N-Q 1 nq.htm NQ

 
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:  September 30, 2018

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.



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
     
     
     
     
     
     
     
     
   
NQ | September 30, 2018
     
     


   
Ticker Symbols:
 
Class A      PIODX
Class C      PCODX
Class R      PIORX
Class Y      PYODX





 
 
Shares
     
Value
     
UNAFFILIATED ISSUERS - 99.3%
     
COMMON STOCKS - 97.3% of Net Assets
     
AUTOMOBILES & COMPONENTS - 0.3%
     
Motorcycle Manufacturers - 0.3%
 
340,769
 
Harley-Davidson, Inc.
$15,436,836
     
Total Automobiles & Components
$15,436,836
     
BANKS - 7.1%
 
     
Diversified Banks - 7.1%
 
 
4,664,219
 
Bank of America Corp.
$137,407,892
 
1,993,293
 
JPMorgan Chase & Co.
224,923,182
     
Total Banks
 
$362,331,074
     
CAPITAL GOODS - 3.0%
 
     
Aerospace & Defense - 1.7%
 
 
419,203
 
Raytheon Co.
$86,632,492
     
Industrial Conglomerates - 0.1%
   
 
6,532
 
Honeywell International, Inc.
$1,086,925
     
Industrial Machinery - 1.2%
   
 
660,837
 
Lincoln Electric Holdings, Inc.
$61,748,609
     
Trading Companies & Distributors - 0.0%
   
 
6,077(a)
 
United Rentals, Inc.
$994,197
     
Total Capital Goods
$150,462,223
     
COMMERCIAL & PROFESSIONAL SERVICES - 1.9%
     
Environmental & Facilities Services - 1.9%
 
1,067,904
 
Waste Management, Inc.
$96,495,806
     
Total Commercial & Professional Services
$96,495,806
     
CONSUMER SERVICES - 3.3%
     
Restaurants - 3.3%
 
 
1,004,694
 
McDonald's Corp.
$168,075,259
     
Total Consumer Services
$168,075,259
     
DIVERSIFIED FINANCIALS - 7.5%
     
Asset Management & Custody Banks - 0.8%
 
87,153
 
BlackRock, Inc., Class A
$41,077,824
     
Consumer Finance - 2.1%
   
 
1,000,211
 
American Express Co.
$106,512,469
     
Financial Exchanges & Data - 1.9%
   
 
574,670
 
CME Group, Inc., Class A
$97,814,581
     
Multi-Sector Holdings - 2.7%
   
 
68(a)
 
Berkshire Hathaway, Inc., Class A
$21,760,003
 
526,500(a)
 
Berkshire Hathaway, Inc., Class B
112,728,915
         
$134,488,918
     
Total Diversified Financials
$379,893,792
     
ENERGY - 5.5%
 
     
Integrated Oil & Gas - 2.3%
 
 
1,861,126
 
TOTAL SA (A.D.R.)
$119,837,903
     
Oil & Gas Equipment & Services - 1.5%
   
 
1,844,574
 
Halliburton Co.
$74,760,584
     
Oil & Gas Exploration & Production - 1.7%
   
 
687,849
 
EOG Resources, Inc.
$87,748,897
     
Total Energy
 
$282,347,384
     
FOOD & STAPLES RETAILING - 1.5%
     
Hypermarkets & Super Centers - 1.5%
 
320,381
 
Costco Wholesale Corp.
$75,251,089
     
Total Food & Staples Retailing
$75,251,089
     
FOOD, BEVERAGE & TOBACCO - 5.0%
     
Packaged Foods & Meats - 1.4%
 
1,742,170
 
Mondelez International, Inc., Class A
$74,843,623
     
Soft Drinks - 3.6%
   
 
1,630,847
 
PepsiCo., Inc.
$182,328,695
     
Total Food, Beverage & Tobacco
$257,172,318
     
HEALTH CARE EQUIPMENT & SERVICES - 7.9%
     
Health Care Equipment - 5.2%
 
 
863,705
 
Danaher Corp.
$93,850,185
 
1,727,939
 
Medtronic Plc
 
169,977,360
         
$263,827,545
     
Managed Health Care - 2.7%
 
 
530,836
 
UnitedHealth Group, Inc.
$141,223,609
     
Total Health Care Equipment & Services
$405,051,154
 
Shares
     
Value
     
INSURANCE - 0.7%
 
     
Multi-Line Insurance - 0.7%
 
 
684,944
 
Hartford Financial Services Group, Inc.
$34,219,802
     
Total Insurance
 
$34,219,802
     
MATERIALS - 1.1%
 
     
Diversified Chemicals - 0.0%
 
 
15,000
 
DowDuPont, Inc.
$964,650
     
Specialty Chemicals - 0.8%
   
 
277,008
 
International Flavors & Fragrances, Inc.
$38,537,353
     
Steel - 0.3%
   
 
231,448
 
Nucor Corp.
 
$14,685,376
     
Total Materials
 
$54,187,379
     
MEDIA & ENTERTAINMENT - 1.1%
     
Movies & Entertainment - 1.1%
 
 
484,533
 
Walt Disney Co.
$56,661,289
     
Total Media & Entertainment
$56,661,289
     
PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 7.1%
     
Biotechnology - 1.9%
 
 
466,728
 
Amgen, Inc.
 
$96,748,047
     
Pharmaceuticals - 5.2%
   
 
1,214,557(a)
 
Elanco Animal Health, Inc.
$42,375,894
 
790,566
 
Eli Lilly & Co.
 
84,835,637
 
1,917,316
 
Merck & Co., Inc.
136,014,397
         
$263,225,928
     
Total Pharmaceuticals, Biotechnology & Life Sciences
$359,973,975
     
REAL ESTATE - 1.1%
 
     
Specialized REIT - 1.1%
 
 
495,500
 
Crown Castle International Corp.
$55,164,015
     
Total Real Estate
$55,164,015
     
RETAILING - 6.0%
 
     
Home Improvement Retail - 6.0%
 
811,137
 
Home Depot, Inc.
$168,027,029
 
1,200,596
 
Lowe's Cos., Inc.
137,852,433
         
$305,879,462
     
Internet & Direct Marketing Retail - 0.0%
 
1,296(a)
 
Booking Holdings, Inc.
$2,571,264
     
Total Retailing
 
$308,450,726
     
SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 3.0%
     
Semiconductor Equipment - 0.0%
 
16,585
 
Lam Research Corp.
$2,515,945
     
Semiconductors - 3.0%
   
 
1,179,050
 
Analog Devices, Inc.
$109,014,963
 
395,377
 
Intel Corp.
 
18,697,378
 
546,865(a)
 
Micron Technology, Inc.
24,734,704
         
$152,447,045
     
Total Semiconductors & Semiconductor Equipment
$154,962,990
     
SOFTWARE & SERVICES - 17.6%
     
Data Processing & Outsourced Services - 3.1%
 
1,044,827
 
Visa, Inc., Class A
$156,818,084
     
Interactive Media & Services - 7.9%
   
 
212,155(a)
 
Alphabet, Inc., Class A
$256,088,058
 
888,990(a)
 
Facebook, Inc., Class A
146,203,295
         
$402,291,353
     
Systems Software - 6.6%
 
 
2,260,304
 
Microsoft Corp.
$258,510,968
 
1,581,585
 
Oracle Corp.
 
81,546,523
         
$340,057,491
     
Total Software & Services
$899,166,928
     
TECHNOLOGY HARDWARE & EQUIPMENT - 5.6%
     
Communications Equipment - 0.7%
 
693,680
 
Cisco Systems, Inc.
$33,747,532
     
Technology Hardware, Storage & Peripherals - 4.9%
   
 
1,112,072
 
Apple, Inc.
 
$251,039,133
     
Total Technology Hardware & Equipment
$284,786,665
     
TELECOMMUNICATION SERVICES - 4.1%
     
Integrated Telecommunication Services - 4.1%
 
6,245,344
 
AT&T, Inc.
 
$209,718,652
     
Total Telecommunication Services
$209,718,652
     
TRANSPORTATION - 6.1%
     
Air Freight & Logistics - 3.0%
 
 
241,174
 
FedEx Corp.
 
$58,072,287
 
819,930
 
United Parcel Service, Inc., Class B
95,726,828
         
$153,799,115
     
Railroads - 3.1%
   
 
309,691
 
Kansas City Southern
$35,081,797
 
Shares
     
Value
     
Railroads - (continued)
 
 
743,774
 
Union Pacific Corp.
$121,108,720
         
$156,190,517
     
Total Transportation
$309,989,632
     
UTILITIES - 0.8%
 
     
Electric Utilities - 0.8%
 
 
554,000
 
American Electric Power Co., Inc.
$39,267,520
     
Total Utilities
 
$39,267,520
     
TOTAL COMMON STOCKS
     
(Cost $3,697,163,185)
$4,959,066,508
 
Principal
     
 
Amount
       
 
USD ($)
     
Value
     
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 1.1% of Net Assets
 
12,405,000(b)
 
U.S. Treasury Bills, 10/4/18
$12,402,908
 
45,000,000(b)
 
U.S. Treasury Bills, 10/11/18
44,974,422
     
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
     
(Cost $57,378,205)
$57,377,330
     
TEMPORARY CASH INVESTMENTS - 0.9% of Net Assets
     
REPURCHASE AGREEMENTS -    0.9%
 
15,170,000
 
$15,170,000 ScotiaBank, 2.25%, dated 9/28/18 plus accrued interest on 10/1/18
$15,170,000
     
collateralized by the following:
 
     
$295,910 Freddie Mac Giant, 3.5%, 7/1/48
 
     
$15,180,392 Federal National Mortgage Association, 3.5% - 5.0%, 3/1/47 - 7/1/48
 
 
7,945,000
 
$7,945,000 TD Securities USA LLC, 2.24%, dated 9/28/18 plus accrued interest on 10/1/18
7,945,000
     
collateralized by $8,103,901 Federal National Mortgage Association, 4.0% , 3/1/48
 
 
12,785,000
 
$12,785,000 RBC Capital Markets LLC, 2.22%, dated 9/28/18 plus accrued interest on 10/1/18 collateralized by $13,043,113 Government National Mortgage Association, 4.5%, 9/20/48
12,785,000
 
10,770,000
 
$10,770,000 TD Securities USA LLC, 2.22%, dated 9/28/18 plus accrued interest on 10/1/18
10,770,000
     
collateralized by $10,985,401 Federal National Mortgage Association, 4.0%, 3/1/48
 
         
$46,670,000
     
TOTAL TEMPORARY CASH INVESTMENTS
     
(Cost $46,670,000)
$46,670,000
     
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS - 99.3%
     
(Cost $3,801,211,390)
$5,063,113,838
     
OTHER ASSETS AND LIABILITIES - 0.7%  
$36,233,294
     
NET ASSETS - 100.0%
$5,099,347,132
 
 
REIT
Real Estate Investment Trust.
(A.D.R.)
American Depositary Receipts.
Amount rounds to less than 0.1%.
(a)
Non-income producing security.
(b)
Security issued with a zero coupon. Income is recognized through accretion of discount.
 
 
Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels 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 risks, etc.).
Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining fair value of investments).
 
The following is a summary of the inputs used as of September 30, 2018, in valuing the Fund's investments.
 
   
Level 1
   
Level 2
   
Level 3
   
Total
 
Common Stocks
 
$
4,959,066,508
   
$
   
$
   
$
4,959,066,508
 
U.S. Government and Agency Obligations
   
     
57,377,330
     
     
57,377,330
 
Repurchase Agreements
   
     
46,670,000
     
     
46,670,000
 
Total Investments in Securities
 
$
4,959,066,508
   
$
104,047,330
   
$
   
$
5,063,113,838
 


During the nine months ended September 30, 2018, 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 registrant's 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 registrant's 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 registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's 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 registrant's 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 registrant's internal control over financial reporting.

Date:
[Signature] [Title]
 
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/ Lisa M.Jones
          Lisa M.Jones, President and Chief Executive Officer
 
Date November 28, 2018
 
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 November 28, 2018


By (Signature and Title)* /s/ Mark E. Bradley
                                     Mark E. Bradley, Treasurer and Chief Accounting and Financial Officer
 
Date November 28, 2018

* Print the name and title of each signing officer under his or her signature.