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 811-21043
Pioneer High Income Fund, Inc.
(Exact name of registrant as specified in charter)
60 State Street, Boston, MA 02109
(Address of principal executive offices) (ZIP code)
Terrence J. Cullen, Amundi Asset 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: March 31, 2022
Date of reporting period: April 1, 2021 through September 30, 2021
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.
Pioneer
High
Income Fund, Inc.
Semiannual
Report | September 30, 2021
Ticker
Symbol: PHT
April 21,
2021, the Pioneer High Income Trust redomiciled from a Delaware statutory trust to a Maryland corporation and was renamed Pioneer High
Income Fund, Inc .
Paper copies
of the Fund’s shareholder reports are no longer sent by mail, unless you specifically request paper copies of the reports from
the Fund’s or from your financial intermediary, such as a broker-dealer, bank or insurance company. Instead, the reports are available
on the Fund’s website, and you will be notified by mail each time a report is posted and provided with a website link to access
the report.
You may
elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial
intermediary to request that you continue to receive paper copies of your shareholder reports. Your election to receive reports in paper
will apply to all funds held in your account if you invest through your financial intermediary or all funds held within the Pioneer Fund
complex if you invest directly.
visit
us: www.amundi.com/us
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 1
President’s
Letter
Dear Shareholders,
The past
year and a half has created unprecedented challenges for investors, as the COVID-19 pandemic has not only dominated the headlines since
March 2020, but has also led to significant changes in government and central-bank policies, both in the US and abroad, and affected
the everyday lives of each of us. As we move into the final months of 2021, the situation, while improved, has continued to evolve.
Widespread
distribution of the COVID-19 vaccines approved for emergency use in late 2020 led to a general decline in virus-related hospitalizations
in the US and had a positive effect on overall market sentiment during the first half of this calendar year. The passage of two additional
fiscal stimulus packages by US lawmakers last December and January also helped drive a strong market rally. However, the emergence of
highly infectious variants of the virus has caused a recent spike in cases and hospitalizations, especially outside of the US. That development
has contributed to a slowdown in the global economic recovery, as some foreign governments have reinstated strict virus-containment measures
that had been relaxed after the rollout of the vaccines.
In the
US, while performance of most asset classes, especially equities, has been positive for the year to date, volatility has been high, and
the third quarter of 2021 saw negative returns for several stock market indices. Investors’ concerns over global supply chain issues,
rising inflation, “hawkish” signals concerning less-accommodative future monetary policies from the Federal Reserve System
(Fed), and partisan debates in Washington, DC over future spending and tax policies, are among the many factors that have led to greater
uncertainty and an increase in market volatility.
Despite
those concerns and some of the recent difficulties that have affected the economy and the markets, we believe the distribution of the
COVID-19 vaccines has provided a potential light at the end of the pandemic tunnel. With that said, the long-term impact on the global
economy from COVID-19, while currently unknown, is likely to be considerable, as it is clear that several industries have already felt
greater effects than others, and could continue to struggle for quite some time.
After
leaving our offices in March of 2020 due to COVID-19, we have re-opened our US locations and our employees have returned to the office
as of mid-October. I am proud of the careful planning that has taken place.
2 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Throughout
the pandemic, our business has continued to operate without any disruption, and we all look forward to regaining a bit of normalcy after
so many months of remote working.
Since
1928, Amundi US’s investment process has been built on a foundation of fundamental research and active management, principles which
have guided our investment decisions for more than 90 years. We believe active management – that is, making active investment decisions
– can help mitigate the risks during periods of market volatility.
At Amundi
US, active management begins with our own fundamental, bottom-up research process. Our team of dedicated research analysts and portfolio
managers analyzes each security under consideration, communicating directly with the management teams of the companies issuing the securities
and working together to identify those securities that best meet our investment criteria for our family of funds. Our risk management
approach begins with each and every security, as we strive to carefully understand the potential opportunity, while considering any and
all risk factors.
Today,
as investors, we have many options. It is our view that active management can serve shareholders well, not only when markets are thriving,
but also during periods of market stress.
As you
consider your long-term investment goals, we encourage you to work with your financial professional to develop an investment plan that
paves the way for you to pursue both your short-term and long-term goals.
We greatly
appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Sincerely,
Lisa M. Jones
Head of the Americas,
President and CEO of US
Amundi Asset
Management US, Inc.
November
2021
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. Past performance is no guarantee of future results.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 3
Portfolio
Management Discussion | 9/30/21
Note
to Shareholders: On April 21, 2021, Pioneer High Income Trust redomiciled from a Delaware statutory trust to a Maryland corporation
and was renamed Pioneer High Income Fund, Inc. The redomiciling did not result in any change to the investment adviser, investment objective
and strategies, portfolio management team, policies and procedures or the members of the Board overseeing the Fund. Please see Note 9.
Redomiciling, for more information about the redomiciling.
In
the following interview, Andrew Feltus discusses the factors that affected the performance of Pioneer High Income Fund, Inc. during the
six-month period ended September 30, 2021. Mr. Feltus, Co-Director of High Yield, a senior vice president, and a portfolio manager at
Amundi Asset Management US, Inc. (Amundi US), is responsible for the daily management of the Fund. Mr. Feltus, Co-Director of High Yield
and a portfolio manager at Amundi US, is responsible for the day-to-day management of the Fund, along with Matthew Shulkin, a vice president
and a portfolio manager at Amundi US, and Kenneth Monaghan, Co-Director of High Yield and a portfolio manager at Amundi US.
Q
|
|
How
did the Fund perform during the six-month period ended September 30, 2021?
|
A
|
|
Pioneer
High Income Fund, Inc. returned 5.30% at net asset value (NAV) and 8.88% at market price
during the six-month period ended September 30, 2021. During the same six-month period,
the Fund’s benchmark, the ICE Bank of America US High Yield Index (the ICE BofA Index),
returned 3.74%. The ICE BofA Index is an unmanaged, commonly accepted measure of the performance of high-yield securities. Unlike the
Fund, the ICE BofA Index does not use leverage. While the use of leverage increases investment opportunity, it also increases
investment risk.
|
During
the same six-month period, the average return at NAV of the 45 closed end funds in Morningstar’s High Yield Bond Closed End Funds
category (which may or may not be leveraged) was 4.22%, while the same closed end fund Morningstar category’s average return at
market price was 7.55%.
The
shares of the Fund were selling at a 1.2% premium to NAV on September 30, 2021, while the Fund’s shares were selling at a discount
to NAV of 2.1% on March 31, 2021.
On
September 30, 2021, the standardized 30-day SEC yield of the Fund’s shares was 6.06%*.
*
|
|
The
30-day SEC yield is a standardized formula that is based on the hypothetical annualized earning
power (investment income only) of the Fund’s portfolio securities during the period
indicated.
|
4 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Q
|
|
How
would you describe the investment environment for high-yield debt during the six-month period
ended September 30, 2021?
|
A
|
|
Entering
the period back in April, investors had focused their attention on positive developments
pertaining to the distribution of COVID-19 vaccines, a broader economic reopening from the
pandemic-induced shutdowns and restrictions, and the US government’s most recent fiscal
stimulus package approved at the beginning of the calendar year. The continued dovish posture
of the US Federal Reserve System (Fed) on monetary policy lent further support to the markets
and helped drive an increased appetite for riskier assets such as high-yield bonds, as Federal
Open Market Committee (FOMC) members hinted at a desire to remain “on the sidelines”
with regard to major policy changes until at least 2023.
|
The
Fed based its projection on the view that near-term increases in inflation above the usual 2% target would be transitory, and not structural.
The Fed also messaged that it would look at average inflation over time, rather than feeling compelled to raise interest rates based
on an isolated uptick in prices for certain goods and services.
However,
the “reflation trade” wobbled during June 2021, as market participants navigated around growing apprehension over the spread
of COVID-19 variants and a somewhat “hawkish” FOMC meeting that month. Treasury-market investors reacted to the updated Fed
“dot plot” displaying FOMC member forecasts that pointed to a median federal funds target rate of 0.625% by year-end 2023,
or 50 basis points (bps) higher than the March 2021 forecast. The Treasury yield curve saw short-end yields rise and long-end yields
decline, while longer-term inflation expectations moved lower. The movement suggested investors’ doubts regarding the Fed’s
long-term commitment to its current average inflation-targeting framework. (The Fed’s “dot” plot/projection is a quarterly
chart summarizing the outlook for the federal funds rate for each FOMC meeting participant. A basis point is equal to 1/100th of a percentage
point.)
The
hawks prevailed during the September FOMC debate as to when to start tapering the asset purchases the Fed had implemented shortly after
the outset of the pandemic, and at what pace. The FOMC signaled, and Fed Chair Powell affirmed, that tapering could begin as early as
November and be completed by the middle of next year.
Returns
for high-yield corporate bonds finished the six-month period in comfortably positive territory, and roughly in line with the performance
of their investment-grade counterparts. Performance within the high-
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 5
yield
universe was led by energy issues, which benefited from rising oil and gas prices. Within the high-yield market, lower-rated issues generally
outperformed higher-rated credits for the six-month period. For example, CCC-rated bonds returned 5.14%, while BB-rated bonds returned
4.00%.
Q
|
|
What
factors affected the Fund’s performance relative to its benchmark during the six-month
period ended September 30, 2021?
|
A
|
|
In
broad terms, the Fund carries leveraged exposure to the high-yield market, and the use of
leverage boosted benchmark-relative performance as high-yield securities posted a positive
return for the six-month period.
|
In
addition, the portfolio’s holdings were tilted toward sectors featuring issuers with exposure to the economic recovery. While that
aspect of the Fund’s positioning had a negative performance impact in the immediate wake of the COVID-19 crisis, it has boosted
relative returns ever since riskier assets began rebounding in the second quarter of 2020, including over the past six months. The strongest-performing
sectors over the six-month period were those that had experienced the greatest negative effects of the pandemic in early 2020, namely
energy, airlines, and leisure-related companies.
At
the sector level, the biggest positive contributors to the Fund’s relative performance for the period came from the aforementioned
“recovery” sectors, led by the portfolio’s exposure to leisure, where good security selection results offset a small
performance drag from an underweight allocation to the sector versus the benchmark. Positive security selection results within transportation
as well as a modest overweight to the sector also boosted the Fund’s relative returns, while the benefits from an overweight to
energy offset the minor negative effects of security selection within that strong-performing sector.
The
most significant detractors from the Fund’s relative performance at the sector level came from both an overweight allocation to,
and security selection results within, basic industries. Within utilities, the portfolio’s overweight position in Talen Energy
was a negative, and offset the small positive contribution from the Fund’s underweight allocation to the sector. Finally, both
selection results within financial services as well as an overweight allocation to the sector detracted from the Fund’s relative
performance for the six-month period.
In
terms of individual holdings, leading positive contributors to the Fund’s performance for the six-month period included overweights
to the bonds of Baytex Energy, a Canadian exploration & production company, Codere, a casino operator in South America and Europe,
and
6 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Energy
Transfer, the large US operator of diversified midstream properties. The portfolio positions that detracted the most from the Fund’s
benchmark-relative returns during the period included Credito Real, the Mexico-based financial services company, Occidental Petroleum,
a large exploration & production company that experienced a ratings downgrade to “high yield” in 2020, and the aforementioned
Talen Energy, a US merchant power company in the utilities sector.
Q
|
|
Did
the Fund’s distributions** to shareholders change during the six-month period ended
September 30, 2021?
|
A
|
|
No,
the Fund’s monthly distributions to shareholders remained unchanged over the course
of the six-month period.
|
Q
|
|
How
did the level of leverage in the Fund change during the six-month period ended September
30, 2021?
|
A
|
|
The
Fund employs leverage through a credit agreement.
|
As
of September 30, 2021, 31.0% of the Fund’s total managed assets were financed by leverage, or borrowed funds, compared with 30.5%
of the Fund’s total managed assets financed by leverage at the start of the six-month period on April 1, 2021. During the six-month
period, the Fund increased the absolute amount of funds borrowed by a total of $4 million, to $127 million as of September 30, 2021.
The percentage of the Fund’s total managed assets financed by leverage increased during the six-month period due to the increase
in the absolute amount of funds borrowed by the Fund.
Q
|
|
Did
the Fund have any exposure to derivative securities during the six-month period ended September
30, 2021? If so, did the investments have a material effect on the Fund’s performance?
|
A
|
|
Yes,
we invested the Fund’s portfolio in forward foreign currency contracts (currency forwards)
and over-the-counter currency call options during the six-month period, which had a slight
positive impact on relative performance.
|
Q
|
|
What
is your investment outlook?
|
A
|
|
We
believe the US economy could be poised to perform well in the coming months. While COVID-19-driven
economic support programs have been waning or, like the Fed’s asset purchases, are
scheduled to end, consumers have still demonstrated high savings rates, which has
|
** Distributions
are not guaranteed.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 7
contributed
to pent-up demand. Some of the negative factors still affecting economic conditions as of period-end included labor shortages and supply
chain difficulties, which have been constraining global as well as domestic growth.
During
the six-month period, the functionality of the high-yield market continued to normalize after the severe dislocations experienced at
the outset of the pandemic, and as the economy gradually recovered from the worst of the COVID-19 situation. In addition, by the close
of the period, the sectors that had felt the biggest negative effects of the pandemic had regained traction. As a result, we believe
the securities within those sectors are no longer priced to enable them to generate outsized performance compared to the overall market.
In
our view, high-yield spreads could remain range-bound, or possibly tighten slightly, in the coming months. However, we do not expect
high-yield spreads to narrow to new record levels. (Credit spreads are commonly defined as the differences in yield between Treasuries
and other types of fixed-income securities with similar maturities.)
On
the policy front, the Fed seems likely to begin tapering its Treasury and mortgage-backed security purchases before the end of this year,
and may begin to increase its short-term federal funds rate target range sometime in late 2022 or early 2023. We believe issuers of high-yield
debt could experience positive financial performance over the next year, but we would not be surprised if the market were to experience
periods of volatility as investors digest the Fed’s anticipated policy shifts.
Please
refer to the Schedule of Investments on pages 13–35 for a full listing of Fund securities.
All
investments are subject to risk, including the possible loss of principal. In the past several years, financial markets have experienced
increased volatility and heightened uncertainty. The market prices of securities may go up or down, sometimes rapidly or unpredictably,
due to general market conditions, such as real or perceived adverse economic, political, or regulatory conditions, recessions, inflation,
changes in interest or currency rates, lack of liquidity in the bond markets, the spread of infectious illness or other public health
issues or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
8 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Investments
in high-yield or lower-rated securities are subject to greater-than-average risk.
The
Fund may invest in securities of issuers that are in default or that are in bankruptcy.
The
Fund may invest in insurance-linked securities. The return of principal and the payment of interest and/or dividends on insurance linked
securities are contingent on the non-occurrence of a pre-defined “trigger” event, such as a hurricane or an earthquake of
a specific magnitude.
Investing
in foreign and/or emerging markets securities involves risks relating to interest rates, currency exchange rates, economic, and political
conditions.
When
interest rates rise, the prices of fixed-income securities held by the Fund will generally fall. Conversely, when interest rates fall
the prices of fixed-income securities held by the Fund will generally rise.
Investments
in the Fund are subject to possible loss due to the financial failure of the issuers of the underlying securities and their inability
to meet their debt obligations.
The
Fund may invest up to 50% of its total assets in illiquid securities. Illiquid securities may be difficult to dispose of at a price reflective
of their value at the times when the Fund believes it is desirable to do so, and the market price of illiquid securities is generally
more volatile than that of more liquid securities. Illiquid securities are also more difficult to value and investment of the Fund’s
assets in illiquid securities may restrict the Fund’s ability to take advantage of market opportunities.
The
Fund employs leverage through a credit agreement. Leverage creates significant risks, including the risk that the Fund’s incremental
income or capital appreciation for investments purchased with the proceeds of leverage will not be sufficient to cover the cost of leverage,
which may adversely affect the return for shareowners.
The
Fund is required to meet certain regulatory and other asset coverage requirements in connection with its use of leverage. In order to
maintain required asset coverage levels, the Fund may be required to reduce the amount of leverage employed by the Fund, alter the composition
of its investment portfolio or take other actions at what might be inopportune times in the market. Such actions could reduce the net
earnings or returns to shareowners over time, which is likely to result in a decrease in the market value of the Fund’s shares.
These
risks may increase share price volatility.
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. Past performance is no guarantee of future results.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 9
Portfolio
Summary | 9/30/21
Portfolio
Diversification
(As a percentage
of total investments)*
|
|
|
10
Largest Holdings
|
|
(As
a percentage of total investments)*
|
|
1.
|
Hanover
Insurance Group, Inc., 7.625%, 10/15/25
|
1.13%
|
2.
|
Liberty
Mutual Insurance Co., 7.697%, 10/15/97 (144A)
|
1.13
|
3.
|
Connecticut
Avenue Securities Trust, Series 2019-HRP1, Class B1, 9.336%
|
|
|
(1
Month USD LIBOR + 925 bps), 11/25/39 (144A)
|
1.07
|
4.
|
Liberty
Mutual Group, Inc., 10.75% (3 Month USD LIBOR + 712 bps),
|
|
|
6/15/58
(144A)
|
1.06
|
5.
|
Alliance
Data Systems Corp., 7.0%, 1/15/26 (144A)
|
1.06
|
6.
|
Prime
Security Services Borrower LLC/Prime Finance, Inc.,
|
|
|
6.25%,
1/15/28 (144A)
|
1.05
|
7.
|
Pegasus
Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A)
|
1.02
|
8.
|
Baytex
Energy Corp., 8.75%, 4/1/27 (144A)
|
1.01
|
9.
|
Hercules
LLC, 6.5%, 6/30/29
|
0.98
|
10.
|
Uniti
Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC,
|
|
|
7.875%,
2/15/25 (144A)
|
0.95
|
*
|
|
Excludes
temporary cash investments and all derivative contracts except for options purchased. The
Fund is actively managed, and current holdings may be different. The holdings listed should
not be considered recommendations to buy or sell any securities.
|
10 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Prices
and Distributions | 9/30/21
Market
Value per Share^
|
9/30/21
|
3/31/21
|
Market
Value
|
$9.76
|
$9.37
|
Discount/Premium
|
1.2%
|
(2.1)%
|
|
|
|
Net
Asset Value per Share^
|
|
|
|
9/30/21
|
3/31/21
|
Net
Asset Value
|
$9.64
|
$9.57
|
|
|
|
Distributions
per Share*: 4/1/21 – 9/30/21
|
|
|
Net
Investment
|
Short-Term
|
Long-Term
|
Income
|
Capital
Gains
|
Capital
Gains
|
$0.4350
|
$
—
|
$
—
|
Yields
|
|
|
|
9/30/21
|
3/31/21
|
30-Day
SEC Yield
|
6.06%
|
6.40%
|
The data
shown above represents past performance, which is no guarantee of future results.
^
|
|
Net
asset value and market value are published in Barron’s on Saturday, The Wall
Street Journal on Monday and The New York Times on Monday and Saturday. Net asset
value and market value are published daily on the Fund’s website at www.amundi.com/us.
|
*
|
|
The
amount of distributions made to shareowners during the period was in excess of the net investment
income earned by the Fund during the period.
|
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 11
Performance
Update | 9/30/21
Investment
Returns
The mountain
chart on the right shows the change in market value, including reinvestment of dividends and distributions, of a $10,000 investment made
in common shares of Pioneer High Income Fund, Inc. during the periods shown, compared to that of the ICE BofA U.S. High Yield Index.
|
|
|
|
Average
Annual Total Returns
|
|
(As
of September 30, 2021)
|
|
|
Net
|
|
ICE
BofA
|
|
Asset
|
|
U.S.
High
|
|
Value
|
Market
|
Yield
|
Period
|
(NAV)
|
Price
|
Index
|
10
years
|
7.56%
|
4.72%
|
7.30%
|
5
years
|
7.72
|
7.74
|
6.35
|
1
year
|
21.42
|
34.51
|
11.46
|
Call
1-800-225-6292 or visit www.amundi.com/us for the most recent month-end performance results. Current performance may be lower or higher
than the performance data quoted.
Performance
data shown represents past performance. Past performance is no guarantee of future results. Investment return and market price will fluctuate,
and your shares may trade below NAV, due to such factors as interest rate changes and the perceived credit quality of borrowers.
Total investment
return does not reflect broker sales charges or commissions. All performance is for common shares of the Fund.
Shares
of closed-end funds, unlike open-end funds, are not continuously offered. There is a one-time public offering and, once issued, shares
of closed-end funds are bought and sold in the open market through a stock exchange and frequently trade at prices lower than their NAV.
NAV per common share is total assets less total liabilities, which include preferred shares or borrowings, as applicable, divided by
the number of common shares outstanding.
When NAV
is lower than market price, dividends are assumed to be reinvested at the greater of NAV or 95% of the market price. When NAV is higher,
dividends are assumed to be reinvested at prices obtained through open-market purchases under the Fund’s dividend reinvestment
plan.
The performance
table and graph do not reflect the deduction of fees and taxes that a shareowner would pay on Fund distributions or the sale of Fund
shares. Had these fees and taxes been reflected, performance would have been lower.
The ICE
Bank of America U.S. High Yield Index is an unmanaged, commonly accepted measure of the performance of high yield securities. Index returns
are calculated monthly, assume reinvestment of dividends and, unlike Fund returns, do not reflect any fees, expenses or sales charges.
The Index does not employ leverage. It is not possible to invest directly in the Index.
12 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Schedule
of Investments | 9/30/21
(unaudited)
|
|
|
|
Shares
|
|
|
Value
|
|
|
UNAFFILIATED
ISSUERS — 144.7%%
|
|
|
|
COMMON
STOCKS — 1.2% of Net Assets
|
|
|
Energy
Equipment & Services — 0.8%
|
|
|
87,626(a)
|
FTS
International, Inc.
|
$
2,155,599
|
|
|
Total
Energy Equipment & Services
|
$
2,155,599
|
|
|
Oil,
Gas & Consumable Fuels — 0.4%
|
|
|
21(a)
|
Amplify
Energy Corp.
|
$
112
|
|
802,650^+(a)
|
PetroQuest
Energy, Inc.
|
341,126
|
|
12,271(a)
|
Summit
Midstream Partners LP
|
436,234
|
|
7,997^+(a)
|
Superior
Energy Services, Inc.
|
351,868
|
|
|
Total
Oil, Gas & Consumable Fuels
|
$
1,129,340
|
|
|
Specialty
Retail — 0.0%†
|
|
|
68,241^+(a)
|
Targus
Cayman SubCo, Ltd.
|
$
104,409
|
|
|
Total
Specialty Retail
|
$
104,409
|
|
|
TOTAL
COMMON STOCKS
|
|
|
|
(Cost
$3,780,787)
|
$
3,389,348
|
|
|
CONVERTIBLE
PREFERRED STOCK — 0.8% of
|
|
|
|
Net
Assets
|
|
|
|
Banks
— 0.8%
|
|
|
1,600(b)
|
Wells
Fargo & Co., 7.5%
|
$
2,371,200
|
|
|
Total
Banks
|
$
2,371,200
|
|
|
TOTAL
CONVERTIBLE PREFERRED STOCK
|
|
|
|
(Cost
$2,022,424)
|
$
2,371,200
|
|
|
PREFERRED
STOCKS — 1.3% of Net Assets
|
|
|
|
Banks
— 0.1%
|
|
|
9,421(c)
|
GMAC
Capital Trust I, 5.91% (3 Month USD LIBOR +
|
|
|
|
579 bps),
2/15/40
|
$
237,786
|
|
|
Total
Banks
|
$
237,786
|
|
|
Diversified
Financial Services — 1.1%
|
|
|
3,000(b)(c)
|
Compeer
Financial ACA, 6.75% (USD LIBOR +
|
|
|
|
458
bps) (144A)
|
$
3,195,000
|
|
|
Total
Diversified Financial Services
|
$
3,195,000
|
|
|
Internet
— 0.1%
|
|
|
129,055
|
MYT
Holding LLC
|
$
136,153
|
|
|
Total
Internet
|
$
136,153
|
|
|
TOTAL
PREFERRED STOCKS
|
|
|
|
(Cost
$3,456,406)
|
$
3,568,939
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 13
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
COLLATERALIZED
MORTGAGE OBLIGATIONS —
|
|
|
2.3%
of Net Assets
|
|
4,100,000(d)
|
Connecticut
Avenue Securities Trust, Series 2019-HRP1,
|
|
|
Class B1,
9.336% (1 Month USD LIBOR +
|
|
|
925 bps),
11/25/39 (144A)
|
$
4,355,342
|
260,000(d)
|
Freddie
Mac Stacr Remic Trust, Series 2021-DNA1,
|
|
|
Class B2,
4.8% (SOFR30A +
|
|
|
475 bps),
1/25/51 (144A)
|
265,828
|
450,000(d)
|
Freddie
Mac Stacr Remic Trust, Series 2021-HQA3,
|
|
|
Class B2,
6.3% (SOFR30A +
|
|
|
625 bps),
9/25/41 (144A)
|
453,900
|
1,350,000(d)
|
STACR
Trust, Series 2018-HRP2, Class B2, 10.586% (1
|
|
|
Month
USD LIBOR + 1,050 bps), 2/25/47 (144A)
|
1,562,167
|
|
TOTAL
COLLATERALIZED MORTGAGE OBLIGATIONS
|
|
|
(Cost
$6,351,608)
|
$
6,637,237
|
|
COMMERCIAL
MORTGAGE-BACKED
|
|
SECURITIES
— 3.5% of Net Assets
|
|
500,000(d)
|
Capital
Funding Mortgage Trust, Series 2020-9, Class B,
|
|
|
15.9%
(1 Month USD LIBOR +
|
|
|
1,490 bps),
11/19/22 (144A)
|
$
500,000
|
605,000(d)
|
Capital
Funding Mortgage Trust, Series 2021-8, Class B,
|
|
|
14.35%
(1 Month USD LIBOR +
|
|
|
1,310 bps),
6/22/23 (144A)
|
605,000
|
1,500,000(d)
|
Capital
Funding Mortgage Trust, Series 2021-19, Class B,
|
|
|
16.46%
(1 Month USD LIBOR +
|
|
|
1,521 bps),
11/6/23 (144A)
|
1,500,270
|
1,643,918(c)
|
FREMF
Mortgage Trust, Series 2019-KJ24, Class B, 7.6%,
|
|
|
10/25/27
(144A)
|
1,423,778
|
1,500,000(d)
|
FREMF
Mortgage Trust, Series 2019-KS12, Class C, 6.983%
|
|
|
(1
Month USD LIBOR + 690 bps), 8/25/29
|
1,227,234
|
1,139,489(d)
|
FREMF
Mortgage Trust, Series 2020-KF74, Class C, 6.333%
|
|
|
(1
Month USD LIBOR + 625 bps), 1/25/27 (144A)
|
1,126,369
|
1,500,000(d)
|
FREMF
Mortgage Trust, Series 2020-KF83, Class C, 9.083%
|
|
|
(1
Month USD LIBOR + 900 bps), 7/25/30 (144A)
|
1,522,387
|
97,828
|
L1C
3/8L1 LLC, Series 2019-1, Class B, 8.5%,
|
|
|
11/1/22
(144A)
|
98,461
|
2,500,000
|
Wells
Fargo Commercial Mortgage Trust, Series 2015-C28,
|
|
|
Class E,
3.0%, 5/15/48 (144A)
|
1,835,015
|
|
TOTAL
COMMERCIAL MORTGAGE-BACKED SECURITIES
|
|
|
(Cost
$10,358,729)
|
$
9,838,514
|
|
CONVERTIBLE
CORPORATE BONDS — 2.2% of
|
|
|
Net
Assets
|
|
|
Banks
— 0.0%†
|
|
IDR1,422,679,000^
|
PT
Bakrie & Brothers Tbk, 12/22/22
|
$
9,940
|
|
Total
Banks
|
$
9,940
|
The accompanying
notes are an integral part of these financial statements.
14 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Chemicals
— 1.4%
|
|
4,000,000(e)
|
Hercules
LLC, 6.5%, 6/30/29
|
$
4,015,000
|
|
Total
Chemicals
|
$
4,015,000
|
|
Entertainment
— 0.5%
|
|
655,000(f)
|
DraftKings,
Inc., 3/15/28 (144A)
|
$
576,728
|
849,000
|
IMAX
Corp., 0.5%, 4/1/26 (144A)
|
829,307
|
|
Total
Entertainment
|
$
1,406,035
|
|
Pharmaceuticals
— 0.2%
|
|
1,300,000
|
Tricida,
Inc., 3.5%, 5/15/27
|
$
573,300
|
|
Total
Pharmaceuticals
|
$
573,300
|
|
REITs
— 0.1%
|
|
235,000
|
Summit
Hotel Properties, Inc., 1.5%, 2/15/26
|
$
246,816
|
|
Total
REITs
|
$
246,816
|
|
TOTAL
CONVERTIBLE CORPORATE BONDS
|
|
|
(Cost
$5,622,547)
|
$
6,251,091
|
|
CORPORATE
BONDS — 127.2% of Net Assets
|
|
|
Advertising
— 2.6%
|
|
200,000
|
Clear
Channel International BV, 6.625%, 8/1/25 (144A)
|
$
208,250
|
2,090,000
|
Clear
Channel Outdoor Holdings, Inc., 7.5%,
|
|
|
6/1/29
(144A)
|
2,173,600
|
900,000
|
Clear
Channel Outdoor Holdings, Inc., 7.75%,
|
|
|
4/15/28
(144A)
|
947,250
|
2,485,000
|
Midas
OpCo Holdings LLC, 5.625%, 8/15/29 (144A)
|
2,571,354
|
1,445,000
|
Summer
BC Bidco B LLC, 5.5%, 10/31/26 (144A)
|
1,480,980
|
|
Total
Advertising
|
$
7,381,434
|
|
Aerospace
& Defense — 2.0%
|
|
2,150,000
|
Bombardier,
Inc., 6.0%, 2/15/28 (144A)
|
$
2,174,188
|
960,000
|
Bombardier,
Inc., 7.125%, 6/15/26 (144A)
|
1,010,400
|
1,210,000
|
Howmet
Aerospace, Inc., 6.875%, 5/1/25
|
1,415,724
|
745,000
|
Kratos
Defense & Security Solutions, Inc., 6.5%, 11/30/25
|
|
|
(144A)
|
772,006
|
228,000
|
Triumph
Group, Inc., 8.875%, 6/1/24 (144A)
|
250,800
|
|
Total
Aerospace & Defense
|
$
5,623,118
|
|
Airlines
— 3.3%
|
|
1,455,000
|
Delta
Air Lines, Inc., 3.75%, 10/28/29
|
$
1,481,086
|
355,000
|
Delta
Air Lines, Inc., 7.375%, 1/15/26
|
418,088
|
1,380,000
|
Mileage
Plus Holdings LLC/Mileage Plus Intellectual
|
|
|
Property
Assets, Ltd., 6.5%, 6/20/27 (144A)
|
1,500,264
|
3,960,000
|
Pegasus
Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A)
|
4,177,800
|
EUR
2,000,000
|
Transportes
Aereos Portugueses SA, 5.625%,
|
|
|
12/2/24
(144A)
|
1,905,460
|
|
Total
Airlines
|
$
9,482,698
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 15
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Auto
Manufacturers — 2.0%
|
|
1,650,000
|
Ford
Motor Credit Co. LLC, 3.815%, 11/2/27
|
$
1,711,875
|
1,399,000
|
General
Motors Co., 6.125%, 10/1/25
|
1,638,624
|
2,260,000
|
JB
Poindexter & Co., Inc., 7.125%, 4/15/26 (144A)
|
2,378,650
|
|
Total
Auto Manufacturers
|
$
5,729,149
|
|
Auto
Parts & Equipment — 1.9%
|
|
2,000,000
|
American
Axle & Manufacturing, Inc., 6.5%, 4/1/27
|
$
2,085,000
|
1,798,000
|
Dealer
Tire LLC/DT Issuer LLC, 8.0%, 2/1/28 (144A)
|
1,882,357
|
1,195,000
|
Goodyear
Tire & Rubber Co., 9.5%, 5/31/25
|
1,311,513
|
|
Total
Auto Parts & Equipment
|
$
5,278,870
|
|
Banks
— 3.3%
|
|
825,000
|
Access
Bank Plc, 10.5%, 10/19/21 (144A)
|
$
826,922
|
600,000(b)(c)
|
Bank
of America Corp., 6.5% (3 Month USD LIBOR +
|
|
|
417
bps)
|
671,400
|
1,800,000(b)(c)
|
Barclays
Plc, 7.75% (5 Year USD Swap Rate + 484 bps)
|
1,962,000
|
700,000(b)(c)
|
Credit
Suisse Group AG, 7.5% (5 Year USD Swap Rate +
|
|
|
460
bps) (144A)
|
764,750
|
815,000
|
Freedom
Mortgage Corp., 6.625%, 1/15/27 (144A)
|
792,588
|
1,931,000
|
Freedom
Mortgage Corp., 8.125%, 11/15/24 (144A)
|
1,957,551
|
1,680,000
|
Freedom
Mortgage Corp., 8.25%, 4/15/25 (144A)
|
1,713,600
|
675,000(b)(c)
|
Intesa
Sanpaolo S.p.A., 7.7% (5 Year USD Swap Rate +
|
|
|
546
bps) (144A)
|
765,315
|
|
Total
Banks
|
$
9,454,126
|
|
Building
Materials — 1.9%
|
|
1,333,000
|
Builders
FirstSource, Inc., 6.75%, 6/1/27 (144A)
|
$
1,412,980
|
470,000
|
Cornerstone
Building Brands, Inc., 6.125%, 1/15/29 (144A)
|
499,375
|
745,000
|
CP
Atlas Buyer, Inc., 7.0%, 12/1/28 (144A)
|
746,862
|
424,000
|
Koppers,
Inc., 6.0%, 2/15/25 (144A)
|
433,540
|
2,062,000
|
Patrick
Industries, Inc., 7.5%, 10/15/27 (144A)
|
2,221,805
|
|
Total
Building Materials
|
$
5,314,562
|
|
Chemicals
— 4.9%
|
|
1,455,000
|
Hexion,
Inc., 7.875%, 7/15/27 (144A)
|
$
1,553,213
|
1,355,000
|
LSF11
A5 Holdco LLC, 6.625%, 10/15/29 (144A)
|
1,355,000
|
2,250,000
|
LYB
Finance Co. BV, 8.1%, 3/15/27 (144A)
|
2,947,431
|
470,000
|
Olin
Corp., 9.5%, 6/1/25 (144A)
|
585,738
|
440,000
|
Olympus
Water US Holding Corp., 6.25%, 10/1/29 (144A)
|
436,018
|
2,316,000
|
Rain
CII Carbon LLC/CII Carbon Corp., 7.25%,
|
|
|
4/1/25
(144A)
|
2,373,900
|
1,340,000
|
Trinseo
Materials Operating SCA/Trinseo Materials
|
|
|
Finance,
Inc., 5.125%, 4/1/29 (144A)
|
1,350,050
|
2,030,000
|
Tronox,
Inc., 4.625%, 3/15/29 (144A)
|
2,019,850
|
1,290,000
|
Tronox,
Inc., 6.5%, 5/1/25 (144A)
|
1,354,074
|
|
Total
Chemicals
|
$
13,975,274
|
The accompanying
notes are an integral part of these financial statements.
16 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
|
Commercial
Services — 5.9%
|
|
|
495,000
|
Allied
Universal Holdco LLC/Allied Universal Finance
|
|
|
|
Corp.,
6.0%, 6/1/29 (144A)
|
$
488,461
|
|
350,000
|
Allied
Universal Holdco LLC/Allied Universal Finance
|
|
|
|
Corp.,
6.625%, 7/15/26 (144A)
|
370,048
|
|
1,905,000
|
Allied
Universal Holdco LLC/Allied Universal Finance
|
|
|
|
Corp.,
9.75%, 7/15/27 (144A)
|
2,066,925
|
|
950,000
|
APX
Group, Inc., 6.75%, 2/15/27 (144A)
|
1,010,135
|
|
790,000
|
Atento
Luxco 1 SA, 8.0%, 2/10/26 (144A)
|
863,122
|
|
2,116,000
|
Garda
World Security Corp., 6.0%, 6/1/29 (144A)
|
2,058,022
|
|
2,059,000
|
Garda
World Security Corp., 9.5%, 11/1/27 (144A)
|
2,220,899
|
|
319,000
|
Herc
Holdings, Inc., 5.5%, 7/15/27 (144A)
|
334,596
|
|
915,000
|
NESCO
Holdings II, Inc., 5.5%, 4/15/29 (144A)
|
949,038
|
|
4,155,000
|
Prime
Security Services Borrower LLC/Prime Finance,
|
|
|
|
Inc.,
6.25%, 1/15/28 (144A)
|
4,295,356
|
|
1,093,000
|
Sotheby’s,
7.375%, 10/15/27 (144A)
|
1,155,847
|
|
862,000
|
Verscend
Escrow Corp., 9.75%, 8/15/26 (144A)
|
908,333
|
|
|
Total
Commercial Services
|
$
16,720,782
|
|
|
Computers
— 1.3%
|
|
|
555,000
|
Dell
International LLC/EMC Corp., 7.125%,
|
|
|
|
6/15/24
(144A)
|
$
567,562
|
|
1,810,000
|
Diebold
Nixdorf, Inc., 8.5%, 4/15/24
|
1,848,462
|
|
175,000
|
Diebold
Nixdorf, Inc., 9.375%, 7/15/25 (144A)
|
191,517
|
|
980,000
|
NCR
Corp., 5.0%, 10/1/28 (144A)
|
1,001,374
|
|
|
Total
Computers
|
$
3,608,915
|
|
|
Diversified
Financial Services — 9.8%
|
|
|
4,055,000
|
Alliance
Data Systems Corp., 7.0%, 1/15/26 (144A)
|
$
4,338,850
|
|
2,150,000
|
ASG
Finance Designated Activity Co., 7.875%,
|
|
|
|
12/3/24
(144A)
|
2,117,750
|
|
1,244,305(g)
|
Avation
Capital SA, 8.25% (9.0% PIK or 8.25% cash),
|
|
|
|
10/31/26
(144A)
|
1,051,438
|
|
340,000
|
Credito
Real SAB de CV SOFOM ER, 8.0%, 1/21/28 (144A)
|
291,681
|
|
3,105,000
|
Credito
Real SAB de CV SOFOM ER, 9.5%, 2/7/26 (144A)
|
2,848,993
|
EUR
|
480,000
|
Garfunkelux
Holdco 3 SA, 6.75%, 11/1/25 (144A)
|
580,391
|
GBP
|
820,000
|
Garfunkelux
Holdco 3 SA, 7.75%, 11/1/25 (144A)
|
1,154,252
|
|
2,147,628(g)
|
Global
Aircraft Leasing Co., Ltd., 6.5% (7.25% PIK or 6.50%
|
|
|
|
cash),
9/15/24 (144A)
|
2,110,045
|
|
1,130,000
|
Jefferies
Finance LLC/JFIN Co.-Issuer Corp., 5.0%,
|
|
|
|
8/15/28
(144A)
|
1,146,950
|
|
1,020,000
|
Nationstar
Mortgage Holdings, Inc., 5.125%,
|
|
|
|
12/15/30
(144A)
|
1,034,096
|
|
845,000
|
Nationstar
Mortgage Holdings, Inc., 6.0%, 1/15/27 (144A)
|
881,969
|
|
160,000
|
OneMain
Finance Corp., 6.625%, 1/15/28
|
184,000
|
|
460,000
|
OneMain
Finance Corp., 8.875%, 6/1/25
|
499,100
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 17
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Diversified
Financial Services — (continued)
|
1,290,000
|
Oxford
Finance LLC/Oxford Finance Co.-Issuer II, Inc.,
|
|
|
6.375%,
12/15/22 (144A)
|
$
1,294,837
|
755,000
|
PHH
Mortgage Corp., 7.875%, 3/15/26 (144A)
|
768,212
|
3,415,000
|
Provident
Funding Associates LP/PFG Finance Corp.,
|
|
|
6.375%,
6/15/25 (144A)
|
3,474,762
|
1,225,000
|
United
Wholesale Mortgage LLC, 5.5%, 4/15/29 (144A)
|
1,189,357
|
2,395,000
|
VistaJet
Malta Finance Plc/XO Management Holding, Inc.,
|
|
|
10.5%,
6/1/24 (144A)
|
2,601,569
|
|
Total
Diversified Financial Services
|
$
27,568,252
|
|
Electric
— 1.9%
|
|
825,000
|
Cemig
Geracao e Transmissao SA, 9.25%, 12/5/24 (144A)
|
$
934,313
|
1,010,000(c)
|
Enel
S.p.A., 8.75% (5 Year USD Swap Rate +
|
|
|
588 bps),
9/24/73 (144A)
|
1,151,400
|
676,000
|
NRG
Energy, Inc., 6.625%, 1/15/27
|
700,302
|
1,001,273
|
NSG
Holdings LLC/NSG Holdings, Inc., 7.75%,
|
|
|
12/15/25
(144A)
|
1,077,620
|
1,520,000
|
Talen
Energy Supply LLC, 7.625%, 6/1/28 (144A)
|
1,425,000
|
354,000
|
Talen
Energy Supply LLC, 10.5%, 1/15/26 (144A)
|
194,700
|
6,000
|
Vistra
Operations Co. LLC, 5.625%, 2/15/27 (144A)
|
6,210
|
|
Total
Electric
|
$
5,489,545
|
|
Electrical
Components & Equipment — 0.5%
|
750,000
|
WESCO
Distribution, Inc., 7.125%, 6/15/25 (144A)
|
$
802,373
|
520,000
|
WESCO
Distribution, Inc., 7.25%, 6/15/28 (144A)
|
575,900
|
|
Total
Electrical Components & Equipment
|
$
1,378,273
|
|
Electronics
— 0.1%
|
|
380,000
|
TTM
Technologies, Inc., 4.0%, 3/1/29 (144A)
|
$
380,646
|
|
Total
Electronics
|
$
380,646
|
|
Energy-Alternate
Sources — 0.6%
|
|
1,575,000
|
Renewable
Energy Group, Inc., 5.875%, 6/1/28 (144A)
|
$
1,628,156
|
|
Total
Energy-Alternate Sources
|
$
1,628,156
|
|
Engineering
& Construction — 1.4%
|
|
3,010,000
|
Artera
Services LLC, 9.033%, 12/4/25 (144A)
|
$
3,265,850
|
475,000
|
Brundage-Bone
Concrete Pumping Holdings, Inc.,
|
|
|
6.0%,
2/1/26 (144A)
|
495,187
|
704,038(h)
|
Stoneway
Capital Corp., 10.0%, 3/1/27 (144A)
|
179,537
|
|
Total
Engineering & Construction
|
$
3,940,574
|
|
Entertainment
— 6.1%
|
|
768,000
|
AMC
Entertainment Holdings, Inc., 10.5%, 4/24/26 (144A)
|
$
824,640
|
2,264,138(g)
|
AMC
Entertainment Holdings, Inc., 12.0% (12.0% PIK or
|
|
|
10.0%
cash), 6/15/26 (144A)
|
2,190,554
|
1,085,000
|
Caesars
Entertainment, Inc., 8.125%, 7/1/27 (144A)
|
1,219,269
|
The accompanying
notes are an integral part of these financial statements.
18 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
|
Entertainment
— (continued)
|
|
EUR
|
870,400
|
Cirsa
Finance International S.a.r.l., 6.25%,
|
|
|
|
12/20/23
(144A)
|
$
1,022,802
|
|
380,000
|
International
Game Technology Plc, 4.125%,
|
|
|
|
4/15/26
(144A)
|
394,961
|
|
395,000
|
International
Game Technology Plc, 6.25%,
|
|
|
|
1/15/27
(144A)
|
446,350
|
|
656,000
|
International
Game Technology Plc, 6.5%, 2/15/25 (144A)
|
732,063
|
|
1,265,000
|
Lions
Gate Capital Holdings LLC, 5.5%, 4/15/29 (144A)
|
1,307,719
|
|
1,880,000
|
Mohegan
Gaming & Entertainment, 8.0%, 2/1/26 (144A)
|
1,958,734
|
|
1,910,000
|
Scientific
Games International, Inc., 7.0%, 5/15/28 (144A)
|
2,060,412
|
|
1,910,000
|
Scientific
Games International, Inc., 7.25%,
|
|
|
|
11/15/29
(144A)
|
2,146,148
|
|
571,000
|
Scientific
Games International, Inc., 8.25%,
|
|
|
|
3/15/26
(144A)
|
605,974
|
|
2,035,000
|
SeaWorld
Parks & Entertainment, Inc., 5.25%,
|
|
|
|
8/15/29
(144A)
|
2,079,159
|
|
|
Total
Entertainment
|
$
16,988,785
|
|
|
Environmental
Control — 0.9%
|
|
|
1,691,000
|
Covanta
Holding Corp., 6.0%, 1/1/27
|
$
1,752,941
|
|
818,000
|
Tervita
Corp., 11.0%, 12/1/25 (144A)
|
928,430
|
|
|
Total
Environmental Control
|
$
2,681,371
|
|
|
Food
— 2.5%
|
|
|
531,000
|
Albertsons
Cos., Inc./Safeway, Inc./New Albertsons
|
|
|
|
LP/Albertsons
LLC, 7.5%, 3/15/26 (144A)
|
$
573,480
|
|
1,412,000
|
FAGE
International SA/FAGE USA Dairy Industry,
|
|
|
|
Inc.,
5.625%, 8/15/26 (144A)
|
1,451,677
|
|
2,795,000
|
Frigorifico
Concepcion SA, 7.7%, 7/21/28 (144A)
|
2,892,853
|
|
775,000
|
JBS
USA LUX SA/JBS USA Finance, Inc., 6.75%,
|
|
|
|
2/15/28
(144A)
|
840,883
|
|
625,000
|
JBS
USA LUX SA/JBS USA Food Co./JBS USA Finance,
|
|
|
|
Inc.,
6.5%, 4/15/29 (144A)
|
698,437
|
|
460,000
|
United
Natural Foods, Inc., 6.75%, 10/15/28 (144A)
|
497,950
|
|
|
Total
Food
|
$
6,955,280
|
|
|
Forest
Products & Paper — 2.2%
|
|
|
2,035,000
|
Mercer
International, Inc., 5.125%, 2/1/29
|
$
2,078,244
|
|
831,000
|
Schweitzer-Mauduit
International, Inc., 6.875%, 10/1/26
|
|
|
|
(144A)
|
864,304
|
|
3,290,000
|
Sylvamo
Corp., 7.0%, 9/1/29 (144A)
|
3,366,065
|
|
|
Total
Forest Products & Paper
|
$
6,308,613
|
|
|
Healthcare-Products
— 0.8%
|
|
|
2,011,000
|
Varex
Imaging Corp., 7.875%, 10/15/27 (144A)
|
$
2,262,777
|
|
|
Total
Healthcare-Products
|
$
2,262,777
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 19
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Healthcare-Services
— 5.0%
|
|
610,000
|
AHP
Health Partners, Inc., 5.75%, 7/15/29 (144A)
|
$
616,100
|
1,425,000
|
Auna
SAA, 6.5%, 11/20/25 (144A)
|
1,496,250
|
1,340,000
|
Centene
Corp., 4.625%, 12/15/29
|
1,460,600
|
580,000
|
CHS/Community
Health Systems, Inc., 5.625%,
|
|
|
3/15/27
(144A)
|
607,335
|
265,000
|
CHS/Community
Health Systems, Inc., 6.0%,
|
|
|
1/15/29
(144A)
|
280,900
|
580,000
|
Legacy
LifePoint Health LLC, 6.75%, 4/15/25 (144A)
|
609,906
|
385,000
|
LifePoint
Health, Inc., 5.375%, 1/15/29 (144A)
|
374,413
|
2,640,000
|
Prime
Healthcare Services, Inc., 7.25%, 11/1/25 (144A)
|
2,831,400
|
2,396,000
|
Surgery
Center Holdings, Inc., 10.0%, 4/15/27 (144A)
|
2,587,680
|
725,000
|
US
Acute Care Solutions LLC, 6.375%, 3/1/26 (144A)
|
767,594
|
2,500,000
|
US
Renal Care, Inc., 10.625%, 7/15/27 (144A)
|
2,656,250
|
|
Total
Healthcare-Services
|
$
14,288,428
|
|
Home
Builders — 1.9%
|
|
475,000
|
Beazer
Homes USA, Inc., 6.75%, 3/15/25
|
$
488,656
|
1,155,000
|
Beazer
Homes USA, Inc., 7.25%, 10/15/29
|
1,271,944
|
1,680,000
|
Brookfield
Residential Properties, Inc./Brookfield
|
|
|
Residential
US LLC, 4.875%, 2/15/30 (144A)
|
1,713,600
|
790,000
|
KB
Home, 7.5%, 9/15/22
|
835,859
|
1,035,000
|
KB
Home, 7.625%, 5/15/23
|
1,102,275
|
|
Total
Home Builders
|
$
5,412,334
|
|
Housewares
— 0.1%
|
|
250,000
|
CD&R
Smokey Buyer, Inc., 6.75%, 7/15/25 (144A)
|
$
264,062
|
|
Total
Housewares
|
$
264,062
|
|
Insurance
— 5.5%
|
|
3,800,000
|
Hanover
Insurance Group, Inc., 7.625%, 10/15/25
|
$
4,623,134
|
3,075,000(c)
|
Liberty
Mutual Group, Inc., 10.75% (3 Month USD LIBOR +
|
|
|
712 bps),
6/15/58 (144A)
|
4,343,252
|
3,000,000
|
Liberty
Mutual Insurance Co., 7.697%, 10/15/97 (144A)
|
4,620,759
|
1,100,000
|
MetLife,
Inc., 10.75%, 8/1/39
|
1,913,260
|
|
Total
Insurance
|
$
15,500,405
|
|
Internet
— 0.1%
|
|
205,000
|
Expedia
Group, Inc., 6.25%, 5/1/25 (144A)
|
$
236,280
|
|
Total
Internet
|
$
236,280
|
|
Iron
& Steel — 2.3%
|
|
485,000
|
Allegheny
Technologies, Inc., 4.875%, 10/1/29
|
$
486,819
|
270,000
|
Allegheny
Technologies, Inc., 5.125%, 10/1/31
|
272,079
|
1,840,000
|
Cleveland-Cliffs,
Inc., 6.75%, 3/15/26 (144A)
|
1,961,900
|
155,000
|
Cleveland-Cliffs,
Inc., 9.875%, 10/17/25 (144A)
|
177,863
|
The accompanying
notes are an integral part of these financial statements.
20 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
|
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
|
Iron
& Steel — (continued)
|
|
|
1,470,000
|
Commercial
Metals Co., 5.375%, 7/15/27
|
$
1,542,625
|
|
1,860,000
|
TMS
International Corp., 6.25%, 4/15/29 (144A)
|
1,943,700
|
|
|
Total
Iron & Steel
|
$
6,384,986
|
|
|
Leisure
Time — 2.7%
|
|
|
215,000
|
Carnival
Corp., 7.625%, 3/1/26 (144A)
|
$
229,513
|
EUR
|
280,000
|
Carnival
Corp., 7.625%, 3/1/26 (144A)
|
349,621
|
|
285,000
|
Carnival
Corp., 10.5%, 2/1/26 (144A)
|
330,386
|
EUR
|
731,000
|
Carnival
Plc, 1.0%, 10/28/29
|
656,714
|
|
1,295,000
|
NCL
Corp., Ltd., 5.875%, 3/15/26 (144A)
|
1,327,375
|
|
360,000
|
NCL
Finance, Ltd., 6.125%, 3/15/28 (144A)
|
373,500
|
|
745,000
|
Royal
Caribbean Cruises, Ltd., 5.5%, 4/1/28 (144A)
|
761,993
|
|
270,000
|
Royal
Caribbean Cruises, Ltd., 9.125%, 6/15/23 (144A)
|
293,437
|
|
380,000
|
Royal
Caribbean Cruises, Ltd., 11.5%, 6/1/25 (144A)
|
433,580
|
|
2,790,000
|
Viking
Cruises, Ltd., 6.25%, 5/15/25 (144A)
|
2,796,975
|
|
|
Total
Leisure Time
|
$
7,553,094
|
|
|
Lodging
— 2.6%
|
|
|
535,000
|
Boyd
Gaming Corp., 4.75%, 6/15/31 (144A)
|
$
551,719
|
|
880,000
|
Boyd
Gaming Corp., 8.625%, 6/1/25 (144A)
|
953,700
|
|
950,000
|
Hilton
Domestic Operating Co., Inc., 3.75%, 5/1/29 (144A)
|
959,500
|
|
910,000
|
Hilton
Domestic Operating Co., Inc., 4.0%, 5/1/31 (144A)
|
923,650
|
|
815,000
|
Hyatt
Hotels Corp., 5.375%, 4/23/25
|
910,015
|
|
390,000
|
Hyatt
Hotels Corp., 5.75%, 4/23/30
|
467,729
|
|
35,000
|
Marriott
International, Inc., 5.75%, 5/1/25
|
40,013
|
|
1,700,000
|
MGM
Resorts International, 6.0%, 3/15/23
|
1,797,240
|
|
725,000
|
Travel
+ Leisure Co., 6.625%, 7/31/26 (144A)
|
825,608
|
|
|
Total
Lodging
|
$
7,429,174
|
|
|
Machinery-Construction
& Mining — 0.3%
|
|
955,000
|
Terex
Corp., 5.0%, 5/15/29 (144A)
|
$
989,619
|
|
|
Total
Machinery-Construction & Mining
|
$
989,619
|
|
|
Machinery-Diversified
— 0.4%
|
|
|
1,113,000
|
Maxim
Crane Works Holdings Capital LLC, 10.125%,
|
|
|
|
8/1/24
(144A)
|
$
1,139,434
|
|
|
Total
Machinery-Diversified
|
$
1,139,434
|
|
|
Media
— 3.6%
|
|
|
480,000
|
Audacy
Capital Corp., 6.75%, 3/31/29 (144A)
|
$
483,802
|
|
1,255,000
|
CCO
Holdings LLC/CCO Holdings Capital Corp., 4.5%,
|
|
|
|
6/1/33
(144A)
|
1,277,239
|
|
2,050,000
|
Cengage
Learning, Inc., 9.5%, 6/15/24 (144A)
|
2,097,847
|
|
825,000
|
CSC
Holdings LLC, 5.0%, 11/15/31 (144A)
|
791,752
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 21
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Media
— (continued)
|
|
1,404,000
|
Diamond
Sports Group LLC/Diamond Sports Finance
|
|
|
Co.,
6.625%, 8/15/27 (144A)
|
$
614,250
|
303,000
|
Gray
Television, Inc., 5.875%, 7/15/26 (144A)
|
312,772
|
1,057,000
|
Gray
Television, Inc., 7.0%, 5/15/27 (144A)
|
1,133,632
|
3,530,000
|
Mav
Acquisition Corp., 8.0%, 8/1/29 (144A)
|
3,372,138
|
|
Total
Media
|
$
10,083,432
|
|
Mining
— 4.3%
|
|
940,000
|
Arconic
Corp., 6.125%, 2/15/28 (144A)
|
$
996,419
|
1,665,000
|
Coeur
Mining, Inc., 5.125%, 2/15/29 (144A)
|
1,598,483
|
3,440,000
|
Eldorado
Gold Corp., 6.25%, 9/1/29 (144A)
|
3,400,887
|
375,000
|
First
Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A)
|
390,000
|
705,000
|
First
Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A)
|
745,978
|
1,750,000
|
First
Quantum Minerals, Ltd., 7.25%, 4/1/23 (144A)
|
1,780,625
|
692,000
|
Hudbay
Minerals, Inc., 6.125%, 4/1/29 (144A)
|
724,763
|
2,184,000
|
Joseph
T Ryerson & Son, Inc., 8.5%, 8/1/28 (144A)
|
2,421,510
|
|
Total
Mining
|
$
12,058,665
|
|
Multi-National
— 0.3%
|
|
IDR
10,330,000,000
|
Inter-American
Development Bank, 7.875%, 3/14/23
|
$
755,164
|
|
Total
Multi-National
|
$
755,164
|
|
Oil
& Gas — 12.6%
|
|
2,430,000
|
Aethon
United BR LP/Aethon United Finance Corp.,
|
|
|
8.25%,
2/15/26 (144A)
|
$
2,624,400
|
1,105,000
|
Ascent
Resources Utica Holdings LLC/ARU Finance
|
|
|
Corp.,
5.875%, 6/30/29 (144A)
|
1,127,100
|
4,000,000
|
Baytex
Energy Corp., 8.75%, 4/1/27 (144A)
|
4,130,000
|
1,402,000
|
Cenovus
Energy, Inc., 6.75%, 11/15/39
|
1,904,223
|
2,085,000
|
Colgate
Energy Partners III LLC, 7.75%, 2/15/26 (144A)
|
2,194,462
|
330,000
|
Endeavor
Energy Resources LP/EER Finance, Inc., 6.625%,
|
|
|
7/15/25
(144A)
|
347,737
|
830,000
|
Hilcorp
Energy I LP/Hilcorp Finance Co., 6.0%,
|
|
|
2/1/31
(144A)
|
852,825
|
1,010,000
|
MEG
Energy Corp., 5.875%, 2/1/29 (144A)
|
1,032,725
|
1,535,000
|
MEG
Energy Corp., 7.125%, 2/1/27 (144A)
|
1,611,458
|
1,280,000
|
Murphy
Oil Corp., 6.375%, 7/15/28
|
1,353,600
|
2,000,000
|
Neptune
Energy Bondco Plc, 6.625%, 5/15/25 (144A)
|
2,057,500
|
2,010,000
|
Occidental
Petroleum Corp., 4.4%, 4/15/46
|
2,001,538
|
571,000
|
PBF
Holding Co. LLC/PBF Finance Corp., 9.25%,
|
|
|
5/15/25
(144A)
|
541,023
|
1,245,000
|
Petroleos
Mexicanos, 6.875%, 10/16/25 (144A)
|
1,363,275
|
1,100,000
|
Precision
Drilling Corp., 6.875%, 1/15/29 (144A)
|
1,148,890
|
1,010,000
|
Rockcliff
Energy II LLC, 5.5%, 10/15/29 (144A)
|
1,025,150
|
2,269,000
|
Shelf
Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A)
|
1,781,165
|
The accompanying
notes are an integral part of these financial statements.
22 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
|
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
|
Oil
& Gas — (continued)
|
|
|
1,015,000
|
Shelf
Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A)
|
$
1,040,375
|
|
2,120,000
|
Tap
Rock Resources LLC, 7.0%, 10/1/26 (144A)
|
2,178,300
|
|
2,075,000
|
Tullow
Oil Plc, 10.25%, 5/15/26 (144A)
|
2,166,840
|
|
2,015,000
|
Vine
Energy Holdings LLC, 6.75%, 4/15/29 (144A)
|
2,176,200
|
|
1,000,000
|
YPF
SA, 6.95%, 7/21/27 (144A)
|
737,500
|
ARS
|
15,750,000
|
YPF
SA, 16.5%, 5/9/22 (144A)
|
151,534
|
|
|
Total
Oil & Gas
|
$
35,547,820
|
|
|
Oil
& Gas Services — 2.0%
|
|
|
385,000
|
Archrock
Partners LP/Archrock Partners Finance Corp.,
|
|
|
|
6.25%,
4/1/28 (144A)
|
$
397,512
|
|
2,583,000
|
Archrock
Partners LP/Archrock Partners Finance Corp.,
|
|
|
|
6.875%,
4/1/27 (144A)
|
2,712,150
|
|
1,940,000
|
Exterran
Energy Solutions LP/EES Finance Corp., 8.125%,
|
|
|
|
5/1/25
|
1,852,700
|
|
703,000
|
USA
Compression Partners LP/USA Compression
|
|
|
|
Finance
Corp., 6.875%, 9/1/27
|
743,451
|
|
|
Total
Oil & Gas Services
|
$
5,705,813
|
|
|
Packaging
& Containers — 0.5%
|
|
|
1,500,000
|
Greif,
Inc., 6.5%, 3/1/27 (144A)
|
$
1,569,585
|
|
|
Total
Packaging & Containers
|
$
1,569,585
|
|
|
Pharmaceuticals
— 4.5%
|
|
|
895,000
|
AdaptHealth
LLC, 5.125%, 3/1/30 (144A)
|
$
895,456
|
|
1,005,000
|
Bausch
Health Americas, Inc., 8.5%, 1/31/27 (144A)
|
1,077,863
|
|
535,000
|
Bausch
Health Cos., Inc., 7.0%, 1/15/28 (144A)
|
548,214
|
|
535,000
|
Bausch
Health Cos., Inc., 7.25%, 5/30/29 (144A)
|
546,369
|
|
1,970,000
|
Endo,
DAC/Endo Finance LLC/Endo Finco, Inc.,
|
|
|
|
6.0%,
6/30/28 (144A)
|
1,432,151
|
|
1,376,000
|
Endo,
DAC/Endo Finance LLC/Endo Finco, Inc.,
|
|
|
|
9.5%,
7/31/27 (144A)
|
1,379,055
|
EUR
|
1,165,000
|
Grifols
Escrow Issuer, 3.88%, 10/15/28 (144A)
|
1,364,465
|
|
1,180,000
|
Mozart
Debt Merger Sub, Inc., 3.88%, 4/1/29 (144A)
|
1,180,000
|
|
520,000
|
Mozart
Debt Merger Sub, Inc., 5.25%, 10/1/29 (144A)
|
520,000
|
|
965,000
|
P&L
Development LLC/PLD Finance Corp., 7.75%,
|
|
|
|
11/15/25
(144A)
|
1,002,346
|
|
579,000
|
Par
Pharmaceutical, Inc., 7.5%, 4/1/27 (144A)
|
589,856
|
|
2,080,000
|
Teva
Pharmaceutical Finance Netherlands III BV, 2.8%,
|
|
|
|
7/21/23
|
2,067,603
|
|
|
Total
Pharmaceuticals
|
$
12,603,378
|
|
|
Pipelines
— 7.2%
|
|
|
910,000
|
DCP
Midstream Operating LP, 5.6%, 4/1/44
|
$
1,060,150
|
|
1,175,000(c)
|
DCP
Midstream Operating LP, 5.85% (3 Month USD
|
|
|
|
LIBOR
+ 385 bps), 5/21/43 (144A)
|
1,092,750
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 23
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Pipelines
— (continued)
|
|
1,210,000
|
Delek
Logistics Partners LP/Delek Logistics Finance
|
|
|
Corp.,
6.75%, 5/15/25
|
$
1,240,262
|
1,060,000
|
Delek
Logistics Partners LP/Delek Logistics Finance
|
|
|
Corp.,
7.125%, 6/1/28 (144A)
|
1,128,900
|
1,524,000(d)
|
Energy
Transfer LP, 3.143% (3 Month USD LIBOR +
|
|
|
302 bps),
11/1/66
|
1,256,995
|
1,965,000(b)(c)
|
Energy
Transfer LP, 7.125% (5 Year CMT Index + 531 bps)
|
2,046,056
|
925,000
|
EnLink
Midstream Partners LP, 4.15%, 6/1/25
|
953,240
|
248,000
|
EnLink
Midstream Partners LP, 5.05%, 4/1/45
|
226,300
|
270,000
|
EnLink
Midstream Partners LP, 5.45%, 6/1/47
|
260,507
|
717,000
|
EnLink
Midstream Partners LP, 5.6%, 4/1/44
|
684,735
|
770,000
|
Genesis
Energy LP/Genesis Energy Finance Corp.,
|
|
|
8.0%,
1/15/27
|
781,704
|
421,000
|
Global
Partners LP/GLP Finance Corp., 7.0%, 8/1/27
|
438,893
|
1,760,000
|
Harvest
Midstream I LP, 7.5%, 9/1/28 (144A)
|
1,874,664
|
1,150,000
|
NuStar
Logistics LP, 6.375%, 10/1/30
|
1,265,000
|
1,850,000
|
ONEOK,
Inc., 6.875%, 9/30/28
|
2,307,343
|
1,272,000
|
PBF
Logistics LP/PBF Logistics Finance Corp., 6.875%,
|
|
|
5/15/23
|
1,240,200
|
1,801,000
|
Williams
Cos., Inc., 5.75%, 6/24/44
|
2,367,688
|
|
Total
Pipelines
|
$
20,225,387
|
|
REITs
— 2.0%
|
|
1,363,000
|
MPT
Operating Partnership LP/MPT Finance Corp.,
|
|
|
4.625%,
8/1/29
|
$
1,462,499
|
230,000
|
Uniti
Group LP/Uniti Fiber Holdings, Inc./CSL Capital
|
|
|
LLC,
6.0%, 1/15/30 (144A)
|
227,988
|
3,676,000
|
Uniti
Group LP/Uniti Fiber Holdings, Inc./CSL Capital
|
|
|
LLC,
7.875%, 2/15/25 (144A)
|
3,884,062
|
|
Total
REITs
|
$
5,574,549
|
|
Retail
— 3.7%
|
|
1,240,000
|
AAG
FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A)
|
$
1,227,600
|
520,000
|
Ambience
Merger Sub, Inc., 7.125%, 7/15/29 (144A)
|
518,700
|
589,000
|
Asbury
Automotive Group, Inc., 4.75%, 3/1/30
|
614,769
|
1,625,000
|
Bath
& Body Works, Inc., 6.625%, 10/1/30 (144A)
|
1,844,375
|
1,045,000
|
Golden
Nugget, Inc., 6.75%, 10/15/24 (144A)
|
1,046,358
|
470,000
|
IRB
Holding Corp., 7.0%, 6/15/25 (144A)
|
498,200
|
1,365,000
|
LCM
Investments Holdings II LLC, 4.875%, 5/1/29 (144A)
|
1,400,586
|
615,000
|
Macy’s
Retail Holdings LLC, 5.875%, 4/1/29 (144A)
|
667,275
|
880,000
|
Party
City Holdings, Inc., 8.75%, 2/15/26 (144A)
|
920,700
|
475,000
|
PetSmart,
Inc./PetSmart Finance Corp., 7.75%,
|
|
|
2/15/29
(144A)
|
518,344
|
275,000
|
SRS
Distribution, Inc., 6.125%, 7/1/29 (144A)
|
283,250
|
798,000
|
Staples,
Inc., 7.5%, 4/15/26 (144A)
|
809,970
|
|
Total
Retail
|
$
10,350,127
|
The accompanying
notes are an integral part of these financial statements.
24 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Software
— 0.5%
|
|
1,350,000
|
Rackspace
Technology Global, Inc., 5.375%,
|
|
|
12/1/28
(144A)
|
$
1,326,375
|
|
Total
Software
|
$
1,326,375
|
|
Telecommunications
— 5.3%
|
|
1,495,000
|
Altice
France Holding SA, 6.0%, 2/15/28 (144A)
|
$
1,425,729
|
1,169,000
|
Altice
France Holding SA, 10.5%, 5/15/27 (144A)
|
1,274,210
|
270,000
|
Altice
France SA, 5.125%, 1/15/29 (144A)
|
264,600
|
1,075,000
|
Cincinnati
Bell, Inc., 8.0%, 10/15/25 (144A)
|
1,120,365
|
559,000
|
CommScope
Technologies LLC, 6.0%, 6/15/25 (144A)
|
567,111
|
910,000
|
CommScope,
Inc., 4.75%, 9/1/29 (144A)
|
911,138
|
119,296
|
Digicel
International Finance, Ltd./Digicel international
|
|
|
Holdings,
Ltd., 8.0%, 12/31/26 (144A)
|
115,420
|
298,833
|
Digicel
International Finance, Ltd./Digicel international
|
|
|
Holdings,
Ltd., 8.75%, 5/25/24 (144A)
|
309,292
|
163,968(g)
|
Digicel
International Finance, Ltd./Digicel international
|
|
|
Holdings,
Ltd., 13.0% (7.0% PIK or 6.0% cash),
|
|
12/31/25
(144A)
|
165,198
|
1,050,000
|
LogMeIn,
Inc., 5.5%, 9/1/27 (144A)
|
1,069,562
|
1,700,000
|
Lumen
Technologies, Inc., 5.625%, 4/1/25
|
1,848,750
|
3,080,000
|
Sprint
Corp., 7.125%, 6/15/24
|
3,505,656
|
41,000
|
Sprint
Corp., 7.625%, 3/1/26
|
49,610
|
2,385,000
|
Windstream
Escrow LLC/Windstream Escrow Finance
|
|
|
Corp.,
7.75%, 8/15/28 (144A)
|
2,491,013
|
|
Total
Telecommunications
|
$
15,117,654
|
|
Transportation
— 3.6%
|
|
2,640,000
|
Carriage
Purchaser, Inc., 7.875%, 10/15/29 (144A)
|
$
2,632,146
|
1,375,000
|
Danaos
Corp., 8.5%, 3/1/28 (144A)
|
1,519,375
|
820,000
|
Seaspan
Corp., 5.5%, 8/1/29 (144A)
|
836,580
|
1,500,000
|
Seaspan
Corp., 6.5%, 4/29/26 (144A)
|
1,612,500
|
1,240,000
|
Watco
Cos., LLC/Watco Finance Corp., 6.5%,
|
|
|
6/15/27
(144A)
|
1,326,800
|
2,055,000
|
Western
Global Airlines LLC, 10.375%, 8/15/25 (144A)
|
2,301,580
|
|
Total
Transportation
|
$
10,228,981
|
|
Trucking
& Leasing — 0.3%
|
|
690,000
|
Fortress
Transportation & Infrastructure Investors LLC,
|
|
|
9.75%,
8/1/27 (144A)
|
$
781,425
|
|
Total
Trucking & Leasing
|
$
781,425
|
|
TOTAL
CORPORATE BONDS
|
|
|
(Cost
$335,286,764)
|
$
359,277,371
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 25
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
FOREIGN
GOVERNMENT BONDS — 1.4% of
|
|
|
Net
Assets
|
|
|
Bahrain
— 0.4%
|
|
1,055,000
|
Bahrain
Government International Bond, 5.625%,
|
|
|
9/30/31
(144A)
|
$
1,044,450
|
|
Total
Bahrain
|
$
1,044,450
|
|
Mexico
— 0.7%
|
|
MXN
38,420,700
|
Mexican
Bonos, 8.0%, 12/7/23
|
$
1,927,176
|
|
Total
Mexico
|
$
1,927,176
|
|
Nigeria
— 0.1%
|
|
475,000
|
Nigeria
Government International Bond, 7.375%,
|
|
|
9/28/33
(144A)
|
$
478,800
|
|
Total
Nigeria
|
$
478,800
|
|
Russia
— 0.2%
|
|
452,400(i)
|
Russian
Government International Bond, 7.5%, 3/31/30
|
$
524,784
|
|
Total
Russia
|
$
524,784
|
|
TOTAL
FOREIGN GOVERNMENT BONDS
|
|
|
(Cost
$3,912,161)
|
$
3,975,210
|
|
Face
|
|
|
Amount
|
|
|
USD
($)
|
|
|
|
INSURANCE-LINKED
SECURITIES — 0.4% of
|
|
|
Net
Assets#
|
|
|
Collateralized
Reinsurance — 0.1%
|
|
|
Multiperil
– U.S. — 0.0%†
|
|
500,000+(j)
|
Dingle
Re 2019, 2/1/23
|
$
10,263
|
|
Multiperil
– Worldwide — 0.1%
|
|
500,000+(a)(j)
|
Cypress
Re 2017, 1/31/23
|
$
50
|
54,000+(j)
|
Limestone
Re, 3/1/23 (144A)
|
21,260
|
277,770+(a)(j)
|
Oyster
Bay Re 2018, 1/31/23
|
252,104
|
400,000+(a)(j)
|
Resilience
Re, 10/10/21 (144A)
|
—
|
|
|
$
273,414
|
|
Total
Collateralized Reinsurance
|
$
283,677
|
|
Reinsurance
Sidecars — 0.3%
|
|
|
Multiperil
– U.S. — 0.1%
|
|
1,000,000+(a)(j)
|
Carnoustie
Re 2017, 11/30/22
|
$
131,800
|
500,000+(a)(k)
|
Harambee
Re 2018, 12/31/22
|
500
|
600,000+(k)
|
Harambee
Re 2019, 12/31/22
|
2,160
|
|
|
$
134,460
|
The accompanying
notes are an integral part of these financial statements.
26 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
|
|
|
Face
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Multiperil
– Worldwide — 0.2%
|
|
3,037+(k)
|
Alturas
Re 2019-2, 3/10/23
|
$
4,026
|
24,550+(k)
|
Alturas
Re 2019-3, 9/12/23
|
12,454
|
162,311+(j)
|
Alturas
Re 2020-1A, 3/10/23 (144A)
|
23,081
|
29,558+(k)
|
Alturas
Re 2020-2, 3/10/23
|
25,444
|
1,167,977+(a)(j)
|
Berwick
Re 2018-1, 12/31/22
|
90,285
|
834,446+(a)(j)
|
Berwick
Re 2019-1, 12/31/22
|
99,716
|
849+(j)
|
Limestone
Re 2018, 3/1/23
|
—
|
500,000+(a)(k)
|
Lorenz
Re 2018, 7/1/22
|
3,824
|
499,318+(a)(k)
|
Lorenz
Re 2019, 6/30/22
|
38,847
|
500,000+(a)(j)
|
Merion
Re 2018-2, 12/31/22
|
82,750
|
1,000,000+(a)(j)
|
Pangaea
Re 2016-2, 11/30/22
|
1,783
|
500,000+(a)(j)
|
Pangaea
Re 2018-1, 12/31/22
|
10,527
|
1,000,000+(a)(j)
|
Pangaea
Re 2018-3, 7/1/22
|
20,743
|
409,624+(a)(j)
|
Pangaea
Re 2019-1, 2/1/23
|
8,535
|
735,313+(a)(j)
|
Pangaea
Re 2019-3, 7/1/23
|
26,450
|
300,000+(a)(j)
|
Sector
Re V, 12/1/23 (144A)
|
57,718
|
20,000+(j)
|
Sector
Re V, 12/1/24 (144A)
|
57,310
|
250,000+(j)
|
Sussex
Re 2020-1, 12/31/22
|
9,900
|
500,000+(j)
|
Versutus
Re 2018, 12/31/22
|
—
|
441,274+(j)
|
Versutus
Re 2019-A, 12/31/22
|
—
|
58,727+(j)
|
Versutus
Re 2019-B, 12/31/22
|
—
|
253,645+(a)(j)
|
Woburn
Re 2018, 12/31/22
|
17,891
|
244,914+(a)(j)
|
Woburn
Re 2019, 12/31/22
|
63,638
|
|
|
$
654,922
|
|
Total
Reinsurance Sidecars
|
$
789,382
|
|
TOTAL
INSURANCE-LINKED SECURITIES
|
|
|
(Cost
$1,868,684)
|
$
1,073,059
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
|
|
SENIOR
SECURED FLOATING RATE LOAN
|
|
INTERESTS
— 4.3% of Net Assets*(d)
|
|
Aerospace
& Defense — 0.6%
|
|
1,140,000
|
Grupo
Aeroméxico, SAB De CV, DIP Tranche 1 Term
|
|
|
Loan,
9.0% (LIBOR + 800 bps), 12/30/21
|
$
1,148,550
|
503,599(g)
|
Grupo
Aeroméxico, SAB De CV, DIP Tranche 2 Term
|
|
|
Loan,
0.0% (15.5% PIK 0% Cash), 12/30/21
|
516,818
|
|
Total
Aerospace & Defense
|
$
1,665,368
|
|
Airlines
— 0.1%
|
|
375,000
|
AAdvantage
Loyality IP, Ltd., Initial Term Loan, 5.5%
|
|
|
(LIBOR
+ 475 bps), 4/20/28
|
$
388,045
|
|
Total
Airlines
|
$
388,045
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 27
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
|
|
|
Principal
|
|
|
Amount
|
|
|
USD
($)
|
|
Value
|
|
Diversified
& Conglomerate Service — 0.9%
|
1,418,394
|
First
Brands Group LLC, First Lien 2021 Term Loan, 6.0%
|
|
|
(LIBOR
+ 500 bps), 3/30/27
|
$
1,434,705
|
1,075,157
|
Team
Health Holdings, Inc., Initial Term Loan, 3.75%
|
|
|
(LIBOR
+ 275 bps), 2/6/24
|
1,051,350
|
|
Total
Diversified & Conglomerate Service
|
$
2,486,055
|
|
Entertainment
& Leisure — 0.9%
|
|
2,647,125
|
Enterprise
Development Authority, Term B Loan,
|
|
|
5.0%
(LIBOR + 425 bps), 2/28/28
|
$
2,656,985
|
|
Total
Entertainment & Leisure
|
$
2,656,985
|
|
Healthcare, Education & Childcare — 0.1%
|
199,000
|
Surgery
Center Holdings, Inc., 2021 New Term Loan,
|
|
|
4.5%
(LIBOR + 375 bps), 8/31/26
|
$
199,567
|
|
Total
Healthcare, Education & Childcare
|
$
199,567
|
|
Machinery
- 0.4%
|
|
1,140,000
|
Grinding
Media, Inc., First Lien Initial Term
|
|
|
Loan,
9/21/28
|
$
1,134,300
|
|
Total
Machinery
|
$
1,134,300
|
|
Securities
& Trusts — 0.6%
|
|
1,377,847
|
Spectacle
Gary Holdings LLC, Closing Date Term Loan,
|
|
|
11.0%
(LIBOR + 900 bps), 12/23/25
|
$
1,501,853
|
99,850
|
Spectacle
Gary Holdings LLC, Delayed Draw Term Loan,
|
|
|
11.0%
(LIBOR + 900 bps), 12/23/25
|
108,836
|
|
Total
Securities & Trusts
|
$
1,610,689
|
|
Telecommunications
— 0.7%
|
|
1,960,000
|
Commscope,
Inc., Initial Term Loan, 3.334% (LIBOR +
|
|
|
325 bps),
4/6/26
|
$
1,952,957
|
|
Total
Telecommunications
|
$
1,952,957
|
|
TOTAL
SENIOR SECURED FLOATING RATE LOAN INTERESTS
|
|
|
(Cost
$11,691,426)
|
$
12,093,966
|
Shares
|
|
|
|
RIGHTS/WARRANTS
— 0.1% of Net Assets
|
|
|
Health
Care Providers & Services — 0.0%†
|
|
1,819,798(l)
|
ANR,
Inc., 3/31/23
|
$
4,549
|
|
Total
Health Care Providers & Services
|
$
4,549
|
|
Oil,
Gas & Consumable Fuels — 0.0%†
|
|
354(a)(m)
|
Alpha
Metallurgical Resources, Inc., 7/26/23
|
$
6,354
|
|
Total
Oil, Gas & Consumable Fuels
|
$
6,354
|
The accompanying
notes are an integral part of these financial statements.
28 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
|
|
|
|
|
|
|
Shares
|
|
|
|
|
|
Value
|
|
Transportation
— 0.1%
|
|
|
|
|
10,071^(a)(n)
|
Syncreon
Group, 10/1/24
|
|
|
$
207,463
|
|
Total
Transportation
|
|
|
|
$
207,463
|
|
TOTAL RIGHTS/WARRANTS
|
|
|
|
|
(Cost
$308,610)
|
|
|
|
$
218,366
|
Number
of
|
|
|
|
Strike
|
Expiration
|
|
Contracts
|
Description
|
Counterparty
|
Amount
|
Price
|
Date
|
|
|
OVER
THE COUNTER (OTC) CURRENCY PUT
|
|
|
OPTIONS
PURCHASED — 0.0%†
|
|
|
3,500,000
|
Put
EUR
|
Bank
of
|
EUR
31,099
|
EUR
1.15
|
2/15/22
|
$
35,039
|
|
Call
USD
|
America
NA
|
|
|
|
|
1,650,000
|
Put
EUR
|
JPMorgan
|
EUR
23,405
|
EUR
1.17
|
2/4/22
|
26,856
|
|
Call
USD
|
Chase
Bank NA
|
|
|
|
|
|
|
|
|
|
|
$
61,895
|
|
TOTAL
OVER THE COUNTER (OTC) CURRENCY PUT
|
|
OPTIONS
PURCHASED
|
|
|
|
|
|
(Premiums
paid $54,504)
|
|
|
$
61,895
|
|
TOTAL
OPTIONS PURCHASED
|
|
|
|
|
(Premiums
paid $54,504)
|
|
|
$
61,895
|
|
TOTAL
INVESTMENTS IN UNAFFILIATED ISSUERS — 144.7%
|
|
|
(Cost
$384,714,650)(n)(o)
|
|
|
$
408,756,196
|
|
OVER
THE COUNTER (OTC) CURRENCY CALL
|
|
|
OPTIONS
WRITTEN — (0.0)%†
|
|
|
|
(3,500,000)
|
Call
EUR
|
Bank
of
|
EUR
31,099
|
EUR
1.20
|
2/15/22
|
$
(10,350)
|
|
Put
USD
|
America
NA
|
|
|
|
|
(1,650,000)
|
Call
EUR
|
JPMorgan
|
EUR
23,405
|
EUR
1.25
|
2/4/22
|
(398)
|
|
Put
USD
|
Chase
Bank NA
|
|
|
|
|
|
|
|
|
|
|
$
(10,748)
|
|
TOTAL
OVER THE COUNTER (OTC) CURRENCY CALL
|
|
|
OPTIONS
WRITTEN
|
|
|
|
|
|
(Premiums
received $(54,504))
|
|
|
$
(10,748)
|
|
OTHER
ASSETS AND LIABILITIES — (44.7)%
|
|
$(126,219,014)
|
|
NET
ASSETS — 100.0%
|
|
|
|
$
282,526,434
|
bps
|
Basis
Points.
|
CMT
|
Constant
Maturity Treasury Index.
|
FREMF
|
Freddie
Mac Multifamily Fixed-Rate Mortgage Loans.
|
LIBOR
|
London
Interbank Offered Rate.
|
REIT
|
Real
Estate Investment Trust.
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 29
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
(144A)
|
|
Security
is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities
may be resold normally to qualified institutional buyers in a transaction exempt from registration.
At September 30, 2021, the value of these securities amounted to $309,075,256, or 109.4%
of net assets.
|
†
|
|
Amount
rounds to less than 0.1%.
|
*
|
|
Senior
secured floating rate loan interests in which the Fund invests generally pay interest at
rates that are periodically redetermined by reference to a base lending rate plus a premium.
These base lending rates are generally (i) the lending rate offered by one or more major
European banks, such as LIBOR, (ii) the prime rate offered by one or more major United States
banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by
commercial lenders. The interest rate shown is the rate accruing at September 30, 2021.
|
+
|
|
Security
that used significant unobservable inputs to determine its value.
|
^
|
|
Security
is valued using fair value methods (other than supplied by independent pricing services).
See Notes to Financial Statements — Note 1A.
|
(a)
|
|
Non-income
producing security.
|
(b)
|
|
Security
is perpetual in nature and has no stated maturity date.
|
(c)
|
|
The
interest rate is subject to change periodically. The interest rate and/or reference index
and spread shown at September 30, 2021.
|
(d)
|
|
Floating
rate note. Coupon rate, reference index and spread shown at September 30, 2021.
|
(e)
|
|
Security
is priced as a unit.
|
(f)
|
|
Security
issued with a zero coupon. Income is recognized through accretion of discount.
|
(g)
|
|
Payment-in-kind
(PIK) security which may pay interest in the form of additional principal amount.
|
(h)
|
|
Security
is in default.
|
(i)
|
|
Debt
obligation initially issued at one coupon which converts to a higher coupon at a specific
date. The rate shown is the rate at September 30, 2021.
|
(j)
|
|
Issued
as participation notes..
|
(k)
|
|
Issued as preference shares.
|
(l)
|
|
ANR,
Inc., 3/31/23 warrants are exercisable into 1,819,798 shares.
|
(m)
|
|
Alpha
Metallurgical Resources, Inc., 7/26/23 warrants are exercisable into 354 shares.
|
(n)
|
|
Syncreon
Group, 10/1/24 warrants are exercisable into 10,071 shares.
|
(o)
|
|
Distributions
of investments by country of issue, as a percentage of long-term holdings based on country
of domicile, is as follows:
|
United States
|
74.7
|
%
|
Canada
|
7.1
|
|
Luxembourg
|
2.5
|
|
Mexico
|
1.7
|
|
Bermuda
|
1.4
|
|
Netherlands
|
1.3
|
|
Turkey
|
1.0
|
|
Other (individually
less than 1%)
|
10.3
|
|
|
100.0
|
%
|
#
|
|
Securities
are restricted as to resale.
|
The accompanying
notes are an integral part of these financial statements.
30 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Restricted
Securities
|
Acquisition
date
|
Cost
|
Value
|
Alturas
Re 2019-2
|
12/19/2018
|
$
3,037
|
$
4,026
|
Alturas
Re 2019-3
|
6/26/2019
|
24,550
|
12,454
|
Alturas
Re 2020-1A
|
12/27/2019
|
162,311
|
23,081
|
Alturas
Re 2020-2
|
1/1/2020
|
29,558
|
25,444
|
Berwick
Re 2018-1
|
1/10/2018
|
170,602
|
90,285
|
Berwick
Re 2019-1
|
12/31/2018
|
99,709
|
99,716
|
Carnoustie
Re 2017
|
1/3/2017
|
237,757
|
131,800
|
Cypress
Re 2017
|
1/24/2017
|
1,681
|
50
|
Dingle
Re 2019
|
3/4/2019
|
—
|
10,263
|
Harambee
Re 2018
|
12/19/2017
|
18,030
|
500
|
Harambee
Re 2019
|
12/20/2018
|
—
|
2,160
|
Limestone
Re
|
6/20/2018
|
359
|
21,260
|
Limestone
Re 2018
|
6/20/2018
|
849
|
—
|
Lorenz
Re 2018
|
6/26/2018
|
95,484
|
3,824
|
Lorenz
Re 2019
|
6/26/2019
|
157,592
|
38,847
|
Merion
Re 2018-2
|
12/28/2017
|
20,576
|
82,750
|
Oyster
Bay Re 2018
|
1/17/2018
|
247,922
|
252,104
|
Pangaea
Re 2016-2
|
5/31/2016
|
—
|
1,783
|
Pangaea
Re 2018-1
|
12/26/2017
|
71,503
|
10,527
|
Pangaea
Re 2018-3
|
5/31/2018
|
240,862
|
20,743
|
Pangaea
Re 2019-1
|
1/9/2019
|
4,301
|
8,535
|
Pangaea
Re 2019-3
|
7/25/2019
|
22,059
|
26,450
|
Resilience
Re
|
4/13/2017
|
1,307
|
—
|
Sector
Re V
|
12/4/2018
|
94,450
|
57,718
|
Sector
Re V
|
1/1/2020
|
20,000
|
57,310
|
Sussex
Re 2020-1
|
1/23/2020
|
—
|
9,900
|
Versutus
Re 2018
|
1/31/2018
|
—
|
—
|
Versutus
Re 2019-A
|
1/28/2019
|
—
|
—
|
Versutus
Re 2019-B
|
12/24/2018
|
—
|
—
|
Woburn
Re 2018
|
3/20/2018
|
89,024
|
17,891
|
Woburn
Re 2019
|
1/30/2019
|
55,161
|
63,638
|
Total
Restricted Securities
|
|
|
$1,073,059
|
%
of Net assets
|
|
|
0.4%
|
FORWARD
FOREIGN CURRENCY EXCHANGE CONTRACTS
|
|
|
|
In
|
|
|
|
|
Unrealized
|
Currency
|
Exchange
|
Currency
|
|
|
Settlement
|
Appreciation
|
Purchased
|
for
|
Sold
|
Deliver
|
Counterparty
|
Date
|
(Depreciation)
|
NOK
|
7,300,000
|
EUR
|
(719,559)
|
Bank
of
|
1/10/22
|
$
(903)
|
|
|
|
|
America
NA
|
|
|
USD
|
2,271,584
|
EUR
|
(1,933,000)
|
Bank
of
|
11/24/21
|
30,336
|
|
|
|
|
America
NA
|
|
|
EUR
|
6,045,000
|
USD
|
(7,122,758)
|
Citibank
NA
|
10/27/21
|
(117,701)
|
EUR
|
2,900,000
|
USD
|
(3,411,223)
|
Citibank
NA
|
12/21/21
|
(46,287)
|
NOK
|
7,300,000
|
EUR
|
(713,441)
|
JPMorgan
Chase
|
10/5/21
|
8,815
|
|
|
|
|
Bank
NA
|
|
|
TOTAL
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
|
|
$(125,740)
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 31
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
Principal
amounts are denominated in U.S. dollars ("USD") unless otherwise noted.
GBP
|
|
—
Great British Pound
|
Purchases
and sales of securities (excluding temporary cash investments) for the six months ended September 30, 2021, aggregated $82,542,238 and
$72,055,403, respectively.
The Fund
is permitted to engage in purchase and sale transactions (“cross trades”) with certain funds and accounts for which Amundi
Asset Management US, Inc. (the “Adviser”) serves as the Fund’s investment adviser, as set forth in Rule 17a-7 under
the Investment Company Act of 1940, pursuant to procedures adopted by the Board of Directors. Under these procedures, cross trades are
effected at current market prices. During the six months ended September 30, 2021, the Fund did not engage in any cross trade activity.
At September
30, 2021, the net unrealized appreciation on investments based on cost for federal tax purposes of $385,008,670 was as follows:
Aggregate
gross unrealized appreciation for all investments in which
|
|
there
is an excess of value over tax cost
|
$
31,956,406
|
Aggregate
gross unrealized depreciation for all investments in which
|
|
there
is an excess of tax cost over value
|
(8,290,864)
|
Net
unrealized appreciation
|
$
23,665,542
|
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 –
|
|
unadjusted
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.). 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 accompanying
notes are an integral part of these financial statements.
32 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
The following
is a summary of the inputs used as of September 30, 2021, in valuing the Fund’s investments:
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Common
Stocks
|
|
|
|
|
Oil,
Gas & Consumable
|
|
|
|
|
Fuels
|
$
436,346
|
$
—
|
$
692,994
|
$
1,129,340
|
Specialty
Retail
|
—
|
—
|
104,409
|
104,409
|
All
Other Common Stock
|
2,155,599
|
—
|
—
|
2,155,599
|
Convertible
Preferred Stock
|
2,371,200
|
—
|
—
|
2,371,200
|
Preferred
Stocks
|
|
|
|
|
Diversified
Financial
|
|
|
|
|
Services
|
—
|
3,195,000
|
—
|
3,195,000
|
Internet
|
—
|
136,153
|
—
|
136,153
|
All
Other Preferred Stock
|
237,786
|
—
|
—
|
237,786
|
Collateralized
Mortgage
|
|
|
|
|
Obligations
|
—
|
6,637,237
|
—
|
6,637,237
|
Commercial
Mortgage-Backed
|
|
|
|
|
Securities
|
—
|
9,838,514
|
—
|
9,838,514
|
Convertible
Corporate Bonds
|
—
|
6,251,091
|
—
|
6,251,091
|
Corporate
Bonds
|
—
|
359,277,371
|
—
|
359,277,371
|
Foreign
Government Bonds
|
—
|
3,975,210
|
—
|
3,975,210
|
Insurance-Linked
Securities
|
|
|
|
|
Collateralized
Reinsurance
|
|
|
|
|
Multiperil
- U.S.
|
—
|
—
|
10,263
|
10,263
|
Multiperil
- Worldwide
|
—
|
—
|
273,414
|
273,414
|
Reinsurance
Sidecars
|
|
|
|
|
Multiperil
- U.S.
|
—
|
—
|
134,460
|
134,460
|
Multiperil
- Worldwide
|
—
|
—
|
654,922
|
654,922
|
Senior
Secured Floating Rate
|
|
|
|
|
Loan
Interests
|
—
|
12,093,966
|
—
|
12,093,966
|
Rights/Warrants
|
|
|
|
|
Health
Care Providers &
|
|
|
|
|
Services
|
—
|
4,549
|
—
|
4,549
|
Transportation
|
—
|
207,463
|
—
|
207,463
|
All
Other Right/Warrant
|
6,354
|
—
|
—
|
6,354
|
Over
The Counter (OTC)
|
|
|
|
|
Currency
Put Option
|
|
|
|
|
Purchased
|
—
|
61,895
|
—
|
61,895
|
Total
Investments
|
|
|
|
|
in
Securities
|
$
5,207,285
|
$401,678,449
|
$
1,870,462
|
$408,756,196
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 33
Schedule
of Investments | 9/30/21
(unaudited)
(continued)
|
Level
1
|
Level
2
|
Level
3
|
Total
|
Other
Financial Instruments
|
|
|
|
|
Credit
agreement(a)
|
$
—
|
$
(127,000,000)
|
$
—
|
$
(127,000,000)
|
Over
The Counter (OTC)
|
|
|
|
|
Currency
Call Option
|
|
|
|
|
Written
|
—
|
(10,748)
|
—
|
(10,748)
|
Net
unrealized
|
|
|
|
|
depreciation
on
|
|
|
|
|
forward
foreign
|
|
|
|
|
currency
exchange
|
|
|
|
|
contracts
|
—
|
(125,740)
|
—
|
(125,740)
|
Total
Other
|
|
|
|
|
Financial
Instruments
|
$
—
|
$(127,136,488)
|
$
—
|
$(127,136,488)
|
(a)
|
|
The
Fund may hold liabilities in which the fair value approximates the carrying amount for financial
statement purposes.
|
The accompanying
notes are an integral part of these financial statements.
34 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
|
|
|
Change
in
|
|
|
|
|
|
|
|
Balance
|
Realized
|
unrealized
|
|
|
Accrued
|
Transfers
|
Transfers
|
Balance
|
|
as
of
|
gain
|
appreciation
|
|
|
discounts/
|
into
|
out
of
|
as
of
|
|
3/31/21
|
(loss)(1)
|
(depreciation)(2)
|
Purchases
|
Sales
|
premiums
|
Level
3*
|
Level
3*
|
9/30/21
|
Common
Stocks
|
|
|
|
|
|
|
|
|
|
Oil,
Gas &
|
|
|
|
|
|
|
|
|
|
Consumable
|
|
|
|
|
|
|
|
|
|
Fuels
|
$
599,029
|
$
—
|
$
93,965
|
$
—
|
$
—
|
$
—
|
$
—
|
$
—
|
$
692,994
|
Specialty
Retail
|
104,409
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
104,409
|
Insurance-Linked
|
|
|
|
|
|
|
|
|
|
Securities
|
|
|
|
|
|
|
|
|
|
Collateralized
|
|
|
|
|
|
|
|
|
|
Reinsurance
|
|
|
|
|
|
|
|
|
|
Multiperil
–
|
|
|
|
|
|
|
|
|
|
U.S.
|
10,263
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
10,263
|
Multiperil
–
|
|
|
|
|
|
|
|
|
|
Worldwide
|
385,906
|
(457)
|
(9,136)
|
—
|
(102,899)
|
—
|
—
|
—
|
273,414
|
Reinsurance
|
|
|
|
|
|
|
|
|
|
Sidecars
|
|
|
|
|
|
|
|
|
|
Multiperil
–
|
|
|
|
|
|
|
|
|
|
U.S.
|
138,640
|
—
|
3,216
|
—
|
(7,396)
|
—
|
—
|
—
|
134,460
|
Multiperil
–
|
|
|
|
|
|
|
|
|
|
Worldwide
|
815,472
|
(33,874)
|
(52,688)
|
—
|
(73,988)
|
—
|
—
|
—
|
654,922
|
Total
|
$2,053,719
|
$(34,331)
|
$
35,357
|
$
—
|
$(184,283)
|
$
—
|
$
—
|
$
—
|
$1,870,462
|
(1)
|
|
Realized
gain (loss) on these securities is included in the realized gain (loss) from investments
in unaffiliated issuers on the Statement of Operations.
|
(2)
|
|
Unrealized
appreciation (depreciation) on these securities is included in the change in unrealized appreciation
(depreciation) from investments in unaffiliated issuers on the Statement of Operations.
|
*
|
|
Transfers
are calculated on the beginning of period value. During the six months ended September 30,
2021, there were no transfers in or out of Level 3.
|
|
|
Net
change in unrealized appreciation (depreciation) of Level 3 investments still held and
|
|
considered
Level 3 at September 30, 2021:
|
$47,750
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 35
Statement
of Assets and Liabilities | 9/30/21
(unaudited)
ASSETS:
|
|
Investments
in unaffiliated issuers, at value (cost $384,714,650)
|
$
408,756,196
|
Foreign
currencies, at value (cost $1,276,062)
|
1,257,241
|
Receivables
—
|
|
Investment
securities sold
|
3,691,518
|
Interest
|
6,959,324
|
Other
assets
|
14,760
|
Total
assets
|
$
420,679,039
|
LIABILITIES:
|
|
Overdraft
due to custodian
|
$
2,989,423
|
Payables
—
|
|
Credit
agreement
|
127,000,000
|
Investment
securities purchased
|
7,854,446
|
Interest
expense
|
76,369
|
Directors’
fees
|
63
|
Written
options outstanding (net premiums received $(54,504))
|
10,748
|
Net
unrealized depreciation on forward foreign currency exchange contracts
|
125,740
|
Accrued
expenses
|
95,816
|
Total
liabilities
|
$
138,152,605
|
NET
ASSETS:
|
|
Paid-in
capital
|
$
372,573,499
|
Distributable
earnings (loss)
|
(90,047,065)
|
Net
assets
|
$
282,526,434
|
NET
ASSET VALUE PER SHARE:
|
|
No
par value
|
|
Based
on $282,526,434/29,298,625 shares
|
$
9.64
|
The accompanying
notes are an integral part of these financial statements.
36 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Statement
of Operations (unaudited)
FOR
THE SIX MONTHS ENDED 9/30/21
INVESTMENT
INCOME:
|
|
|
Interest
from unaffiliated issuers
|
$13,783,707
|
|
Dividends
from unaffiliated issuers (net of foreign taxes
|
|
|
withheld
$309)
|
357,431
|
|
Total
investment income
|
|
$14,141,138
|
EXPENSES:
|
|
|
Management
fees
|
$
1,227,554
|
|
Administrative
expense
|
37,383
|
|
Transfer
agent fees
|
9,401
|
|
Shareowner
communications expense
|
13,002
|
|
Custodian
fees
|
9,451
|
|
Professional
fees
|
258,388
|
|
Printing
expense
|
20,714
|
|
Pricing
fees
|
13,941
|
|
Directors’
fees
|
7,649
|
|
Interest
expense
|
635,400
|
|
Miscellaneous
|
165,598
|
|
Total
expenses
|
|
$
2,398,481
|
Net
investment income
|
|
$11,742,657
|
REALIZED
AND UNREALIZED GAIN (LOSS)
|
|
|
ON
INVESTMENTS:
|
|
|
Net
realized gain (loss) on:
|
|
|
Investments
in unaffiliated issuers
|
$
1,479,078
|
|
Written
options
|
28,368
|
|
Forward
foreign currency exchange contracts
|
(153,998)
|
|
Other
assets and liabilities denominated in
|
|
|
foreign
currencies
|
(75,274)
|
$
1,278,174
|
Change
in net unrealized appreciation (depreciation) on:
|
|
|
Investments
in unaffiliated issuers
|
$
1,661,333
|
|
Written
options
|
14,037
|
|
Forward
foreign currency exchange contracts
|
46,848
|
|
Other
assets and liabilities denominated in
|
|
|
foreign
currencies
|
(7,048)
|
$
1,715,170
|
Net
realized and unrealized gain (loss) on investments
|
|
$
2,993,344
|
Net
increase in net assets resulting from operations
|
|
$14,736,001
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 37
Statements
of Changes in Net Assets
|
Six
Months
|
|
|
Ended
|
Year
|
|
9/30/21
|
Ended
|
|
(unaudited)
|
3/31/21
|
FROM
OPERATIONS:
|
|
|
Net
investment income (loss)
|
$
11,742,657
|
$
23,425,268
|
Net
realized gain (loss) on investments
|
1,278,174
|
(18,610,050)
|
Change
in net unrealized appreciation (depreciation)
|
|
|
on
investments
|
1,715,170
|
87,597,081
|
Net
increase (decrease) in net assets resulting
|
|
|
from
operations
|
$
14,736,001
|
$
92,412,299
|
DISTRIBUTIONS
TO SHAREOWNERS:
|
|
|
($0.44
and $0.84 per share, respectively)
|
$
(12,730,512)
|
$
(24,408,529)
|
Total
distributions to shareowners
|
$
(12,730,512)
|
$
(24,408,529)
|
FROM
FUND SHARE TRANSACTIONS:
|
|
|
Reinvestment
of distributions
|
$
655,797
|
$
—
|
Net
increase (decrease) in net assets resulting from
|
|
|
Fund
share transactions
|
$
655,797
|
$
—
|
Net
increase (decrease) in net assets
|
$
2,661,286
|
$
68,003,770
|
NET
ASSETS:
|
|
|
Beginning
of year
|
$279,865,148
|
$211,861,378
|
End
of year
|
$282,526,434
|
$279,865,148
|
|
Six
Months
|
Six
Months
|
|
|
|
Ended
|
Ended
|
|
|
|
9/30/21
|
9/30/21
|
Year
Ended
|
Year
Ended
|
|
Shares
|
Amount
|
3/31/21
|
3/31/21
|
|
(unaudited)
|
(unaudited)
|
Shares
|
Amount
|
FUND
SHARE TRANSACTION
|
|
|
|
|
Shares
sold
|
—
|
$
—
|
—
|
$
—
|
Reinvestment
of distributions
|
66,854
|
655,797
|
—
|
—
|
Less
shares repurchased
|
—
|
—
|
—
|
—
|
Net
increase
|
66,854
|
$655,797
|
—
|
$
—
|
The accompanying
notes are an integral part of these financial statements.
38 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Statement
of Cash Flows
FOR
THE SIX MONTHS ENDED 9/30/21
Cash
Flows From Operating Activities:
|
|
Net
increase in net assets resulting from operations
|
$
14,736,001
|
Adjustments
to reconcile net increase in net assets resulting from operations
|
|
to
net cash, restricted cash and foreign currencies from operating activities:
|
|
Purchases
of investment securities
|
$(86,850,271)
|
Proceeds
from disposition and maturity of investment securities
|
68,687,696
|
Net
(accretion) and amortization of discount/premium on investment securities
|
(440,762)
|
Change
in unrealized appreciation on investments in unaffiliated issuers
|
(1,661,333)
|
Change
in unrealized appreciation on forward foreign currency exchange contracts
|
(46,848)
|
Change
in unrealized depreciation on other assets and liabilities denominated
|
|
in
foreign currencies
|
18,996
|
Change
in unrealized appreciation on written options
|
(14,037)
|
Net
realized gain on investments
|
(1,479,078)
|
Increase
in interest receivable
|
(280,347)
|
Increase
in other assets
|
(9,955)
|
Decrease
in due to affiliates
|
(191,539)
|
Decrease
in Directors' fees payable
|
(54)
|
Increase
in accrued expenses payable
|
8,865
|
Proceeds
from sale of written options
|
31,100
|
Realized
gains on written options
|
(28,368)
|
Net
cash, restricted cash and foreign currencies from operating activities
|
$
(7,519,934)
|
Cash
Flows Used in Financing Activities:
|
|
Decrease
in due to custodian
|
$
2,989,423
|
Borrowings
received
|
4,000,000
|
Distributions
to shareowners
|
$(12,730,512)
|
Reinvestment
of distributions
|
655,797
|
Increase
in interest expense payable
|
76,331
|
Net
cash, restricted cash and foreign currencies used in financing activities
|
$
(5,008,961)
|
Effect
of Foreign Exchange Fluctuations on Cash:
|
|
Effect
of foreign exchange fluctuations on cash
|
$
(18,996)
|
Cash,
restricted cash and foreign currencies:
|
|
Beginning
of the year*
|
$
13,805,132
|
End
of the year*
|
$
1,257,241
|
Cash
Flow Information:
|
|
Cash
paid for interest
|
$
559,069
|
*
|
|
The
following table provides a reconciliation of cash, restricted cash and foreign currencies
reported within Statement of Assets and Liabilities that sum to the total of the same such
amounts shown in the Statement of Cash Flows:
|
|
|
|
|
Six
Months
|
Year
|
|
Ended
9/30/21
|
Ended
|
|
(unaudited)
|
3/31/21
|
Cash
|
$
—
|
$13,721,537
|
Foreign
currencies, at value
|
1,257,241
|
83,595
|
Swaps
collateral
|
—
|
—
|
Due
from broker for swaps
|
—
|
—
|
Total
cash, restricted cash and foreign currencies
|
|
|
shown
in the Statement of Cash Flows
|
$1,257,241
|
$13,805,132
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 39
Financial
Highlights
|
Six
Months
|
|
|
|
|
|
|
Ended
|
Year
|
Year
|
Year
|
Year
|
Year
|
|
9/30/21
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|
(unaudited)
|
3/31/21
|
3/31/20
|
3/31/19
|
3/31/18
|
3/31/17*
|
Per Share
Operating Performance
|
|
|
|
|
|
|
Net
asset value, beginning of period
|
$9.57
|
$7.25
|
$9.91
|
$10.52
|
$10.70
|
$9.34
|
Increase (decrease) from investment
operations: (a)
|
|
|
|
|
|
|
Net investment
income
|
$0.40
|
$0.80
|
$0.81
|
$0.80
|
$0.85
|
$0.95
|
Net
realized and unrealized gain (loss) on investments
|
0.11
|
2.36
|
(2.66)
|
(0.62)
|
(0.25)
|
1.38
|
Net
increase (decrease) from investment operations
|
$0.51
|
$3.16
|
($1.85)
|
$0.18
|
$0.60
|
$2.33
|
Distributions to shareowners
from:
|
|
|
|
|
|
|
Net investment
income and previously undistributed
|
|
|
|
|
|
|
net
investment income
|
$
(0.44)**
|
$
(0.84)**
|
($0.81)
|
($0.79)
|
($0.78)
|
$
(0.97)**
|
Net
increase (decrease) in net asset value
|
$0.07
|
$2.32
|
($2.66)
|
($0.61)
|
($0.18)
|
$1.36
|
Net
asset value, end of period
|
$9.64
|
$9.57
|
$7.25
|
$9.91
|
$10.52
|
$10.70
|
Market
value, end of period
|
$9.76
|
$9.37
|
$6.42
|
$8.95
|
$9.39
|
$9.87
|
Total return
at net asset value (b)
|
5.30%(c)
|
46.08%
|
(19.93)%
|
2.79%
|
6.38%
|
26.13%
|
Total return
at market value (b)
|
8.88%(c)
|
61.52%
|
(21.49)%
|
4.00%
|
2.94%
|
8.23%
|
Ratios to average net assets
of shareowners:
|
|
|
|
|
|
|
Total
expenses plus interest expense (d)(e)
|
1.69%(f)
|
1.60%
|
2.35%
|
2.41%
|
2.14%
|
2.10%
|
Net investment
income available to shareowners
|
8.27%(f)
|
9.10%
|
8.17%
|
7.93%
|
7.88%
|
9.36%
|
Portfolio turnover rate
|
18%(c)
|
50%
|
36%
|
33%
|
29%
|
48%
|
Net assets, end of period (in
thousands)
|
$282,526
|
$279,865
|
$211,861
|
$289,556
|
$307,410
|
$312,757
|
The accompanying
notes are an integral part of these financial statements.
40 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
|
|
|
|
|
|
|
|
Six
Months
|
|
Ended
|
Year
|
Year
|
Year
|
Year
|
Year
|
|
9/30/21
|
Ended
|
Ended
|
Ended
|
Ended
|
Ended
|
|
(unaudited)
|
3/31/21
|
3/31/20
|
3/31/19
|
3/31/18
|
3/31/17*
|
Total
amount of debt outstanding (in thousands)
|
$127,000
|
$123,000
|
$
99,000
|
$125,000
|
$125,000
|
$125,000
|
Asset
coverage per $1,000 of indebtedness
|
$
3,225
|
$
3,275
|
$
3,140
|
$
3,316
|
$
3,459
|
$
3,502
|
*
|
|
The
Fund was audited by an independent registered public accounting firm other than Ernst &
Young LLP.
|
**
|
|
The
amount of distributions made to shareowners during the period was in excess of the net investment
income earned by the Fund during the period. The Fund has accumulated undistributed net investment
income which is part of the Fund’s NAV. A portion of this accumulated net investment
income was distributed to shareowners during the period. A decrease in distributions may
have a negative effect on the market value of the Fund’s shares.
|
(a)
|
|
The
per-share data presented above is based upon the average common shares outstanding for the
periods presented.
|
(b)
|
|
Total
investment return is calculated assuming a purchase of common shares at the current net asset
value or market value on the first day and a sale at the current net asset value or market
value on the last day of the periods reported. Dividends and distributions, if any, are assumed
for purposes of this calculation to be reinvested at prices obtained under the Fund’s
dividend reinvestment plan. Total investment return does not reflect brokerage commissions.
Past performance is not a guarantee of future results.
|
(d)
|
|
Expense
ratios do not reflect the effect of distribution payments to preferred shareowners.
|
(e)
|
|
Includes
interest expense of 0.45% (annualized), 0.53%, 1.37%, 1.42%, 1.05%, and 1.11%, respectively.
|
The accompanying
notes are an integral part of these financial statements.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 41
Notes
to Financial Statements | 9/30/21
(unaudited)
1. Organization
and Significant Accounting Policies
Pioneer
High Income Fund, Inc. (the “Fund”) is organized as a Maryland corporation. Prior to April 21, 2021, the Fund was organized
as a Delaware statutory trust. On April 21, 2021, the Fund redomiciled to a Maryland corporation through a statutory merger of the predecessor
Delaware statutory trust with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling.
The Fund was originally organized on January 30, 2002. Prior to commencing operations on April 26, 2002, the Fund had no operations other
than matters relating to its organization and registration as a closed-end management investment company under the Investment Company
Act of 1940, as amended. The investment objective of the Fund is to provide a high level of current income and the Fund may, as a secondary
objective, also seek capital appreciation to the extent that it is consistent with its investment objective.
Amundi
Asset Management US, Inc., an indirect, wholly owned subsidiary of Amundi and Amundi’s wholly owned subsidiary, Amundi USA, Inc.,
serves as the Fund’s investment adviser (the “Adviser”). Prior to January 1, 2021, the Adviser was named Amundi Pioneer
Asset Management, Inc.
In August
2018, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update 2018-13 “Disclosure Framework - Changes
to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”) which modifies disclosure requirements for
fair value measurements, principally for Level 3 securities and transfers between levels of the fair value hierarchy. ASU 2018-13 is
effective for fiscal years beginning after December 15, 2019 and for interim periods within those fiscal years. The Fund has adopted
ASU 2018-13 for the six months ended September 30, 2021. The impact to the Fund’s adoption was limited to changes in the Fund’s
disclosures regarding fair value, primarily those disclosures related to transfers between levels of the fair value hierarchy and disclosure
of the range and weighted average used to develop significant unobservable inputs for Level 3 fair value investments, when applicable.
In March
2020, FASB issued an Accounting Standard Update, ASU 2020-04, Reference Rate Reform (Topic 848) — Facilitation of the Effects of
Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional, temporary relief with respect to the
financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of the London Interbank
Offered Rate (“LIBOR”) and other LIBOR-based reference rates at the end of 2021. The temporary relief provided by ASU 2020-04
is effective for certain reference rate-related
42 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
contract
modifications that occur during the period from March 12, 2020 through December 31, 2022. Management is evaluating the impact of ASU
2020-04 on the Fund’s investments, derivatives, debt and other contracts, if applicable, that will undergo reference rate-related
modifications as a result of the reference rate reform.
The Fund
is an investment company and follows investment company accounting and reporting guidance under U.S. Generally Accepted Accounting Principles
(“U.S. GAAP”). U.S. GAAP requires the management of the Fund to 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 gain or loss on investments during the reporting period. Actual results could differ from those estimates.
The following
is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:
A. Security
Valuation
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.
Fixed-income
securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market
events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair
value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt
security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed-income
securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from
an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices
or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more
broker-dealers.
Loan
interests are valued in accordance with guidelines established by the Board of Directors at the mean between the last available bid and
asked prices from one or more brokers or dealers as obtained from Loan Pricing Corporation, an independent third party pricing service.
If price information is not available from Loan Pricing Corporation, or if the price information is deemed to be unreliable, price information
will be obtained from an
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 43
alternative
loan interest pricing service. If no reliable price quotes are available from either the primary or alternative pricing service, broker
quotes will be solicited.
Event-linked
bonds are valued at the bid price obtained from an independent third party pricing service. Other insurance-linked securities (including
reinsurance sidecars, collateralized reinsurance and industry loss warranties) may be valued at the bid price obtained from an independent
pricing service, or through a third party using a pricing matrix, insurance industry valuation models, or other fair value methods or
techniques to provide an estimated value of the instrument.
Equity
securities that have traded on an exchange are valued by using the last sale price on the principal exchange where they are traded. Equity
securities that have not traded on the date of valuation, or securities for which sale prices are not available, generally are valued
using the mean between the last bid and asked prices or, if both last bid and asked prices are not available, at the last quoted bid
price. Last sale and bid and asked prices are provided by independent third party pricing services. In the case of equity securities
not traded on an exchange, prices are typically determined by independent third party pricing services using a variety of techniques
and methods.
The
value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party
pricing source. Trading in non-U.S. equity 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.
The Fund may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
Options
contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter
(“OTC”) options and options on swaps (“swaptions”) are valued using prices supplied by independent pricing services,
which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities
and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument.
Forward
foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions,
the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose
forward settlement date falls between two quoted days are valued by interpolation.
44 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Securities
or loan interests for which independent pricing services or broker-dealers 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 a fair valuation team comprised of certain personnel
of the Adviser pursuant to procedures adopted by the Fund’s Board of Directors. The Adviser’s fair valuation team uses fair
value methods approved by the Valuation Committee of the Board of Directors. The Adviser’s fair valuation team 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 of the Board of Directors.
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. 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.
At
September 30, 2021, five securities were valued using fair value methods (in addition to securities valued using prices supplied by independent
pricing services, broker-dealers or using a third party insurance pricing model) representing 0.36% of net assets. The value of these
fair valued securities was $1,014,806.
B. Investment
Income and Transactions
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 and net of income accrued on defaulted securities.
Interest
and dividend income payable by delivery of additional shares is reclassified as PIK (payment-in-kind) income upon receipt and is included
in interest and dividend income, respectively.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 45
Principal
amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities
are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized
for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest
income.
Security
transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for
both financial reporting and federal income tax purposes.
C. 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 exchange 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
on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized
and unrealized gain or loss on investments.
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 net taxable income and net realized capital gains, if any, to its shareowners. Therefore, no provision for
federal income taxes is required. As of March 31, 2021, the Fund did not accrue any interest or penalties with respect to uncertain tax
positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within
the prior three years remain 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. GAAP. Distributions in excess of net investment income or net realized gains are temporary over distributions
for financial statement purposes resulting from differences in the recognition or classification of income or distributions for financial
statement and tax
46 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
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.
A
portion of the dividend income recorded by the Fund is from distributions by publicly traded Real Estate Investment Trusts (“REITs”),
and such distributions for tax purposes may also consist of capital gains and return of capital. The actual return of capital and capital
gains portions of such distributions will be determined by formal notifications from the REITs subsequent to the calendar year-end. Distributions
received from the REITs that are determined to be a return of capital are recorded by the Fund as a reduction of the cost basis of the
securities held and those determined to be capital gain are reflected as such on the Statement of Operations.
The
tax character of current year distributions payable will be determined at the end of the current taxable year. The tax character of distributions
paid during the year ended March 31, 2021 was as follows:
|
2021
|
Distributions
paid from:
|
|
Ordinary
income
|
$24,408,529
|
Total
|
$24,408,529
|
The
following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2021:
|
|
|
2021
|
Distributable
earnings:
|
|
Undistributed
ordinary income
|
$
1,891,197
|
Capital
loss carryforward
|
(115,886,122)
|
Unrealized
appreciation
|
21,942,371
|
Total
|
$
(92,052,554)
|
The
difference between book basis and tax basis unrealized depreciation is primarily attributable to the realization for tax purposes of
unrealized gains on investments in passive foreign investment companies, the book/tax differences in the accrual of income on securities
in default, the difference between book and tax amortization methods and discounts on fixed income securities.
E. Risks
The
value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as
real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public
health issues, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 47
investor
sentiment. In the past several years, financial markets have experienced increased volatility, depressed valuations, decreased liquidity
and heightened uncertainty. These conditions may continue, recur, worsen or spread. A general rise in interest rates could adversely
affect the price and liquidity of fixed-income securities.
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 investments in foreign markets and countries with limited developing markets may subject the Fund to a greater degree of
risk than investments in a developed market. These risks include disruptive political or economic conditions and the imposition of adverse
governmental laws or currency exchange restrictions.
The
Fund invests in below-investment-grade (high-yield) debt securities and preferred stocks. Some of these high-yield securities may be
convertible into equity securities of the issuer. Debt securities rated below-investment-grade are commonly referred to as “junk
bonds” and are considered speculative. These securities involve greater risk of loss, are subject to greater price volatility,
and are less liquid, especially during periods of economic uncertainty or change, than higher rated debt securities.
Certain
securities in which the Fund invests, including floating rate loans, once sold, may not settle for an extended period (for example, several
weeks or even longer). The Fund will not receive its sale proceeds until that time, which may constrain the Fund’s ability to meet
its obligations. The Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral,
if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to
liquidate. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any
secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable
information about most floating rate loans than is the case for many other types of securities. Normally, the Adviser will seek to avoid
receiving material, nonpublic information about the issuer of a loan either held by, or considered for investment by, the Fund, and this
decision could adversely affect the Fund's investment performance. Loans may not be considered “securities,” and purchasers,
such as the Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws. The Fund’s
investments in certain foreign markets or countries with limited developing markets may subject the Fund to a greater degree of risk
48 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
than
in a developed market. These risks include disruptive political or economic conditions and the possible imposition of adverse governmental
laws or currency exchange restrictions.
The
Fund’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered
Rate). Plans are underway to phase out the use of LIBOR. The UK Financial Conduct Authority (“FCA”) and LIBOR’s administrator,
ICE Benchmark Administration (“IBA”), have announced that most LIBOR rates will no longer be published after the end of 2021
and a majority of U.S. dollar LIBOR rates will no longer be published after June 30, 2023. It is possible that the FCA may compel the
IBA to publish a subset of LIBOR settings after these dates on a “synthetic” basis, but any such publications would be considered
non-representative of the underlying markets. Actions by regulators have resulted in the establishment of alternative reference rates
to LIBOR in most major currencies. Based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee
(comprised of major derivative market participants and their regulators), the U.S. Federal Reserve began publishing a Secured Overnight
Funding Rate (“SOFR”) that is intended to replace U.S. Dollar LIBOR. Proposals for alternative reference rates for other
currencies have also been announced or have already begun publication, such as SONIA in the United Kingdom. Markets are slowly developing
in response to these new rates, and transition planning is at a relatively early stage. Neither the effect of the transition process
nor its ultimate success is known. The transition process may lead to increased volatility and illiquidity in markets that currently
rely on LIBOR to determine interest rates. The effect of any changes to — or discontinuation of — LIBOR on the portfolio
will vary depending on, among other things, provisions in individual contracts and whether, how, and when industry participants develop
and adopt new reference rates and alternative reference rates for both legacy and new products and instruments. Because the usefulness
of LIBOR as a benchmark may deteriorate during the transition period, these effects could materialize prior to the end of 2021.
The
Fund may invest up to 50% of its total assets in illiquid securities. Illiquid securities are securities that the Fund reasonably expects
cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly
changing the market value of the securities.
The
Portfolio may invest in REIT securities, the value of which can fall for a variety of reasons, such as declines in rental income, fluctuating
interest rates, poor property management, environmental liabilities, uninsured damage, increased competition, or changes in real estate
tax laws.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 49
With
the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security
and related risks. While the Fund’s Adviser has established business continuity plans in the event of, and risk management systems
to prevent, limit or mitigate, such cyber-attacks, there are inherent limitations in such plans and systems, including the possibility
that certain risks have not been identified. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by
service providers to the Fund such as the Fund’s custodian and accounting agent, and the Fund’s transfer agent. In addition,
many beneficial owners of Fund shares hold them through accounts at broker-dealers, retirement platforms and other financial market participants
over which neither the Fund nor the Adviser exercises control. Each of these may in turn rely on service providers to them, which are
also subject to the risk of cyber-attacks. Cybersecurity failures or breaches at the Adviser or the Fund’s service providers or
intermediaries have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference
with the Fund’s ability to calculate its net asset value, impediments to trading, the inability of Fund shareowners to effect share
purchases, or sales or receive distributions, loss of or unauthorized access to private shareowner information and violations of applicable
privacy and other laws, regulatory fines, penalties, reputational damage, or additional compliance costs. Such costs and losses may not
be covered under any insurance. In addition, maintaining vigilance against cyber-attacks may involve substantial costs over time, and
system enhancements may themselves be subject to cyber-attacks.
COVID-19
The
global pandemic of the novel coronavirus respiratory disease designated COVID-19 has resulted in major disruption to economies and markets
around the world, including the United States. Global financial markets have experienced extreme volatility and severe losses, and trading
in many instruments has been disrupted. Liquidity for many instruments has been greatly reduced for periods of time. Some interest rates
are very low and in some cases yields are negative. Some sectors of the economy and individual issuers have experienced particularly
large losses. Rates of inflation have recently risen. These circumstances may continue for an extended period of time, and may continue
to affect adversely the value and liquidity of the Fund’s investments. Governments and central banks, including the Federal Reserve
in the U.S., have taken extraordinary and unprecedented actions to support local and global economies and the financial markets. These
actions have resulted in significant expansion of public debt, including in the U.S. The impact of these measures will not be
50 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
known
for some time. The consequences of high public debt, including its future impact on the economy and securities markets, likewise may
not be known for some time.
F. Restricted
Securities
Restricted
Securities are subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt
from registration under the Securities Act of 1933. Private placement securities are generally considered to be restricted except for
those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
Disposal
of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve.
Restricted investments held by the Fund at September 30, 2021 are listed in the Schedule of Investments.
G. Insurance-Linked
Securities (“ILS”)
The
Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest
or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of
an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude
that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed
a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk.
The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description
and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including
but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
The
Fund’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or
similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments
(sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies
through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry
loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products
that take the form of derivatives, collateralized structures, or exchange-traded instruments.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 51
Where
the ILS are based on the performance of underlying reinsurance contracts, the Fund has limited transparency into the individual underlying
contracts, and therefore must rely upon the risk assessment and sound underwriting practices of the issuer. Accordingly, it may be more
difficult for the Adviser to fully evaluate the underlying risk profile of the Fund’s structured reinsurance investments, and therefore
the Fund’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance
instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind.
Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at
a loss.
H. Purchased
Options
The
Fund may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Fund to buy and sell
a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a
specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included on the Statement of Assets
and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded
on the Fund’s Statement of Operations. As the purchaser of an index option, the Fund has the right to receive a cash payment equal
to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation
in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums
paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations.
Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security
or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call
option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited
to the premium originally paid.
The
average market value of purchased options contracts open during the six months ended September 30, 2021, was $27,497. Open purchased
options at September 30, 2021, are listed in the Schedule of Investments.
I. Option
Writing
The
Fund may write put and covered call options to seek to increase total return. When an option is written, the Fund receives a premium
and becomes obligated to purchase or sell the underlying security at a fixed
52 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
price,
upon the exercise of the option. When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as “Written
options outstanding” on the Statement of Assets and Liabilities and is subsequently adjusted to the current value of the option
written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains
from investments on the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase
transaction, including brokerage commissions, is also treated as a realized gain on the Statement of Operations, or, if the premium is
less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. If a call option is
exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized
a gain or loss. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying
the written option.
The average
market value of written options for the six months ended September 30, 2021, was $(26,903). Open written options contracts at September
30, 2021, are listed in the Schedule of Investments.
J. Forward
Foreign Currency Exchange Contracts
The
Fund may enter into forward foreign currency exchange 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 appreciation or depreciation is recorded in the Fund’s financial statements. The Fund records realized gains and losses
at the time a contract 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 5).
During
the six months ended September 30, 2021, the Fund had entered into various forward foreign currency exchange contracts that obligated
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 exchange contract, the Fund may close out such contract by entering into an offsetting contract.
The
average market value of forward foreign currency exchange contracts open during the six months ended September 30, 2021, was $8,163,320.
Open forward foreign currency exchange contracts outstanding at September 30, 2021, are listed in the Schedule of Investments.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 53
K. Automatic
Dividend Reinvestment Plan
All
shareowners whose shares are registered in their own names automatically participate in the Automatic Dividend Reinvestment Plan (the
“Plan”), under which participants receive all dividends and capital gain distributions (collectively, dividends) in full
and fractional shares of the Fund in lieu of cash. Shareowners may elect not to participate in the Plan. Shareowners not participating
in the Plan receive all dividends and capital gain distributions in cash. Participation in the Plan is completely voluntary and may be
terminated or resumed at any time without penalty by notifying American Stock Transfer & Trust Company, the agent for shareowners
in administering the Plan (the “Plan Agent”), in writing prior to any dividend record date; otherwise such termination or
resumption will be effective with respect to any subsequently declared dividend or other distribution.
If
a shareowner’s shares are held in the name of a brokerage firm, bank or other nominee, the shareowner can ask the firm or nominee
to participate in the Plan on the shareowner’s behalf. If the firm or nominee does not offer the Plan, dividends will be paid in
cash to the shareowner of record. A firm or nominee may reinvest a shareowner’s cash dividends in shares of the Fund on terms that
differ from the terms of the Plan.
Whenever
the Fund declares a dividend on shares payable in cash, participants in the Plan will receive the equivalent in shares acquired by the
Plan Agent either (i) through receipt of additional unissued but authorized shares from the Fund or (ii) by purchase of outstanding shares
on the New York Stock Exchange or elsewhere. If, on the payment date for any dividend, the net asset value per share is equal to or less
than the market price per share plus estimated brokerage trading fees (market premium), the Plan Agent will invest the dividend amount
in newly issued shares. The number of newly issued shares to be credited to each account will be determined by dividing the dollar amount
of the dividend by the net asset value per share on the date the shares are issued, provided that the maximum discount from the then
current market price per share on the date of issuance does not exceed 5%. If, on the payment date for any dividend, the net asset value
per share is greater than the market value (market discount), the Plan Agent will invest the dividend amount in shares acquired in open-market
purchases. There are no brokerage charges with respect to newly issued shares. However, each participant will pay a pro rata share of
brokerage trading fees incurred with respect to the Plan Agent’s open-market purchases. Participating in the Plan does not relieve
shareowners from any federal, state or local taxes which may be due on
54 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
dividends
paid in any taxable year. Shareowners holding Plan shares in a brokerage account may be able to transfer the shares to another broker
and continue to participate in the Plan.
L. Statement
of Cash Flows
Information
on financial transactions which have been settled through the receipt or disbursement of cash or restricted cash is presented in the
Statement of Cash Flows. Cash as presented in the Fund’s Statement of Assets and Liabilities includes cash on hand at the Fund’s
custodian bank and does not include any short-term investments. As of and for the six months ended September 30, 2021, the Fund
had no restricted cash presented on the Statement of Assets and Liabilities.
2. Management
Agreement
The Adviser
manages the Fund’s portfolio. Management fees are calculated daily and paid monthly under the Fund's Investment Management Agreement
with the Adviser and are calculated daily at the annual rate of 0.60% of the Fund’s average daily managed assets. “Managed
assets” means (a) the total assets of the Fund, including any form of investment leverage, minus (b) all accrued liabilities incurred
in the normal course of operations, which shall not include any liabilities or obligations attributable to investment leverage obtained
through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities),
(ii) the issuance of preferred stock or other similar preference securities, and/or (iii) any other means. For the six months ended September
30, 2021 the net management fee was 0.60% (annualized) of the Fund’s average daily managed assets, which was equivalent to 0.85%
(annualized) of the Fund’s average daily net assets.
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 $0 in management fees, administrative costs and certain other reimbursements payable to the Adviser
at September 30, 2021.
3. Compensation
of Directors and Officers
The Fund
pays an annual fee to its Directors. The Adviser reimburses the Fund for fees paid to the Interested Directors. The Fund does not pay
any salary or other compensation to its officers. For the six months ended September 30, 2021, the Fund paid $7,649 in Directors’
compensation, which
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 55
is reflected
on the Statement of Operations as Directors’ fees. At September 30, 2021, the Fund had a payable for Directors’ fees
on its Statement of Assets and Liabilities of $63.
4. Transfer
Agent
American
Stock Transfer & Trust Company (“AST”) serves as the transfer agent with respect to the Fund’s shares. The Fund
pays AST an annual fee, as is agreed to from time to time by the Fund and AST, for providing such services.
In addition,
the Fund reimbursed the transfer agent for out-of-pocket expenses incurred by the transfer agent related to shareowner communications
activities such as proxy and statement mailings, and outgoing phone calls.
5. Master
Netting Agreements
The Fund
has entered into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar
agreement with substantially all its derivative counterparties. An ISDA Master Agreement is a bilateral agreement between the Fund and
a counterparty that governs the trading of certain Over the Counter (“OTC”) derivatives and typically contains, among other
things, close-out and set-off provisions which apply upon the occurrence of an event of default and/or a termination event as defined
under the relevant ISDA Master Agreement. The ISDA Master Agreement may also give a party the right to terminate all transactions traded
under such agreement if, among other things, there is deterioration in the credit quality of the other party.
Upon an
event of default or a termination of the ISDA Master Agreement, the non-defaulting party has the right to close-out all transactions
under such agreement and to net amounts owed under each transaction to determine one net amount payable by one party to the other. The
right to close out and net payments across all transactions under the ISDA Master Agreement could result in a reduction of the Fund’s
credit risk to its counterparty equal to any amounts payable by the Fund under the applicable transactions, if any. However, the Fund’s
right to set-off may be restricted or prohibited by the bankruptcy or insolvency laws of the particular jurisdiction to which each specific
ISDA Master Agreement of each counterparty is subject.
The collateral
requirements for derivatives transactions under an ISDA Master Agreement are governed by a credit support annex to the ISDA Master Agreement.
Collateral requirements are generally determined at the close of business each day and are typically based on changes in market
56 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
values
for each transaction under an ISDA Master Agreement and netted into one amount for such agreement. Generally, the amount of collateral
due from or to a counterparty is subject to threshold (a “minimum transfer amount”) before a transfer is required, which
may vary by counterparty. Collateral pledged for the benefit of the Fund and/or counterparty is held in segregated accounts by the Fund’s
custodian and cannot be sold, re-pledged, assigned or otherwise used while pledged. Cash that has been segregated to cover the Fund’s
collateral obligations, if any, will be reported separately on the Statement of Assets and Liabilities as “Swaps collateral”.
Securities pledged by the Fund as collateral, if any, are identified as such in the Schedule of Investments.
Financial
instruments subject to an enforceable master netting agreement, such as an ISDA Master Agreement, have been offset on the Statement of
Assets and Liabilities. The following charts show gross assets and liabilities of the Fund as of September 30, 2021.
|
|
|
|
|
|
|
Derivative
|
|
|
|
|
|
Assets
|
|
|
|
|
|
Subject
to
|
Derivatives
|
Non-Cash
|
Cash
|
Net
Amount
|
|
Master
Netting
|
Available
|
Collateral
|
Collateral
|
of
Derivative
|
Counterparty
|
Agreement
|
for
Offset
|
Received
(a)
|
Received
(a)
|
Assets
(b)
|
Bank
of America NA
|
$
65,375
|
$
(11,253)
|
$
—
|
$
—
|
$
54,122
|
Citibank
NA
|
—
|
—
|
—
|
—
|
—
|
JPMorgan
Chase
|
|
|
|
|
|
Bank
N.A.
|
35,671
|
(398)
|
—
|
—
|
35,273
|
Total
|
$101,046
|
$
(11,651)
|
$
—
|
$
—
|
$
89,395
|
|
|
|
Derivative
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
Subject
to
|
Derivatives
|
Non-Cash
|
Cash
Net
|
Amount
|
|
Master
Netting
|
Available
|
Collateral
|
Collateral
|
of
Derivative
|
Counterparty
|
Agreement
|
for
Offset
|
Pledged
(a)
|
Pledged
(a)
|
Liabilities
(c)
|
Bank
of America NA
|
$
11,253
|
$
(11,253)
|
$
—
|
$
—
|
$
—
|
Citibank
NA
|
163,988
|
—
|
—
|
—
|
163,988
|
JPMorgan
Chase
|
|
|
|
|
|
Bank
N.A.
|
398
|
(398)
|
—
|
—
|
—
|
Total
|
$175,639
|
$
(11,651)
|
$
—
|
$
—
|
$163,988
|
(a)
|
|
The
amount presented here may be less than the total amount of collateral received/pledged as
the net amount of derivative assets and liabilities cannot be less than $0.
|
(b)
|
|
Represents
the net amount due from the counterparty in the event of default.
|
(c)
|
|
Represents
the net amount payable to the counterparty in the event of default.
|
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 57
6. Additional
Disclosures about Derivative Instruments and Hedging Activities
The Fund’s
use of derivatives may enhance or mitigate the Fund’s exposure to the following risks:
Interest
rate risk relates to the fluctuations in the value of interest-bearing securities due to changes in the prevailing levels of market interest
rates.
Credit
risk relates to the ability of the issuer of a financial instrument to make further principal or interest payments on an obligation or
commitment that it has to the Fund.
Foreign
exchange rate risk relates to fluctuations in the value of an asset or liability due to changes in currency exchange rates.
Equity
risk relates to the fluctuations in the value of financial instruments as a result of changes in market prices (other than those arising
from interest rate risk or foreign exchange rate risk), whether caused by factors specific to an individual investment, its issuer, or
all factors affecting all instruments traded in a market or market segment.
Commodity
risk relates to the risk that the value of a commodity or commodity index will fluctuate based on increases or decreases in the commodities
market and factors specific to a particular industry or commodity.
The fair
value of open derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) by risk exposure at
September 30, 2021, was as follows:
Statement
of
|
|
|
Foreign
|
|
|
Assets
and
|
Interest
|
Credit
|
Exchange
|
Equity
|
Commodity
|
Liabilities
|
Rate
Risk
|
Risk
|
Rate
Risk
|
Risk
|
Risk
|
Assets:
|
|
|
|
|
|
Options
purchased*
|
$
—
|
$
—
|
$
61,895
|
$
—
|
$
—
|
Total
Value
|
$
—
|
$
—
|
$
61,895
|
$
—
|
$
—
|
|
Liabilities:
|
|
|
|
|
|
Written
options
|
|
|
|
|
|
outstanding
|
$
—
|
$
—
|
$
10,748
|
$
—
|
$
—
|
Net
unrealized
|
|
|
|
|
|
depreciation
on
|
|
|
|
|
|
forward
foreign
|
|
|
|
|
|
currency
exchange
|
|
|
|
|
|
contracts
|
—
|
—
|
125,740
|
—
|
—
|
Total
Value
|
$
—
|
$
—
|
$136,488
|
$
—
|
$
—
|
*
|
|
Reflects
the market value of purchased option contracts (see Note 1H). These amounts are included
in Investment in unaffiliated issuers, at value, on the Statement of Assets and Liabilities.
|
58 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
The effect
of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations
by risk exposure at September 30, 2021, was as follows:
|
|
|
Foreign
|
|
|
Statement
of
|
Interest
|
Credit
|
Exchange
|
Equity
|
Commodity
|
Operations
|
Rate
Risk
|
Risk
|
Rate
Risk
|
Risk
|
Risk
|
Net
realized gain
|
|
|
|
|
|
(loss)
on:
|
|
|
|
|
|
Options
purchased*
|
$
—
|
$
—
|
$
(28,368)
|
$
—
|
$
—
|
Written
options
|
—
|
—
|
28,368
|
—
|
—
|
Forward
foreign
|
|
|
|
|
|
currency
exchange
|
|
|
|
|
|
contracts
|
—
|
—
|
(153,998)
|
—
|
—
|
Total
Value
|
$
—
|
$
—
|
$(153,998)
|
$
—
|
$
—
|
|
Change
in net
|
|
|
|
|
|
unrealized
|
|
|
|
|
|
appreciation
|
|
|
|
|
|
(depreciation)
on:
|
|
|
|
|
|
Options
purchased**
|
$
—
|
$
—
|
$
20,253
|
$
—
|
$
—
|
Written
options
|
—
|
—
|
14,037
|
—
|
—
|
Forward
foreign
|
|
|
|
|
|
currency
exchange
|
|
|
|
|
|
contracts
|
—
|
—
|
46,848
|
—
|
—
|
Total
Value
|
$
—
|
$
—
|
$
81,139
|
$
—
|
$
—
|
*
|
|
Reflects
the net realized gain (loss) on purchased option contracts (see Note 1H). These amounts are
included in Net realized gain (loss) on investments in unaffiliated issuers, on the Statement
of Operations.
|
**
|
|
Reflects
the change in net unrealized appreciation (depreciation) on purchased option contracts (see
Note 1H). These amounts are included in change in net unrealized appreciation (depreciation)
on Investments in unaffiliated issuers, on the Statement of Operations.
|
7. Fund
Shares
There
are 1,000,000,000 shares of common stock of the Fund (“common shares”), $0.001 par value per share authorized.
Transactions
in common shares for the six months ended September 30, 2021 and the year ended March 31, 2021 were as follows:
|
9/30/21
|
3/31/21
|
Shares
outstanding at beginning of period
|
29,231,771
|
29,231,771
|
Shares
outstanding at end of period
|
29,298,625
|
29,231,771
|
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 59
8. Credit
Agreement
The Fund
has entered into a Revolving Credit Facility (the “Credit Agreement”) agreement with Sumitomo Mitsui Banking Corporation.
Loan under the credit agreement are offered at a daily rate equal to the U.S. one month LIBOR rate plus 1.10%. There is no fixed borrowing
limit.
At September
30, 2021, the Fund had a borrowing outstanding under the credit agreement totaling $127,000,000. The interest rate charged at September
30, 2021 was 1.10%. During the six months ended September 30, 2021, the average daily balance was $124,848,649 at an average interest
rate of 1.01%. Interest expense of $635,400 in connection with the credit agreement is included in the Statement of Operations.
The Fund
is required to fully collateralize its outstanding loan balance as determined by Sumitomo Mitsui. Pledged assets are held in a segregated
account and are denoted on the Schedule of Investments.
The Fund
is required to maintain 300% asset coverage with respect to amounts outstanding under the Credit Agreement. Asset coverage is calculated
by subtracting the Fund’s total liabilities not including any bank loans and senior securities, from the Fund’s total assets
and dividing such amount by the principal amount of the borrowing outstanding.
9. Redomiciling
On April
21, 2021, the Fund, previously organized as a Delaware statutory trust, redomiciled to a Maryland corporation (the “redomiciling”).
The redomiciling was effected through a statutory merger of the predecessor Delaware statutory trust (the “Predecessor Entity”)
with and into a newly-established Maryland corporation formed for the purpose of effecting the redomiciling (the “Successor Entity”)
pursuant to the terms of an Agreement and Plan of Merger entered into by and between the Predecessor Entity and the Successor Entity
(the “Merger”). Upon effectiveness of the Merger, (i) the Successor Entity became the successor in interest to the Fund,
(ii) each outstanding share of common stock of the Predecessor Entity was automatically converted into one share of common stock of the
Successor Entity, and (iii) the shareholders of the Predecessor Entity became stockholders of the Successor Entity. Neither the Fund
nor its stockholders realized gain (loss) as a direct result of the Merger. Accordingly, the Merger had no effect on the Fund’s
operations.
60 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
In connection
with the redomiciling, the Fund’s name changed from Pioneer Municipal High Income Trust to Pioneer Municipal High Income Fund,
Inc. The Fund’s ticker symbol on the New York Stock Exchange did not change.
The redomiciling
did not result in any change to the investment adviser, investment objective and strategies, portfolio management team, policies and
procedures or the members of the Board overseeing the Fund.
Following
the Fund’s redomiciling, the rights of shareholders are governed by Maryland General Corporation Law and the Articles of Incorporation
and Bylaws of the Successor Entity. In addition, the Fund is subject to the Maryland Control Share Acquisition Act (the “Control
Share Act”) following the redomiciling.
The Control
Share Act generally provides that any holder of “control shares” acquired in a “control share acquisition” may
not exercise voting rights with respect to the “control shares,” except to the extent approved by a vote of two-thirds of
all the votes entitled to be cast on the matter. Generally, “control shares” are shares that, when aggregated with shares
already owned by an acquiring person, would entitle the acquiring person to exercise 10% or more, 33 1/3% or more, or a majority of the
total voting power of shares entitled to vote in the election of directors. The Control Share Act provides that a “control share
acquisition” does not include the acquisition of shares in a merger, consolidation or share exchange. Therefore, a shareholder
of the Fund that acquired shares of the Successor Entity as a result of the Merger will be able to exercise voting rights as to those
shares even if the number of such shares acquired by the shareholder in the Merger exceeds one or more of the thresholds of the Control
Share Act.
The above
description of the Control Share Act is only a high-level summary and does not purport to be complete. Investors should refer to the
actual provisions of the Control Share Act and the Fund’s Bylaws for more information, including definitions of key terms, various
exclusions and exemptions from the statute’s scope, and the procedures by which stockholders may approve the reinstatement of voting
rights to holders of “control shares.”
10.
Subsequent Events
A monthly
dividend was declared on October 5, 2021 from undistributed and accumulated net investment income of $0.0725 per share payable October 29,
2021, to shareowners of record on October 19, 2021.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 61
Additional
Information
Results
of Shareholder Meeting
At an
annual meeting held on September 15, 2021, shareholders of the Fund were asked to consider the proposal described below.
A report
of the total votes cast by the Fund's shareholders follows:
Proposal
1 - To elect four Class I Directors
|
|
|
Nominee
|
For
|
Withhold
|
Craig
C. MacKay
|
24,016,238.337
|
746,697.000
|
Thomas
J. Perna
|
20,651,942.337
|
4,110,993.000
|
Marguerite
A. Piret
|
23,968,247.337
|
794,688.000
|
Fred
J. Ricciardi
|
23,983,758.337
|
779,177.000
|
Notice
is hereby given in accordance with Section 23(c) of the Investment Company Act of 1940 that the Fund may purchase, from time to time,
its shares in the open market.
62 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Approval
of Renewal of Investment Management Agreement
Amundi
Asset Management US, Inc. (“Amundi US”) serves as the investment adviser to Pioneer High Income Fund, Inc. (the “Fund”)
pursuant to an investment management agreement between Amundi US and the Fund. In order for Amundi US to remain the investment adviser
of the Fund, the Directors of the Fund, including a majority of the Fund’s Independent Directors, must determine annually whether
to renew the investment management agreement for the Fund.
The contract
review process began in January 2021 as the Directors of the Fund agreed on, among other things, an overall approach and timeline for
the process. Contract review materials were provided to the Directors in March 2021, July 2021 and September 2021. In addition, the Directors
reviewed and discussed the Fund’s performance at regularly scheduled meetings throughout the year, and took into account other
information related to the Fund provided to the Directors at regularly scheduled meetings, in connection with the review of the Fund’s
investment management agreement.
In March
2021, the Directors, among other things, discussed the memorandum provided by Fund counsel that summarized the legal standards and other
considerations that are relevant to the Directors in their deliberations regarding the renewal of the investment management agreement,
and reviewed and discussed the qualifications of the investment management teams for the Fund, as well as the level of investment by
the Fund’s portfolio managers in the Fund. In July 2021, the Directors, among other things, reviewed the Fund’s management
fees and total expense ratios, the financial statements of Amundi US and its parent companies, profitability analyses provided by Amundi
US, and analyses from Amundi US as to possible economies of scale. The Directors also reviewed the profitability of the institutional
business of Amundi US as compared to that of Amundi US’s fund management business, and considered the differences between the fees
and expenses of the Fund and the fees and expenses of Amundi US’s institutional accounts, as well as the different services provided
by Amundi US to the Fund and to the institutional accounts. The Directors further considered contract review materials, including additional
materials received in response to the Directors’ request, in September 2021.
At a meeting
held on September 21, 2021, based on their evaluation of the information provided by Amundi US and third parties, the Directors of the
Fund, including the Independent Directors voting separately, unanimously approved the renewal of the investment management agreement
for another
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 63
year.
In approving the renewal of the investment management agreement, the Directors considered various factors that they determined were relevant,
including the factors described below. The Directors did not identify any single factor as the controlling factor in determining to approve
the renewal of the agreement.
Nature,
Extent and Quality of Services
The Directors
considered the nature, extent and quality of the services that had been provided by Amundi US to the Fund, taking into account the investment
objective and strategy of the Fund. The Directors also reviewed Amundi US’s investment approach for the Fund and its research process.
The Directors considered the resources of Amundi US and the personnel of Amundi US who provide investment management services to the
Fund. They also reviewed the amount of non-Fund assets managed by the portfolio managers of the Fund. They considered the non-investment
resources and personnel of Amundi US that are involved in Amundi US’s services to the Fund, including Amundi US’s compliance,
risk management, and legal resources and personnel. The Directors noted the substantial attention and high priority given by Amundi US’s
senior management to the Pioneer Fund complex. The Directors considered the effectiveness of Amundi US’s business continuity plan
in response to the COVID-19 pandemic.
The Directors
considered that Amundi US supervises and monitors the performance of the Fund’s service providers and provides the Fund with personnel
(including Fund officers) and other resources that are necessary for the Fund’s business management and operations. The Directors
also considered that, as administrator, Amundi US is responsible for the administration of the Fund’s business and other affairs.
The Directors considered Amundi US’s oversight of the process for transitioning custodian and sub-administration services to new
service providers. The Directors considered that the Fund reimburses Amundi US its pro rata share of Amundi US’s costs of providing
administration services to the Pioneer Funds.
Based
on these considerations, the Directors concluded that the nature, extent and quality of services that had been provided by Amundi US
to the Fund were satisfactory and consistent with the terms of the investment management agreement.
64 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
Performance
of the Fund
In considering
the Fund’s performance, the Directors regularly review and discuss throughout the year data prepared by Amundi US and information
comparing the Fund’s performance with the performance of its peer group of funds, as classified by Morningstar, Inc. (Morningstar),
and with the performance of the Fund’s benchmark index. The Directors also regularly consider the Fund’s returns at market
value relative to its peers, as well as the discount at which the Fund’s shares may trade on the New York Stock Exchange compared
to its net asset value per share. They also discuss the Fund’s performance with Amundi US on a regular basis. The Directors’
regular reviews and discussions were factored into the Directors’ deliberations concerning the renewal of the investment management
agreement.
Management
Fee and Expenses
The Directors
considered information showing the fees and expenses of the Fund in comparison to the management fees and expense ratios of a peer group
of funds selected on the basis of criteria determined by the Independent Directors for this purpose using data provided by Strategic
Insight Mutual Fund Research and Consulting, LLC (Strategic Insight), an independent third party. The peer group comparisons referred
to below are organized in quintiles. Each quintile represents one-fifth of the peer group. In all peer group comparisons referred to
below, first quintile is most favorable to the Fund’s shareowners.
The Directors
considered that the Fund’s management fee (based on managed assets) for the most recent fiscal year was in the first quintile relative
to the management fees paid by other funds in its Strategic Insight peer group for the comparable period. The Directors considered that
the expense ratio (based on managed assets) of the Fund’s common shares for the most recent fiscal year (including investment-related
expenses) was in the second quintile relative to its Strategic Insight peer group for the comparable period.
The Directors
reviewed management fees charged by Amundi US to institutional and other clients, including publicly offered European funds sponsored
by Amundi US’s affiliates, unaffiliated U.S. registered investment companies (in a sub-advisory capacity), and unaffiliated foreign
and domestic separate accounts. The Directors also considered Amundi US’s costs in providing services to the Fund and Amundi US’s
costs in providing services to the other clients and considered the differences in management fees and profit margins for fund and non-fund
services. In evaluating the fees associated with Amundi US’s client accounts, the Directors took into
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 65
account
the respective demands, resources and complexity associated with the Fund and other client accounts. The Directors noted that, in some
instances, the fee rates for those clients were lower than the management fee for the Fund and considered that, under the investment
management and administration agreements with the Fund, Amundi US performs additional services for the Fund that it does not provide
to those other clients or services that are broader in scope, including oversight of the Fund’s other service providers and activities
related to compliance and the extensive regulatory and tax regimes to which the Fund is subject. The Directors also considered the entrepreneurial
risks associated with Amundi US’s management of the Fund.
The Directors
concluded that the management fee payable by the Fund to Amundi US was reasonable in relation to the nature and quality of the services
provided by Amundi US.
Profitability
The Directors
considered information provided by Amundi US regarding the profitability of Amundi US with respect to the advisory services provided
by Amundi US to the Fund, including the methodology used by Amundi US in allocating certain of its costs to the management of the Fund.
The Directors also considered Amundi US’s profit margin in connection with the overall operation of the Fund. They further reviewed
the financial results, including the profit margins, realized by Amundi US from non-fund businesses. The Directors considered Amundi
US’s profit margins in comparison to the limited industry data available and noted that the profitability of any adviser was affected
by numerous factors, including its organizational structure and method for allocating expenses. The Directors concluded that Amundi US’s
profitability with respect to the management of the Fund was not unreasonable.
Economies
of Scale
The Directors
considered the extent to which Amundi US may realize economies of scale or other efficiencies in managing and supporting the Fund. Since
the Fund is a closed-end fund that had not raised additional capital in the preceding year, the Directors concluded that economies of
scale were not a relevant consideration in the renewal of the investment advisory agreement.
Other
Benefits
The Directors
considered the other benefits that Amundi US enjoys from its relationship with the Fund. The Directors considered the character and amount
of fees paid or to be paid by the Fund, other than under the
66 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
investment
management agreement, for services provided by Amundi US and its affiliates. The Directors further considered the revenues and profitability
of Amundi US’s businesses other than the Fund business. To the extent applicable, the Directors also considered the benefits to
the Fund and to Amundi US and its affiliates from the use of “soft” commission dollars generated by the Fund to pay for research
and brokerage services.
The Directors
considered that Amundi US is the principal U.S. asset management business of Amundi, which is one of the largest asset managers globally.
Amundi’s worldwide asset management business manages over $2.12 trillion in assets (including the Pioneer Funds). The Directors
considered that Amundi US’s relationship with Amundi creates potential opportunities for Amundi US and Amundi that derive from
Amundi US’s relationships with the Fund, including Amundi’s ability to market the services of Amundi US globally. The Directors
noted that Amundi US has access to additional research and portfolio management capabilities as a result of its relationship with Amundi
and Amundi’s enhanced global presence that may contribute to an increase in the resources available to Amundi US. The Directors
considered that Amundi US and the Fund receive reciprocal intangible benefits from the relationship, including mutual brand recognition
and, for the Fund, direct and indirect access to the resources of a large global asset manager. The Directors concluded that any such
benefits received by Amundi US as a result of its relationship with the Fund were reasonable.
Conclusion
After
consideration of the factors described above as well as other factors, the Directors, including the Independent Directors, concluded
that the investment management agreement for the Fund, including the fees payable thereunder, was fair and reasonable and voted to approve
the proposed renewal of the investment management agreement.
Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21 67
Directors,
Officers and Service Providers
|
|
Directors
|
Officers
|
Thomas
J. Perna, Chairman
|
Lisa
M. Jones, President and
|
John
E. Baumgardner, Jr.
|
Chief
Executive Officer
|
Diane
Durnin
|
Anthony
J. Koenig, Jr., Treasurer
|
Benjamin
M. Friedman
|
and
Chief Financial and
|
Lisa
M. Jones
|
Accounting
Officer
|
Lorraine
H. Monchak
|
Christopher
J. Kelley, Secretary and
|
Craig
C. MacKay
|
Chief
Legal Officer
|
Marguerite
A. Piret
|
|
Fred
J. Ricciardi
|
|
Kenneth
J. Taubes
|
|
Investment
Adviser and Administrator
Amundi
Asset Management US, Inc.
Custodian
and Sub-Administrator
Brown Brothers Harriman & Co.
Legal Counsel
Morgan, Lewis & Bockius LLP
Transfer
Agent
American
Stock Transfer & Trust Company
Proxy
Voting Policies and Procedures of the Fund are available without charge, upon request, by calling our toll free number (1-800-710-0935).
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 www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s
web site at www.sec.gov.
68 Pioneer
High Income Fund, Inc. | Semiannual Report | 9/30/21
How
to Contact Amundi
We
are pleased to offer a variety of convenient ways for you to contact us for assistance or information.
You
can call American Stock Transfer & Trust Company (AST) for:
Account
Information
|
1-800-710-0935
|
|
Or
write to AST:
|
|
For
|
Write
to
|
|
General
inquiries, lost dividend checks,
|
American
Stock
|
change
of address, lost stock certificates,
|
Transfer
& Trust
|
stock
transfer
|
Operations
Center
|
|
6201
15th Ave.
|
|
Brooklyn,
NY 11219
|
|
Dividend
reinvestment plan (DRIP)
|
American
Stock
|
|
Transfer
& Trust
|
|
Wall
Street Station
|
|
P.O.
Box 922
|
|
New
York, NY 10269-0560
|
|
Website
|
www.amstock.com
|
For
additional information, please contact your investment advisor or visit our web site www.amundi.com/us.
The
Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of
each fiscal year as an exhibit to its reports on Form N-PORT. Shareowners may view the filed Form N-PORT by visiting the Commission’s
web site at https://www.sec.gov.
Amundi
Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
©
2021 Amundi Asset Management US, Inc. 19432-15-1121
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 12(a)(1), 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 Directors 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 Directors 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 Directors, 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)).
Mr. Fred J. Ricciardi, an independent Director, 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 Amundi Asset Management US, Inc., 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 CATEGORY
|
SERVICE CATEGORY DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
|
|
|
|
I. AUDIT SERVICES
|
Services that are directly
|
o Accounting research assistance
|
|
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. AUDIT-RELATED
|
Services which are not
|
o AICPA attest and agreed-upon procedures
|
SERVICES
|
prohibited under Rule
|
o Technology control assessments
|
|
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 DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE
|
|
|
SUBCATEGORIES
|
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 DESCRIPTION
|
SPECIFIC PRE-APPROVED SERVICE
|
|
|
SUBCATEGORIES
|
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 DESCRIPTION
|
SPECIFIC PROHIBITED SERVICE
|
|
|
SUBCATEGORIES
|
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 accountants 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 registrants accountant
for services rendered to the registrant, and rendered to the registrants 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 registrants audit committee of the board of Directors
has considered whether the provision of non-audit services that were rendered to the registrants 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 Directors 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 registrant’s 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 of Investments in securities of unaffiliated issuers as of
the close of the reporting period as set forth in 210.1212 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.
N/A
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 registrant’s portfolio (“Portfolio Manager”). Also state each Portfolio Manager’s business experience
during the past 5 years.
N/A
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 registrant’s equity securities that is registered by the registrant pursuant to Section 12 of
the Exchange Act (15 U.S.C. 781).
N/A
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 registrant’s board of directors, where those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-R(17 CFR 229.407)(as required by Item 22(b)(15)) 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 registrant’s board of directors since the registrant last provided disclosure in response to the requirements
of Item 407(c)(2)(iv) of Regulation S-R 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
and principal financials 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 270.30(a)-3(b) and Rules 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 the 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 control over financial
reporting (as defined in Rule 30a-3(d) under the Act (17CFR 270.30a-3(d)) that occured during the second fiscal quarter of the period
covered by this report 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 12. Disclosure of Securities Lending Activities for Closed-End Management
Investment Companies.
(a) If the registrant is a closed-end management investment company, provide
the following dollar amounts of income and compensation related to the securities lending activities of the registrant during its most
recent fiscal year:
N/A
(1) Gross income from securities lending activities;
N/A
(2) All fees and/or compensation for each of the following securities lending
activities and related services: any share of revenue generated by the securities lending program paid to the securities lending agent(s)
(revenue split); fees paid for cash collateral management services (including fees deducted from a pooled cash collateral reinvestment
vehicle) that are not included in the revenue split; administrative fees that are not included in the revenue split; fees for indemnification
that are not included in the revenue split; rebates paid to borrowers; and any other fees relating to the securities lending program that
are not included in the revenue split, including a description of those other fees;
N/A
(3) The aggregate fees/compensation disclosed pursuant to paragraph (2);
and
N/A
(4) Net income from securities lending activities (i.e., the dollar amount
in paragraph (1) minus the dollar amount in paragraph (3)).
If a fee for a service is included in the revenue split, state that the fee
is included in the revenue split.
N/A
(b) If the registrant is a closed-end management investment company, describe
the services provided to the registrant by the securities lending agent in the registrants most recent fiscal year.
N/A
ITEM 13. EXHIBITS.
(a) File the exhibits listed below as part of this Form. Letter or number
the exhibits in the sequence indicated.
(1)
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.
(2)
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:
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 High Income Fund, Inc.
By (Signature and Title)* /s/ Lisa M. Jones
Lisa M. Jones, President and Chief Executive Officer
Date December 3, 2021
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 December 3, 2021
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Treasurer and Chief Financial and Accounting Officer
Date December 3, 2021
* Print the name and title of each signing officer under his or her signature.
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