N-Q 1 fundsoi.htm PIONEER FUND SOI fundsoi.htm

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

                                   FORM N-Q

                   QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS
    OF REGISTERED MANAGEMENT INVESTMENT COMPANY



  Investment Company Act file number 811-01466


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


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


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


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


Date of fiscal year end:  December 31

Date of reporting period:  March 31, 2017

Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (239.24 and 274.5 of this
chapter), to file reports with the Commission, not later than 60 days after
close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under
the Investment Company Act of 1940 (17 CFR 270.30b1-5).  The Commission may
use the information provided on Form N-Q in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-Q
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


<PAGE>
ITEM 1. Schedule of Investments.

File the schedules as of the close of the reporting period as set forth in
ss. 210.12-12  12-14 of Regulation S-X [17 CFR 210.12-12  12-14]. The
schedules need not be audited.



 






 
 

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


 
 
 

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



ITEM 2. CONTROLS AND PROCEDURES. (a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b))) and Rule 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)). 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 any change in the registrant's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 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. ITEM 3. EXHIBITS. File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: CERTIFICATIONS I, [identify the certifying individual], certify that: 1. I have reviewed this report on Form N-Q of [identify registrant]; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and 5. The registrants other certifying officer(s) and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. Date: [Signature] [Title] Filed herewith. <PAGE> 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/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date May 26, 2017 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/ Lisa M.Jones ----------------------- Lisa M.Jones, President and Chief Executive Officer Date May 26, 2017 By (Signature and Title)* /s/ Mark E. Bradley ----------------- Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer Date May 26, 2017 * Print the name and title of each signing officer under his or her signature.