Semiconductor Equipment -- 0.4% 269,598 ASML Holding NV (A.D.R.) $ 21,325,202 -------------------------------------------------------------------------------------- Semiconductors -- 2.7% 1,304,146 Analog Devices, Inc. $ 58,764,819 805,865 Intel Corp. 19,518,050 469,779 Maxim Integrated Products, Inc. 13,050,461 910,090 Xilinx, Inc. 36,048,665 -------------- $ 127,381,995 -------------- Total Semiconductors & Semiconductor Equipment $ 148,707,197 -------------------------------------------------------------------------------------- TELECOMMUNICATION SERVICES -- 0.8% Integrated Telecommunication Services -- 0.8% 787,271 Verizon Communications, Inc. $ 39,631,222 -------------- Total Telecommunication Services $ 39,631,222 -------------------------------------------------------------------------------------- UTILITIES -- 0.4% Electric Utilities -- 0.4% 467,109 American Electric Power Co., Inc. $ 20,917,141 -------------- Total Utilities $ 20,917,141 -------------------------------------------------------------------------------------- TOTAL COMMON STOCKS (Cost $2,915,210,666) $4,783,566,727 -------------------------------------------------------------------------------------- TOTAL INVESTMENT IN SECURITIES -- 100.0% (Cost $2,915,210,666) (a) $4,783,566,727 -------------------------------------------------------------------------------------- OTHER ASSETS & LIABILITIES -- 0.0% $ (1,267,942) -------------------------------------------------------------------------------------- TOTAL NET ASSETS -- 100.0% $4,782,298,785 ====================================================================================== * 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. The accompanying notes are an integral part of these financial statements. Pioneer Fund | Semiannual Report | 6/30/13 23 Schedule of Investments | 6/30/13 (unaudited) (continued) (a) At June 30, 2013, the net unrealized gain on investments based on cost for federal income tax purposes of $2,919,943,397 was as follows: Aggregate gross unrealized gain for all investments in which there is an excess of value over tax cost $ 1,913,834,370 Aggregate gross unrealized loss for all investments in which there is an excess of tax cost over value (50,211,040) --------------- Net unrealized gain $ 1,863,623,330 =============== Purchases and sales of securities (excluding temporary cash investments) for the six months ended June 30, 2013 aggregated $202,418,775 and $574,276,212, respectively. Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below. Level 1 - quoted prices in active markets for identical securities. Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) See Notes to Financial Statements -- Note 1A. Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments) See Notes to Financial Statements -- Note 1A. 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, 2013, in valuing the Fund's investments: -------------------------------------------------------------------------------- Level 1 Level 2 Level 3 Total -------------------------------------------------------------------------------- Common Stocks $4,783,566,727 $ -- $ -- $4,783,566,727 -------------------------------------------------------------------------------- Total $4,783,566,727 $ -- $ -- $4,783,566,727 ================================================================================ During the six months ended June 30, 2013, there were no transfers between Levels 1, 2 and 3. The accompanying notes are an integral part of these financial statements. 24 Pioneer Fund | Semiannual Report | 6/30/13 Statement of Assets and Liabilities | 6/30/13 (unaudited) ASSETS: Investment in securities of unaffiliated issuers, at value (cost $2,909,356,652) $4,671,946,145 Investment in securities of affiliated issuers, at value (cost $5,854,014) 111,620,582 ---------------------------------------------------------------------------------------- Total investment in securities, at value (cost $2,915,210,666) $4,783,566,727 Cash 123,115,862 Receivables -- Investment securities sold 31,894,837 Fund shares sold 1,066,125 Dividends 5,183,798 Prepaid expenses 125,135 ---------------------------------------------------------------------------------------- Total assets $4,944,952,484 ---------------------------------------------------------------------------------------- LIABILITIES: Payables -- Fund shares repurchased $ 158,361,625 Dividends 13,551 Due to advisor 193 Due to affiliates 4,083,870 Accrued expenses 194,460 ---------------------------------------------------------------------------------------- Total liabilities $ 162,653,699 ---------------------------------------------------------------------------------------- NET ASSETS: Paid-in capital $2,553,247,001 Undistributed net investment income 768,187 Accumulated net realized gain on investments and foreign currency transactions 359,928,287 Net unrealized appreciation on investments 1,868,356,061 Net unrealized depreciation on forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (751) ---------------------------------------------------------------------------------------- Total net assets $4,782,298,785 ---------------------------------------------------------------------------------------- NET ASSET VALUE PER SHARE: (No par value, unlimited number of shares authorized) Class A (based on $4,142,642,597/112,744,208 shares) $ 36.74 Class B (based on $30,053,519/850,171 shares) $ 35.35 Class C (based on $142,747,945/4,116,436 shares) $ 34.68 Class R (based on $88,380,893/2,399,776 shares) $ 36.83 Class Y (based on $377,389,419/10,216,875 shares) $ 36.94 Class Z (based on $1,084,412/29,436 shares) $ 36.84 MAXIMUM OFFERING PRICE: Class A ($36.74 (divided by) 94.25%) $ 38.98 ======================================================================================== The accompanying notes are an integral part of these financial statements. Pioneer Fund | Semiannual Report | 6/30/13 25 Statement of Operations (unaudited) For the Six Months Ended 6/30/13 INVESTMENT INCOME: Dividends (net of foreign taxes withheld of $98,666 and including income from affiliated issuers of $1,381,927) $ 48,713,060 Interest 1,992 -------------------------------------------------------------------------------------------- Total investment income $ 48,715,052 -------------------------------------------------------------------------------------------- EXPENSES: Management fees Basic fee $ 11,630,119 Performance adjustment 57,066 Transfer agent fees and expenses Class A 3,172,298 Class B 96,486 Class C 57,918 Class R 5,974 Class Y 24,309 Class Z 672 Distribution fees Class A 5,112,147 Class B 162,761 Class C 711,655 Class R 256,969 Shareholder communications expense 1,429,010 Administrative reimbursement 683,936 Custodian fees 22,482 Registration fees 69,423 Professional fees 95,297 Printing expense 19,566 Fees and expenses of nonaffiliated Trustees 89,670 Miscellaneous 165,080 -------------------------------------------------------------------------------------------- Total expenses $ 23,862,838 Less fees waived and expenses reimbursed by Pioneer Investment Management, Inc. (155) -------------------------------------------------------------------------------------------- Net expenses $ 23,862,683 -------------------------------------------------------------------------------------------- Net investment income $ 24,852,369 -------------------------------------------------------------------------------------------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCY TRANSACTIONS: Net realized gain (loss) on: Investments $258,728,250 Class action 2,719 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (3,941) $258,727,028 -------------------------------------------------------------------------------------------- Change in net unrealized appreciation (depreciation) on: Investments $345,863,241 Forward foreign currency contracts and other assets and liabilities denominated in foreign currencies (450) $345,862,791 -------------------------------------------------------------------------------------------- Net gain on investments and foreign currency transactions $604,589,819 -------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $629,442,188 ============================================================================================ The accompanying notes are an integral part of these financial statements. 26 Pioneer Fund | Semiannual Report | 6/30/13 Statements of Changes in Net Assets ---------------------------------------------------------------------------------------------- Six Months Ended Year 6/30/13 Ended (unaudited) 12/31/12 ---------------------------------------------------------------------------------------------- FROM OPERATIONS: Net investment income $ 24,852,369 $ 75,360,813 Net realized gain on investments and foreign currency transactions 258,727,028 1,351,637,529 Change in net unrealized appreciation (depreciation) on investments and foreign currency transactions 345,862,791 (864,894,284) ---------------------------------------------------------------------------------------------- Net increase in net assets resulting from operations $ 629,442,188 $ 562,104,058 ---------------------------------------------------------------------------------------------- DISTRIBUTIONS TO SHAREOWNERS: Net investment income: Class A ($0.18 and $0.49 per share, respectively) $ (20,533,312) $ (51,818,663) Class B ($0.00 and $0.06 per share, respectively) -- (65,670) Class C ($0.05 and $0.21 per share, respectively) (209,833) (856,844) Class R ($0.12 and $0.36 per share, respectively) (328,775) (1,075,524) Class Y ($0.23 and $0.62 per share, respectively) (3,412,410) (21,729,817) Class Z ($0.19 and $0.55 per share, respectively) (5,164) (19,468) Net realized gain: Class A ($0.00 and $9.30 per share, respectively) -- (874,235,166) Class B ($0.00 and $9.30 per share, respectively) -- (8,048,440) Class C ($0.00 and $9.30 per share, respectively) -- (32,315,737) Class R ($0.00 and $9.30 per share, respectively) -- (23,535,006) Class Y ($0.00 and $9.30 per share, respectively) -- (123,297,278) Class Z ($0.00 and $9.30 per share, respectively) -- (282,644) ---------------------------------------------------------------------------------------------- Total distributions to shareowners $ (24,489,494) $ (1,137,280,257) ---------------------------------------------------------------------------------------------- FROM FUND SHARE TRANSACTIONS: Net proceeds from sale or exchange of shares $ 127,611,984 $ 411,985,287 Reinvestment of distributions 22,934,653 1,051,852,192 Cost of shares repurchased (601,686,778) (2,420,885,932) ---------------------------------------------------------------------------------------------- Net decrease in net assets resulting from Fund share transactions $ (451,140,141) $ (957,048,453) ---------------------------------------------------------------------------------------------- Net increase (decrease) in net assets $ 153,812,553 $ (1,532,224,652) NET ASSETS: Beginning of period 4,628,486,232 6,160,710,884 ---------------------------------------------------------------------------------------------- End of period $4,782,298,785 $ 4,628,486,232 ---------------------------------------------------------------------------------------------- Undistributed net investment income $ 768,187 $ 405,312 ============================================================================================== The accompanying notes are an integral part of these financial statements. Pioneer Fund | Semiannual Report | 6/30/13 27 Statements of Changes in Net Assets (continued) ------------------------------------------------------------------------------------------------ '13 Shares '13 Amount (unaudited) (unaudited) '12 Shares '12 Amount ------------------------------------------------------------------------------------------------ Class A Shares sold 2,340,737 $ 83,379,784 3,889,445 $ 152,363,607 Reinvestment of distributions 539,662 19,508,982 27,127,422 873,392,740 Less shares repurchased (8,446,438) (301,297,181) (15,682,814) (617,318,145) ------------------------------------------------------------------------------------------------ Net increase (decrease) (5,566,039) $ (198,408,415) 15,334,053 $ 408,438,202 ------------------------------------------------------------------------------------------------ Class B Shares sold or exchanged 5,581 $ 196,191 19,821 $ 735,864 Reinvestment of distributions -- -- 259,898 7,970,433 Less shares repurchased (234,655) (8,073,456) (481,081) (18,904,140) ------------------------------------------------------------------------------------------------ Net decrease (229,074) $ (7,877,265) (201,362) $ (10,197,843) ------------------------------------------------------------------------------------------------ Class C Shares sold 212,154 $ 7,150,043 785,265 $ 26,404,850 Reinvestment of distributions 3,629 123,663 631,628 19,079,617 Less shares repurchased (531,118) (17,833,386) (963,838) (36,659,228) ------------------------------------------------------------------------------------------------ Net increase (decrease) (315,335) $ (10,559,680) 453,055 $ 8,825,239 ------------------------------------------------------------------------------------------------ Class R Shares sold 150,954 $ 5,408,665 327,180 $ 12,947,423 Reinvestment of distributions 8,920 322,900 753,577 24,238,053 Less shares repurchased (960,236) (34,902,371) (1,174,542) (47,279,595) ------------------------------------------------------------------------------------------------ Net decrease (800,362) $ (29,170,806) (93,785) $ (10,094,119) ------------------------------------------------------------------------------------------------ Class Y Shares sold 881,702 $ 31,279,084 5,371,099 $ 218,606,953 Reinvestment of distributions 81,777 2,973,944 3,829,183 126,870,840 Less shares repurchased (6,522,815) (239,269,926) (41,428,056) (1,699,742,251) ------------------------------------------------------------------------------------------------ Net decrease (5,559,336) $ (205,016,898) (32,227,774) $ (1,354,264,458) ------------------------------------------------------------------------------------------------ Class Z Shares sold 5,204 $ 198,217 22,340 $ 926,590 Reinvestment of distributions 142 5,164 9,301 300,509 Less shares repurchased (9,076) (310,458) (25,420) (982,573) ------------------------------------------------------------------------------------------------ Net increase (decrease) (3,730) $ (107,077) 6,221 $ 244,526 ------------------------------------------------------------------------------------------------ The accompanying notes are an integral part of these financial statements. 28 Pioneer Fund | Semiannual Report | 6/30/13 Financial Highlights ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 6/30/13 Ended Ended Ended Ended Ended (unaudited) 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 ----------------------------------------------------------------------------------------------------------------------------------- Class A Net asset value, beginning of period $ 32.45 $ 38.62 $ 40.96 $ 35.72 $ 29.13 $ 46.32 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.18 $ 0.48 $ 0.46 $ 0.35 $ 0.40 $ 0.45 Net realized and unrealized gain (loss) on investments 4.29 3.14 (2.34) 5.22 6.59 (16.33) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 4.47 $ 3.62 $ (1.88) $ 5.57 $ 6.99 $ (15.88) ----------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.18) (0.49) (0.46) (0.33) (0.39) (0.45) Net realized gain -- (9.30) -- -- -- (0.86) Tax return of capital -- -- -- -- (0.01) -- ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 4.29 $ (6.17) $ (2.34) $ 5.24 $ 6.59 $ (17.19) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 36.74 $ 32.45 $ 38.62 $ 40.96 $ 35.72 $ 29.13 =================================================================================================================================== Total return* 13.78% 9.90% (4.59)% 15.72% 24.24% (34.38)% Ratio of total expenses to average net assets+ 0.98%** 1.01% 1.09% 1.16% 1.23% 1.19% Ratio of net investment income to average net assets+ 1.01%** 1.24% 1.11% 0.94% 1.31% 1.11% Portfolio turnover rate 8%** 41% 10% 10% 12% 11% Net assets, end of period (in thousands) $4,142,643 $3,839,361 $3,976,835 $4,526,447 $4,323,282 $3,767,132 Ratios with reductions for fees paid indirectly: Total expenses 0.98%** 1.01% 1.09% 1.16% 1.23% 1.18% Net investment income 1.01%** 1.24% 1.11% 0.94% 1.31% 1.12% =================================================================================================================================== * 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 | 6/30/13 29 Financial Highlights (continued) ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 6/30/13 Ended Ended Ended Ended Ended (unaudited) 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 ----------------------------------------------------------------------------------------------------------------------------------- Class B Net asset value, beginning of period $ 31.26 $ 37.60 $ 39.86 $ 34.82 $ 28.43 $ 45.11 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income (loss) $ (0.05) $ (0.01) $ (0.03) $ (0.06) $ 0.06 $ 0.07 Net realized and unrealized gain (loss) on investments 4.14 3.03 (2.23) 5.10 6.41 (15.89) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 4.09 $ 3.02 $ (2.26) $ 5.04 $ 6.47 $ (15.82) ----------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income --(a) (0.06) --(a) -- (0.07) -- Net realized gain --(a) (9.30) --(a) -- -- (0.86) Tax return of capital -- -- -- -- (0.01) -- ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 4.09 $ (6.34) $ (2.26) $ 5.04 $ 6.39 $ (16.68) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 35.35 $ 31.26 $ 37.60 $ 39.86 $ 34.82 $ 28.43 =================================================================================================================================== Total return* 13.08% 8.55% (5.67)% 14.47% 22.84% (34.99)% Ratio of total expenses to average net assets+ 2.23%** 2.27% 2.24% 2.24% 2.34% 2.13% Ratio of net investment income (loss) to average net assets+ (0.25)%** (0.03)% (0.06)% (0.14)% 0.23% 0.14% Portfolio turnover rate 8%** 41% 10% 10% 12% 11% Net assets, end of period (in thousands) $30,054 $33,737 $48,149 $82,547 $110,976 $134,094 Ratios with reduction for fees paid indirectly: Total expenses 2.23%** 2.27% 2.24% 2.24% 2.34% 2.12% Net investment income (loss) (0.25)%** (0.03)% (0.06)% (0.14)% 0.23% 0.15% =================================================================================================================================== * 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. (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. The accompanying notes are an integral part of these financial statements. 30 Pioneer Fund | Semiannual Report | 6/30/13 ------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 6/30/13 Ended Ended Ended Ended Ended (unaudited) 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 ------------------------------------------------------------------------------------------------------------------------------- Class C Net asset value, beginning of period $ 30.64 $ 36.99 $ 39.26 $ 34.26 $ 27.96 $ 44.55 ------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.04 $ 0.17 $ 0.13 $ 0.05 $ 0.16 $ 0.13 Net realized and unrealized gain (loss) on investments 4.05 2.99 (2.23) 5.01 6.31 (15.70) ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 4.09 $ 3.16 $ (2.10) $ 5.06 $ 6.47 $ (15.57) ------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.05) (0.21) (0.17) (0.06) (0.16) (0.16) Net realized gain -- (9.30) -- -- -- (0.86) Tax return of capital -- -- -- -- (0.01) -- ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 4.04 $ (6.35) $ (2.27) $ 5.00 $ 6.30 $ (16.59) ------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 34.68 $ 30.64 $ 36.99 $ 39.26 $ 34.26 $ 27.96 =============================================================================================================================== Total return* 13.35% 9.06% (5.33)% 14.80% 23.28% (34.91)% Ratio of total expenses to average net assets+ 1.74%** 1.80% 1.87% 1.96% 1.99% 1.97% Ratio of net investment income to average net assets+ 0.25%** 0.45% 0.33% 0.14% 0.56% 0.32% Portfolio turnover rate 8%** 41% 10% 10% 12% 11% Net assets, end of period (in thousands) $142,748 $135,811 $147,166 $177,540 $178,807 $169,362 Ratios with reduction for fees paid indirectly: Total expenses 1.74%** 1.80% 1.87% 1.96% 1.99% 1.97% Net investment income 0.25%** 0.45% 0.33% 0.14% 0.56% 0.32% =============================================================================================================================== * 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 | 6/30/13 31 Financial Highlights (continued) ------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 6/30/13 Ended Ended Ended Ended Ended (unaudited) 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 ------------------------------------------------------------------------------------------------------------------------------- Class R Net asset value, beginning of period $ 32.51 $ 38.67 $ 41.00 $ 35.76 $ 29.17 $ 46.37 ------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.15 $ 0.36 $ 0.34 $ 0.22 $ 0.33 $ 0.40 Net realized and unrealized gain (loss) on investments 4.29 3.14 (2.33) 5.23 6.58 (16.35) ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 4.44 $ 3.50 $ (1.99) $ 5.45 $ 6.91 $ (15.95) ------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.12) (0.36) (0.34) (0.21) (0.31) (0.39) Net realized gain -- (9.30) -- -- -- (0.86) Tax return of capital -- -- -- -- (0.01) -- ------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 4.32 $ (6.16) $ (2.33) $ 5.24 $ 6.59 $ (17.20) ------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 36.83 $ 32.51 $ 38.67 $ 41.00 $ 35.76 $ 29.17 =============================================================================================================================== Total return* 13.66% 9.57% (4.85)% 15.31% 23.94% (34.46)% Ratio of total expenses to average net assets+ 1.22%** 1.33% 1.38% 1.50% 1.45% 1.32% Ratio of net investment income to average net assets+ 0.76%** 0.92% 0.83% 0.60% 1.07% 0.99% Portfolio turnover rate 8%** 41% 10% 10% 12% 11% Net assets, end of period (in thousands) $88,381 $104,042 $127,377 $137,683 $121,773 $102,070 Ratios with reduction for fees paid indirectly: Total expenses 1.22%** 1.33% 1.38% 1.50% 1.45% 1.32% Net investment income 0.76%** 0.92% 0.83% 0.60% 1.07% 0.99% =============================================================================================================================== * 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. 32 Pioneer Fund | Semiannual Report | 6/30/13 ----------------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 6/30/13 Ended Ended Ended Ended Ended (unaudited) 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 ----------------------------------------------------------------------------------------------------------------------------------- Class Y Net asset value, beginning of period $ 32.61 $ 38.75 $ 41.09 $ 35.84 $ 29.22 $ 46.45 ----------------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.25 $ 0.75 $ 0.60 $ 0.49 $ 0.52 $ 0.61 Net realized and unrealized gain (loss) on investments 4.31 3.03 (2.34) 5.25 6.65 (16.35) ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 4.56 $ 3.78 $ (1.74) $ 5.74 $ 7.17 $ (15.74) ----------------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.23) (0.62) (0.60) (0.49) (0.54) (0.63) Net realized gain -- (9.30) -- -- -- (0.86) Tax return of capital -- -- -- -- (0.01) -- ----------------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 4.33 $ (6.14) $ (2.34) $ 5.25 $ 6.62 $ (17.23) ----------------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $ 36.94 $ 32.61 $ 38.75 $ 41.09 $ 35.84 $ 29.22 =================================================================================================================================== Total return* 13.99% 10.29% (4.22)% 16.17% 24.86% (34.07)% Ratio of total expenses to average net assets+ 0.62%** 0.66% 0.72% 0.74% 0.71% 0.74% Ratio of net investment income to average net assets+ 1.37%** 1.54% 1.49% 1.37% 1.72% 1.62% Portfolio turnover rate 8%** 41% 10% 10% 12% 11% Net assets, end of period (in thousands) $377,389 $514,457 $1,860,141 $1,929,967 $1,279,182 $462,572 Ratios with reduction for fees paid indirectly: Total expenses 0.62%** 0.66% 0.72% 0.74% 0.71% 0.74% Net investment income 1.37%** 1.54% 1.49% 1.37% 1.72% 1.62% =================================================================================================================================== * 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 | 6/30/13 33 Financial Highlights (continued) --------------------------------------------------------------------------------------------------------------------------- Six Months Ended Year Year Year Year Year 6/30/13 Ended Ended Ended Ended Ended (unaudited) 12/31/12 12/31/11 12/31/10 12/31/09 12/31/08 --------------------------------------------------------------------------------------------------------------------------- Class Z Net asset value, beginning of period $32.53 $ 38.68 $ 41.03 $35.80 $29.20 $ 46.41 --------------------------------------------------------------------------------------------------------------------------- Increase (decrease) from investment operations: Net investment income $ 0.20 $ 0.55 $ 0.50 $ 0.48 $ 0.48 $ 0.63 Net realized and unrealized gain (loss) on investments 4.30 3.15 (2.28) 5.23 6.64 (16.36) --------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) from investment operations $ 4.50 $ 3.70 $ (1.78) $ 5.71 $ 7.12 $ (15.73) --------------------------------------------------------------------------------------------------------------------------- Distributions to shareowners: Net investment income (0.19) (0.55) (0.57) (0.48) (0.51) (0.62) Net realized gain -- (9.30) -- -- -- (0.86) Tax return of capital -- -- -- -- (0.01) -- --------------------------------------------------------------------------------------------------------------------------- Net increase (decrease) in net asset value $ 4.31 $ (6.15) $ (2.35) $ 5.23 $ 6.60 $ (17.21) --------------------------------------------------------------------------------------------------------------------------- Net asset value, end of period $36.84 $ 32.53 $ 38.68 $41.03 $35.80 $ 29.20 =========================================================================================================================== Total return* 13.84% 10.09% (4.34)% 16.09% 24.72% (34.06)% Ratio of total expenses to average net assets+ 0.85%** 0.85% 0.85% 0.80% 0.85% 0.74% Ratio of net investment income to average net assets+ 1.11%** 1.40% 1.39% 1.31% 1.68% 1.57% Portfolio turnover rate 8%** 41% 10% 10% 12% 11% Net assets, end of period (in thousands) $1,084 $ 1,079 $ 1,042 $ 580 $ 310 $ 58 Ratios with no waiver of fees and assumption of expenses by the Adviser and no reduction for fees paid indirectly: Total expenses 0.88%** 0.87% 0.99% 0.80% 1.03% 0.74% Net investment income 1.08%** 1.38% 1.25% 1.31% 1.50% 1.57% Ratios with waiver of fees and assumption of expenses by the Adviser and reduction for fees paid indirectly: Net expenses 0.85%** 0.85% 0.85% 0.80% 0.85% 0.74% Net investment income 1.11%** 1.40% 1.39% 1.31% 1.68% 1.57% =========================================================================================================================== * 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 | 6/30/13 Notes to Financial Statements | 6/30/13 (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. Pioneer Fund | Semiannual Report | 6/30/13 35 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: 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. Shares of money market mutual funds are valued at their 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 independent pricing services are unable to supply prices or for which market prices and/or quotations are not readily available or are considered to be unreliable are valued by or at the direction or with the approval of the Valuation Committee using fair value methods pursuant to procedures adopted by the Board of Trustees. The Valuation Committee is comprised of certain members of 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 significantly from exchange prices and such differences could be material. Pioneer Investment Management, Inc. (PIM) is responsible for monitoring developments that may impact fair valued securities and for discussing and assessing fair values on an ongoing basis, and at least quarterly, with the Valuation Committee. At June 30, 2013 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. 36 Pioneer Fund | Semiannual Report | 6/30/13 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. 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 (see Note 8). Pioneer Fund | Semiannual Report | 6/30/13 37 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 provision for federal income taxes is required. As of June 30, 2013, the Fund did not have any interest and penalties related to uncertain tax positions, which, if applicable, would be recorded as an income tax expense in the Statement of Operations. Tax years for the prior three fiscal years are subject to examination by Federal and State tax authorities. The amount and character of income and capital gain distributions to shareowners are determined in accordance with federal income tax rules, which may differ from U.S. generally accepted accounting principles. Distributions in excess of net investment income or net realized gains are temporary overdistributions for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial statement and tax purposes. Capital accounts within the financial statements are adjusted for permanent book/tax differences to reflect tax character, but are not adjusted for temporary differences. 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 years ended December 31, 2012 was as follows: --------------------------------------------------------------------------- 2012 --------------------------------------------------------------------------- Distributions paid from: Ordinary income $ 75,565,986 Long-term capital gain 1,061,714,271 --------------------------------------------------------------------------- Total $1,137,280,257 =========================================================================== The following shows the components of distributable earnings on a federal income tax basis at December 31, 2012: --------------------------------------------------------------------------- 2012 --------------------------------------------------------------------------- Distributable earnings: Undistributed long-term gain $ 106,932,690 Capital loss carryforward (593,388) Net unrealized gain 1,517,759,788 --------------------------------------------------------------------------- Total $1,624,099,090 =========================================================================== The difference between book-basis and tax-basis net unrealized gain is attributable to the tax deferral of losses on wash sales and on the tax-basis adjustments on other holdings. 38 Pioneer Fund | Semiannual Report | 6/30/13 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 $270,288 in underwriting commissions on the sale of Class A shares during the six months ended June 30, 2013. 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, 2013, the Fund recognized gains of $2,719 in the settlement of class action lawsuits from several different companies, as reflected on the Statement of Operations. 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. Pioneer Fund | Semiannual Report | 6/30/13 39 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. 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 maximum annual fee of 0.70% after the performance adjustment). For the six months ended June 30, 2013, the aggregate performance adjustment resulted in an increase to the basic fee of $57,066. For the six months ended June 30, 2013, the net management fee (excluding waivers and/or assumption of expenses) was equivalent to 0.48% 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 0.85% of the average daily net assets attributable to Class Z shares. The expense limitation for Class Z shares is in effect through May 1, 2014. Fees waived and expenses reimbursed during the six months ended June 30, 2013 are reflected on the Statement of Operations. Class A, Class B, Class C, Class R and Class Y 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 $2,291,240 in management fees, administrative costs and certain other reimbursements payable to PIM at June 30, 2013. 40 Pioneer Fund | Semiannual Report | 6/30/13 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, 2013, such out-of-pocket expenses by class of shares were as follows: -------------------------------------------------------------------------------- Shareholder Communications: -------------------------------------------------------------------------------- Class A $ 987,104 Class B 18,007 Class C 94,773 Class R 96,255 Class Y 231,791 Class Z 1,080 -------------------------------------------------------------------------------- Total $1,429,010 ================================================================================ Included in "Due to affiliates" reflected on the Statement of Assets and Liabilities is $619,444 in transfer agent fees and out-of-pocket reimbursements payable to PIMSS at June 30, 2013. 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 $1,173,186 in distribution fees payable to PFD at June 30, 2013. 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 Pioneer Fund | Semiannual Report | 6/30/13 41 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, 2013, CDSCs in the amount of $15,607 were paid to PFD. 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, 2013, 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, 2013: ------------------------------------------------------------------------------------- Beginning Ending Balance Purchases Sales Balance Dividend Affiliates (shares) (shares) (shares) (shares) Income Value ------------------------------------------------------------------------------------- John Wiley and Sons, Inc. 2,838,431 -- (54,181) 2,784,250 $1,381,927 $111,620,582 ------------------------------------------------------------------------------------- 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 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 42 Pioneer Fund | Semiannual Report | 6/30/13 payable at the London Interbank Offered Rate (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 the 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, 2013, the Fund had no borrowings under the credit facility. 8. Forward Foreign Currency Contracts At June 30, 2013, the Fund had entered into various forward foreign currency contracts that obligate the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency contract, the Fund may close out such contract by entering into an offsetting contract. The average value of settlement hedge contracts open during the six months ended June 30, 2013 was $66,032. At June 30, 2013, the Fund had no outstanding portfolio hedges. At June 30, 2013, the Fund's gross forward currency settlement contracts receivable and payable were $259,076 and $259,076, respectively, resulting in a net receivable of $0. Pioneer Fund | Semiannual Report | 6/30/13 43 Trustees, Officers and Service Providers Trustees Officers Thomas J. Perna, Chairman John F. Cogan, Jr., President* David R. Bock Daniel K. Kingsbury, Executive John F. Cogan, Jr. Vice President Benjamin M. Friedman Mark E. Bradley, Treasurer** Margaret B.W. Graham Christopher J. Kelley, Secretary 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 www.sec.gov. * Chief Executive Officer of the Fund. ** Chief Financial and Accounting Officer of the Fund. 44 Pioneer Fund | Semiannual Report | 6/30/13 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 Investments(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) 2013 Pioneer Investments 19404-07-0813 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. ----------------------- --------------------------- ----------------------------------------------- --------------------------------------- ------------------------ 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 ----------------------- ------------------------- ----------------------------------------------- ------------------------------------------- ------------------------------ 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. ------------------------------------------- ------------------------------ -------------------------------------------------------------------------------- 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, 2013 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, 2013 By (Signature and Title)* /s/ Mark Bradley Mark Bradley, Treasurer & Chief Accounting & Financial Officer Date August 29, 2013 * Print the name and title of each signing officer under his or her signature.