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)
 
 
Christopher J. Kelley, 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, 2024
Date of reporting period: April 1, 2023 through September 30, 2023
 
 
Form N‑CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e‑1 under the Investment Company Act of 1940 (17 CFR 270.30e‑1). The Commission may use the information provided on Form N‑CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N‑CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N‑CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
 
 
 

ITEM 1. REPORT TO STOCKHOLDERS.

Pioneer High Income Fund, Inc.
Semiannual Report  |  September 30, 2023
 
Ticker Symbol: PHT


visit us: www.amundi.com/us




President’s Letter
Dear Stockholders,
On February 13, 2023, Amundi US celebrated the 95th anniversary of Pioneer Fund, the second-oldest mutual fund in the United States. We recognized the anniversary with ringing of the closing bell at the New York Stock Exchange, which seemed fitting for this special milestone.
Pioneer Fund was launched on February 13, 1928 by Phil Carret, one of the earliest proponents of value investing and a leading innovator in the asset management industry. Mr. Carret began investing in the 1920s and founded Pioneer Investments (now Amundi US) in 1928, and was one of the first investors to realize he could uncover value through rigorous, innovative, fundamental research techniques.
Consistent with Mr. Carret’s investment approach and employing many of the same techniques utilized in the 1920s, Amundi US's portfolio managers have adapted Mr. Carret’s philosophy to a new age of “active” investing.
The last few years have seen investors face some unprecedented challenges, from a global pandemic that shuttered much of the world’s economy for months, to geopolitical strife, to rising inflation that has reached levels not seen in decades. Now, more than ever, Amundi US believes active management – that is, making active investment decisions across all of our portfolios – can help mitigate risk 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 frequently with the management teams of the companies and other entities issuing the securities, and working together to identify those securities that we believe best meet our investment criteria for our family of funds. Our risk management approach begins with each security under consideration, as we strive to develop a deep understanding of the potential opportunity, while considering any potential risk factors.
Today, as stockholders, we have many options. It is our view that active management can serve stockholders 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.
2Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


We greatly appreciate the trust you have placed in us and look forward to continuing to serve you in the future.
Lisa M. Jones
Head of the Americas, President and CEO of US
Amundi Asset Management US, Inc.
November 2023
Any information in this stockholder 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 | 9/30/233


Portfolio Management Discussion  |  9/30/23
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, 2023. Mr. Feltus, a Managing Director and Co-Director of High Yield, and a portfolio manager at Amundi Asset Management US, Inc. (Amundi US), is responsible for the daily management of the Fund, along with Matthew Shulkin, a senior vice president and a portfolio manager at Amundi US, and Kenneth Monaghan, a Managing Director and 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, 2023?
A Pioneer High Income Fund, Inc. returned 5.69% at net asset value (NAV) and 6.26% at market price during the six-month period ended September 30, 2023. During the same six-month period, the Fund’s benchmark, the ICE Bank of America US High Yield Index (the ICE BofA Index), returned 2.17% at NAV. The ICE BofA Index is an unmanaged 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 41 closed end funds in Morningstar’s High Yield Bond Closed End Funds category (which may or may not be leveraged) was 3.45%, while the same closed end fund Morningstar category’s average return at market price was 4.14%.
  The shares of the Fund were selling at a 12.3% discount to NAV on September 30, 2023. Comparatively, the Fund’s shares were selling at a discount to NAV of 12.8% on March 31, 2023.
  On September 30, 2023, the standardized 30-day SEC yield of the Fund’s shares was 9.30%*.
* 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.
4Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Q How would you describe the investment environment for high-yield debt during the six-month period ended September 30, 2023?
A The period opened in the wake of the March 2023 failures of a pair of regional US banks, along with the collapse of European lender Credit Suisse, which raised fears of a financial crisis. The US Federal Reserve System (Fed) followed up by enacting measures to backstop the banking system, while also implementing another modest quarter-point increase to the federal funds rate target range, which brought the target to 4.75% – 5.00%. The Fed’s rate increase was largely well received by financial markets as an indication that any systemic risks from the bank failures had been contained.
  With the unemployment rate hovering around record lows, in April the markets welcomed news of 2% first quarter gross domestic product (GDP) growth, driven by continued consumer strength. While high inflation and the strong labor market resulted in the Fed's Board survey of economic projections (the so-called "dots") indicating a terminal (ending) federal funds rate of 5.6%, markets were encouraged that the central bank was possibly nearing the end of its rate-hiking cycle. (The Fed's Board survey of economic projections is released four times a year and features the Federal Open Market Committee participants' projections for GDP growth, the unemployment rate, inflation, and the appropriate policy interest rate.) Meanwhile, corporate profits posted declines for both the first and second quarters of 2023, but investors embraced the very high percentage of earnings reports that came in above expectations.
  The Fed increased the federal funds target range by 25 basis points (bps) in early May, bringing the range to 5.00% ‒ 5.25%, before taking a pause at its June meeting. On July 26, 2023, the Fed once again raised the federal funds target range by 25 bps, then the Fed took another pause at its September meeting, leaving the range at 5.25% ‒ 5.50% as of period-end. (A basis point is equal to 1/100th of a percentage point.)
  Most asset classes sold off in the third quarter of 2023, most notably in September, as US bond yields rose dramatically, driven by the Fed’s “higher for longer” monetary policy, coupled
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/235


  with the negative impact of higher Treasury issuance and increasing concerns about the US government’s budget deficit. In addition, weaker economic growth in China and Europe weighed on market sentiment. The yield on the 10-year Treasury ended September of 2023 at 4.59%, versus 3.498% six months earlier.
  High-yield corporate bonds posted a modest gain for the six-month period, as reflected in the 2.17% return for the Fund’s benchmark, the ICE BofA Index. High-yield corporates outperformed their more interest rate-sensitive investment-grade counterparts for the six-month period, as investment-grade corporates finished the period in negative territory.
Q What factors affected the Fund’s benchmark-relative performance during the six-month period ended September 30, 2023?
A The Fund carries leveraged exposure to the high-yield corporate bond market, which proved additive to benchmark-relative returns for the period, given the market’s positive performance. With respect to ratings categories, the Fund’s tilt toward lower-quality issues within high-yield corporates benefited benchmark-relative results, as non-rated issues and issues in the “CCC” ratings category outperformed higher-rated “BB” issues, where the portfolio was underweight versus the ICE BofA Index. In sector terms, the portfolio’s positioning in the health care, energy, basic industry, leisure, and consumer goods sectors contributed positively to the Fund’s relative returns, while exposure to the transportation sector was the only material detractor from benchmark-relative performance during the six-month period.
  Finally, the Fund’s relative returns benefited from out-of-benchmark allocations to securitized assets, insurance-linked securities, and floating-rate bank loans, as returns experienced for the portfolio's holdings within those categories exceeded those for the broader high-yield corporate bond market.
6Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Q Did the Fund’s yield, or distributions** to shareholders, change during the six months ended September 30, 2023?
A The Fund’s monthly distribution rate declined slightly over the course of the six-month period, beginning the period at $0.05750 per share, and ending the period at $0.05500 per share.
  The income-generating ability of the portfolio suffered from a couple of developments over the six-month period. First, the rising cost of leverage reduced the amount of funds available for distribution. Second, rising interest rates reduced the prices of the bonds held in the portfolio, which lowered the amount of money the Fund could borrow to invest in the market. (Rates and bond prices tend to move in opposite directions.) That, in turn, had the effect of lowering the earning power of the Fund. 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 stockholders during the period, and these reserves may be depleted over time. A decrease in distributions may have a negative effect on the market value of the Fund's shares.
Q How did the level of leverage in the Fund change during the six-month period ended September 30, 2023?
A The Fund employs leverage through a credit agreement.
  As of September 30, 2023, 32.6% of the Fund’s total managed assets were financed by leverage, or borrowed funds, compared with 32.3% of the Fund’s total managed assets financed by leverage at the start of the six-month period on April 1, 2023.
  During the six-month period, the Fund increased the absolute amount of funds borrowed by a total of $2 million, to $108.5 million as of September 30, 2023. The change in percentage of the Fund's total managed assets financed by leverage during the 6-month reflects the increase in the amount of funds borrowed by the Fund. The interest rate on the Fund's leverage increased by 52 basis points during the period from March 31, 2023 to September 30, 2023.
** Distributions are not guaranteed.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/237


Q Did the Fund have any investments in derivative securities during the six-month period ended September 30, 2023? 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 exchange contracts (currency forwards) and other currency-related derivatives during the period, which had a slight negative effect on benchmark-relative performance. In addition, the Fund’s small position in credit default swaps detracted modestly from relative returns.
Q What is your investment outlook?
A While recent economic data may show signs consistent with a domestic “soft landing,” in which growth slows but remains positive while inflation is brought under control, we are wary of extrapolating the current growth signals too far into the future. Consumer spending has been waning after a summer boost, business sentiment has been softening, and the still-tight US labor market has been cooling. In addition, higher interest rates and tighter lending conditions are just starting to take their toll on businesses. In a “higher for longer” interest-rate environment, businesses may encounter increasing difficulty with regard to carrying higher interest expenses and eventually rolling over maturing loans. We expect economic growth will slow in the coming quarters, and while it may take into early 2024 to know if the economy has a soft or hard landing, we continue to view the odds of a soft landing as relatively low.
  The recent rise in yields has been rapid and significant. Since the Fed’s last rate increase on July 26, 10-year Treasury yields have moved from 3.86% to 4.58%. The rise in long-term Treasury rates is likely not due to higher expected inflation, in our view. Rather, it appears the bond market is currently discounting a “higher for forever” scenario, in which the Fed’s “neutral” rate has increased substantially.
  Should there be a recession, we anticipate some high-yield bond issuers will end up in trouble, leading to increased defaults. However, we do not expect a deep recession, such as during the Global Financial Crisis (GFC) of 2007-2008. In that scenario, we would expect the default rate to stay lower than it was after the GFC. Our view is predicated on the significant weighting of “BB”
8Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


rated issuers in the high-yield universe, strong fundamentals in many sectors such as autos and energy, and the relative strength of many US consumers. In addition, within the below-investment-grade universe, we expect the high-yield bond default rate (as measured by Moody's) might be substantially lower than the default rate for their floating-rate leveraged-loan counterparts.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/239


Please refer to the Schedule of Investments on pages 15  - 38  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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, market disruptions caused by tariffs, trade disputes or other government actions, or adverse investor sentiment. These conditions may continue, recur, worsen or spread.
Until recently, a commonly used reference rate for floating rate securities was LIBOR (London Interbank Offered Rate). Publication of most LIBOR settings has ceased on a representative basis. The impact of the transition from LIBOR on the Fund's transactions and financial markets generally cannot yet be determined.
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 invests 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, social, and political conditions, which could increase volatility. These risks are magnified in emerging markets.
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. A general rise in interest rates could adversely affect the price and liquidity of fixed-income securities. 
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.
10Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


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 stockholders.
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 stockholders 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 stockholder 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 | 9/30/2311


Portfolio Summary  |  9/30/23 
Portfolio Diversification

(As a percentage of total investments)*
+ Amount rounds to less than 0.1%.
10 Largest Holdings

(As a percentage of total investments)*
1. U.S. Treasury Bills, 10/24/23 3.65%
2. ProFrac Holdings II LLC, Term Loan, 12.78% (Term SOFR + 725 bps), 3/4/25 1.26
3. Hercules LLC, 6.50%, 6/30/29 1.25
4. Liberty Mutual Group, Inc., 10.75% (3 Month Term SOFR + 738 bps), 6/15/58 (144A) 1.24
5. Baytex Energy Corp., 8.75%, 4/1/27 (144A) 1.24
6. Hanover Insurance Group, Inc., 7.625%, 10/15/25 1.18
7. Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) 1.17
8. Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) 1.16
9. Tenet Healthcare Corp., 6.125%, 6/15/30 1.09
10. Sprint LLC, 7.125%, 6/15/24 0.95
   
* Excludes short-term 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.
12Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Prices and Distributions  |  9/30/23
Market Value per Share^
  9/30/23 3/31/23
Market Value $6.71 $6.63
Discount (12.29)% (12.76)%
Net Asset Value per Share^
  9/30/23 3/31/23
Net Asset Value $7.65 $7.60
Distributions per Share*: 4/1/23 - 9/30/23
  Net Investment
Income
Short-Term
Capital Gains
Long-Term
Capital Gains
4/1/23 – 9/30/23 $0.3325 $— $—
  9/30/23 3/31/23
30-Day SEC Yield 9.30% 10.57%
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 stockholders 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 | 9/30/2313


Performance Update  |  9/30/23
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 Return
(As of September 30, 2023)
Period Net
Asset
Value
(NAV)
Market
Price
ICE BofA
U.S. High
Yield
Index
10 Years 3.82% 0.44% 4.16%
5 Years 3.62 3.15 2.80
1 Year 15.00 14.77 10.19
Value of $10,000 Investment
Call 1-800-710-0935 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.
14Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Schedule of Investments  |  9/30/23
(unaudited) 
Principal
Amount
USD ($)
          Value
  UNAFFILIATED ISSUERS — 147.8%  
  Senior Secured Floating Rate Loan
Interests — 4.2% of Net Assets*(a)
 
  Auto Parts & Equipment — 0.6%  
1,389,883 First Brands Group LLC, First Lien 2021 Term Loan, 10.881% (Term SOFR + 500 bps), 3/30/27 $  1,375,405
  Total Auto Parts & Equipment   $1,375,405
  Electric-Generation — 0.3%  
735,000 Generation Bridge Northeast LLC, Term Loan B, 9.566% (Term SOFR + 425 bps), 8/22/29 $    735,919
  Total Electric-Generation     $735,919
  Metal Processors & Fabrication — 0.5%  
1,117,822 Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 9.53% (Term SOFR + 400 bps), 10/12/28 $  1,110,836
  Total Metal Processors & Fabrication   $1,110,836
  Oil-Field Services — 1.9%  
4,123,804 ProFrac Holdings II LLC, Term Loan, 12.78% (Term SOFR + 725 bps), 3/4/25 $  4,139,268
  Total Oil-Field Services   $4,139,268
  Physical Practice Management — 0.3%  
937,453 Team Health Holdings, Inc., Extended Term Loan, 10.566% (Term SOFR + 525 bps), 3/2/27 $    716,890
  Total Physical Practice Management     $716,890
  Telecom Services — 0.6%  
1,544,400 Patagonia Holdco LLC, Amendment No.1 Term Loan, 11.117% (Term SOFR + 575 bps), 8/1/29 $  1,359,072
  Total Telecom Services   $1,359,072
  Total Senior Secured Floating Rate Loan Interests
(Cost $9,467,367)
  $9,437,390
Shares            
  Common Stocks — 0.3% of Net Assets  
  Chemicals — 0.0%  
22 LyondellBasell Industries NV, Class A $      2,083
  Total Chemicals       $2,083
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2315


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Shares           Value
  Oil, Gas & Consumable Fuels — 0.0%  
21(b) Amplify Energy Corp. $        154
8,027(b) Petroquest Energy, Inc.         406
  Total Oil, Gas & Consumable Fuels         $560
  Passenger Airlines — 0.3%  
57,203(b)+ Grupo Aeromexico SAB de CV $    738,527
  Total Passenger Airlines     $738,527
  Total Common Stocks
(Cost $1,646,575)
    $741,170
Principal
Amount
USD ($)
           
  Collateralized Mortgage
Obligations—2.4% of Net Assets
 
710,000(a) Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 11.315% (SOFR30A + 600 bps), 10/25/41 (144A) $    714,873
120,000(a) Fannie Mae Connecticut Avenue Securities, Series 2021-R02, Class 2B2, 11.515% (SOFR30A + 620 bps), 11/25/41 (144A)      120,000
430,000(a) Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class B2, 13.115% (SOFR30A + 780 bps), 11/25/41 (144A)      444,437
450,000(a) Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B2, 11.565% (SOFR30A + 625 bps), 9/25/41 (144A)      438,377
610,000(a) Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class B2, 13.815% (SOFR30A + 850 bps), 2/25/42 (144A)      638,018
1,370,000(a) Freddie Mac STACR Trust, Series 2019-DNA3, Class B2, 13.579% (SOFR30A + 826 bps), 7/25/49 (144A)   1,519,194
1,350,000(a) STACR Trust, Series 2018-HRP2, Class B2, 15.929% (SOFR30A + 1,061 bps), 2/25/47 (144A)   1,557,489
  Total Collateralized Mortgage Obligations
(Cost $5,239,672)
  $5,432,388
  Commercial Mortgage-Backed
Securities—3.5% of Net Assets
 
434,000(a) Capital Funding Mortgage Trust, Series 2020-9, Class B, 20.23% (1 Month Term SOFR + 1,490 bps), 11/15/23 (144A) $    429,810
The accompanying notes are an integral part of these financial statements.
16Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Principal
Amount
USD ($)
          Value
  Commercial Mortgage-Backed
Securities—(continued)
 
1,475,000(a) Capital Funding Mortgage Trust, Series 2021-19, Class B, 20.54% (1 Month Term SOFR + 1,521 bps), 11/6/23 (144A) $  1,440,016
1,136,005(c) FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.60%, 10/25/27 (144A)   1,031,080
1,500,000(a) FREMF Mortgage Trust, Series 2019-KS12, Class C, 12.326% (SOFR30A + 701 bps), 8/25/29   1,431,632
284,168(a) FREMF Mortgage Trust, Series 2020-KF74, Class C, 11.676% (SOFR30A + 636 bps), 1/25/27 (144A)      273,898
344,087(a) FREMF Mortgage Trust, Series 2020-KF83, Class C, 14.426% (SOFR30A + 911 bps), 7/25/30 (144A)      324,153
1,169,388(a) Med Trust, Series 2021-MDLN, Class G, 10.696% (1 Month Term SOFR + 536 bps), 11/15/38 (144A)   1,105,099
2,500,000 Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A)   1,743,592
  Total Commercial Mortgage-Backed Securities
(Cost $8,283,984)
  $7,779,280
  Convertible Corporate Bonds —
2.5% of Net Assets
 
  Banks — 0.0%  
IDR1,422,679,000 PT Bakrie & Brothers Tbk, 10/31/23 $      9,389
  Total Banks       $9,389
  Chemicals — 1.8%  
4,000,000(d) Hercules LLC, 6.50%, 6/30/29 $  4,092,291
  Total Chemicals   $4,092,291
  Entertainment — 0.7%  
1,455,000(e) DraftKings Holdings, Inc., 3/15/28 $  1,100,707
449,000 IMAX Corp., 0.50%, 4/1/26     418,693
  Total Entertainment   $1,519,400
  Total Convertible Corporate Bonds
(Cost $4,880,274)
  $5,621,080
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2317


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  Corporate Bonds — 119.7% of Net
Assets
 
  Advertising — 2.6%  
2,090,000 Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) $  1,598,085
2,010,000 Stagwell Global LLC, 5.625%, 8/15/29 (144A)   1,623,075
3,000,000 Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A)   2,690,050
  Total Advertising   $5,911,210
  Aerospace & Defense — 1.9%  
2,150,000 Bombardier, Inc., 6.00%, 2/15/28 (144A) $  1,950,472
960,000 Bombardier, Inc., 7.125%, 6/15/26 (144A)      930,105
740,000 Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A)      753,050
740,000 Triumph Group, Inc., 9.00%, 3/15/28 (144A)     731,716
  Total Aerospace & Defense   $4,365,343
  Agriculture — 1.0%  
2,795,000 Frigorifico Concepcion SA, 7.70%, 7/21/28 (144A) $  2,310,067
  Total Agriculture   $2,310,067
  Airlines — 5.4%  
420,000 Allegiant Travel Co., 7.25%, 8/15/27 (144A) $    395,325
355,000 Delta Air Lines, Inc., 7.375%, 1/15/26      359,280
3,255,000 Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A)   3,048,307
330,000 Latam Airlines Group SA, 13.375%, 10/15/29 (144A)      362,865
1,035,000 Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27 (144A)   1,025,479
2,460,000 Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A)   2,477,909
EUR1,600,000 Transportes Aereos Portugueses SA, 5.625%, 12/2/24 (144A)   1,666,254
1,705,000 VistaJet Malta Finance Plc/Vista Management Holding, Inc., 7.875%, 5/1/27 (144A)   1,468,431
1,470,000 VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 6/1/28 (144A)   1,290,530
  Total Airlines $12,094,380
The accompanying notes are an integral part of these financial statements.
18Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Principal
Amount
USD ($)
          Value
  Apparel — 0.4%  
870,000 Hanesbrands, Inc., 9.00%, 2/15/31 (144A) $    829,237
  Total Apparel     $829,237
  Auto Parts & Equipment — 1.6%  
1,285,000 Adient Global Holdings, Ltd., 8.25%, 4/15/31 (144A) $  1,286,822
2,460,000 Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A)   2,306,250
  Total Auto Parts & Equipment   $3,593,072
  Banks — 3.2%  
600,000(c)(f) Bank of America Corp., 6.50% (3 Month Term SOFR + 444 bps) $    596,165
1,931,000 Freedom Mortgage Corp., 8.125%, 11/15/24 (144A)   1,931,172
1,680,000 Freedom Mortgage Corp., 8.25%, 4/15/25 (144A)   1,680,346
1,175,000 Freedom Mortgage Corp., 12.25%, 10/1/30 (144A)   1,201,026
675,000(c)(f) Intesa Sanpaolo S.p.A., 7.70% (5 Year USD Swap Rate + 546 bps) (144A)      632,851
1,240,000(c) Toronto-Dominion Bank, 8.125% (5 Year CMT Index + 408 bps), 10/31/82   1,233,619
  Total Banks   $7,275,179
  Biotechnology — 0.3%  
EUR745,000 Cidron Aida Finco S.a.r.l., 5.00%, 4/1/28 (144A) $    711,312
  Total Biotechnology     $711,312
  Building Materials — 2.3%  
2,350,000(g) AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (144A) $  2,323,562
2,211,000 Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A)   1,676,146
1,140,000 Knife River Corp., 7.75%, 5/1/31 (144A)   1,142,326
  Total Building Materials   $5,142,034
  Chemicals — 8.2%  
1,355,000 LSF11 A5 HoldCo LLC, 6.625%, 10/15/29 (144A) $  1,126,547
EUR885,000 Lune Holdings S.a.r.l., 5.625%, 11/15/28 (144A)      770,772
2,250,000 LYB Finance Co. BV, 8.10%, 3/15/27 (144A)   2,385,735
2,831,000 Mativ Holdings, Inc., 6.875%, 10/1/26 (144A)   2,583,288
470,000 Olin Corp., 9.50%, 6/1/25 (144A)      487,570
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2319


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  Chemicals — (continued)  
EUR1,355,000 Olympus Water US Holding Corp., 9.625%, 11/15/28 (144A) $  1,428,912
2,320,000 Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A)   2,314,985
2,175,000 Rain Carbon, Inc., 12.25%, 9/1/29 (144A)   2,281,031
2,500,000 SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A)   2,284,297
EUR1,005,000 SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A)   1,082,072
2,000,000 Tronox, Inc., 4.625%, 3/15/29 (144A)   1,614,012
  Total Chemicals $18,359,221
  Commercial Services — 6.6%  
1,645,000 Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29 (144A) $  1,226,327
1,905,000 Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A)   1,703,859
790,000(h) Atento Luxco 1 SA, 8.00%, 2/10/26 (144A)          316
2,116,000 Garda World Security Corp., 6.00%, 6/1/29 (144A)   1,730,652
2,059,000 Garda World Security Corp., 9.50%, 11/1/27 (144A)   1,968,643
319,000 Herc Holdings, Inc., 5.50%, 7/15/27 (144A)      301,664
1,470,000 Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A)   1,330,809
915,000 NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A)      802,913
4,155,000 Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A)   3,848,230
1,093,000 Sotheby's, 7.375%, 10/15/27 (144A)   1,006,017
862,000 Verscend Escrow Corp., 9.75%, 8/15/26 (144A)     862,150
  Total Commercial Services $14,781,580
  Computers — 0.4%  
980,000 NCR Corp., 5.00%, 10/1/28 (144A) $    877,195
  Total Computers     $877,195
  Distribution/Wholesale — 1.1%  
1,105,000 Ritchie Bros Holdings, Inc., 7.75%, 3/15/31 (144A) $  1,121,575
1,325,000 Windsor Holdings III LLC, 8.50%, 6/15/30 (144A)   1,307,105
  Total Distribution/Wholesale   $2,428,680
The accompanying notes are an integral part of these financial statements.
20Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Principal
Amount
USD ($)
          Value
  Diversified Financial Services — 11.6%  
3,500,000(c)(f) Air Lease Corp., 4.125% (5 Year CMT Index + 315 bps) $  2,603,304
2,150,000 ASG Finance Designated Activity Co., 7.875%, 12/3/24 (144A)   2,077,545
1,291,551(i) Avation Capital SA, 8.25% (9.00% PIK or 8.25% Cash), 10/31/26 (144A)   1,104,276
4,055,000 Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A)   3,797,341
140,000(h) Credito Real SAB de CV SOFOM ER, 8.00%, 1/21/28 (144A)       14,700
1,500,000(h) Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/26 (144A)      157,500
EUR480,000 Garfunkelux Holdco 3 SA, 6.75%, 11/1/25 (144A)      388,856
GBP820,000 Garfunkelux Holdco 3 SA, 7.75%, 11/1/25 (144A)      753,779
350,000 GGAM Finance, Ltd., 7.75%, 5/15/26 (144A)      345,625
1,805,000 GGAM Finance, Ltd., 8.00%, 6/15/28 (144A)   1,796,733
2,225,479(i) Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A)   2,119,769
2,900,000 Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 8/15/28 (144A)   2,441,818
845,000 Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27 (144A)      798,459
1,445,000 OneMain Finance Corp., 9.00%, 1/15/29   1,440,333
755,000 PHH Mortgage Corp., 7.875%, 3/15/26 (144A)      671,950
3,415,000 Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A)   3,039,350
1,051,000 United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A)      888,095
1,860,000 United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A)   1,683,486
  Total Diversified Financial Services $26,122,919
  Electric — 1.3%  
825,000 Cemig Geracao e Transmissao SA, 9.25%, 12/5/24 (144A) $    828,218
676,000 NRG Energy, Inc., 6.625%, 1/15/27      662,177
281,461 NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25 (144A)      280,054
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2321


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  Electric — (continued)  
1,045,000 Talen Energy Supply LLC, 8.625%, 6/1/30 (144A) $  1,071,231
6,000 Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A)       5,690
  Total Electric   $2,847,370
  Electrical Components & Equipments — 1.7%  
2,600,000 Energizer Holdings, Inc., 6.50%, 12/31/27 (144A) $  2,447,146
750,000 WESCO Distribution, Inc., 7.125%, 6/15/25 (144A)      751,771
520,000 WESCO Distribution, Inc., 7.25%, 6/15/28 (144A)     522,523
  Total Electrical Components & Equipments   $3,721,440
  Energy-Alternate Sources — 0.1%  
204,804(i) SCC Power Plc, 4.00% (4.00% PIK or 4.00% Cash), 5/17/32 (144A) $     23,757
378,100(i) SCC Power Plc, 8.00% (4.00% PIK or 4.00% Cash or 8.00% Cash), 12/31/28 (144A)     145,191
  Total Energy-Alternate Sources     $168,948
  Entertainment — 3.4%  
395,000 International Game Technology Plc, 6.25%, 1/15/27 (144A) $    386,631
208,000 International Game Technology Plc, 6.50%, 2/15/25 (144A)      207,706
1,910,000 Light & Wonder International, Inc., 7.00%, 5/15/28 (144A)   1,877,358
1,910,000 Light & Wonder International, Inc., 7.25%, 11/15/29 (144A)   1,871,800
EUR755,000 Lottomatica S.p.A., 9.75%, 9/30/27 (144A)      858,699
EUR730,000 Lottomatica S.p.A./Roma, 7.125%, 6/1/28 (144A)      787,228
1,880,000 Mohegan Tribal Gaming Authority, 8.00%, 2/1/26 (144A)   1,729,976
  Total Entertainment   $7,719,398
  Environmental Control — 0.4%  
766,000 Tervita Corp., 11.00%, 12/1/25 (144A) $    800,826
  Total Environmental Control     $800,826
The accompanying notes are an integral part of these financial statements.
22Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Principal
Amount
USD ($)
          Value
  Food — 0.7%  
531,000 Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 7.50%, 3/15/26 (144A) $    538,351
1,043,000 FAGE International SA/FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A)   1,009,113
  Total Food   $1,547,464
  Healthcare-Services — 4.8%  
975,000 Auna SAA, 6.50%, 11/20/25 (144A) $    897,157
580,000 CHS/Community Health Systems, Inc., 5.625%, 3/15/27 (144A)      497,474
265,000 CHS/Community Health Systems, Inc., 6.00%, 1/15/29 (144A)      214,009
385,000 LifePoint Health, Inc., 5.375%, 1/15/29 (144A)      268,777
2,640,000 Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A)   2,441,023
1,406,000 Surgery Center Holdings, Inc., 10.00%, 4/15/27 (144A)   1,421,818
3,800,000 Tenet Healthcare Corp., 6.125%, 6/15/30   3,562,687
1,645,000 US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A)   1,414,700
  Total Healthcare-Services $10,717,645
  Home Builders — 0.7%  
475,000 Beazer Homes USA, Inc., 6.75%, 3/15/25 $    474,406
1,155,000 Beazer Homes USA, Inc., 7.25%, 10/15/29   1,083,761
  Total Home Builders   $1,558,167
  Household Products/Wares — 0.7%  
2,050,000 Spectrum Brands, Inc., 3.875%, 3/15/31 (144A) $  1,663,206
  Total Household Products/Wares   $1,663,206
  Insurance — 5.5%  
3,800,000 Hanover Insurance Group, Inc., 7.625%, 10/15/25 $  3,858,286
3,075,000(c) Liberty Mutual Group, Inc., 10.75% (3 Month Term SOFR + 738 bps), 6/15/58 (144A)   4,079,826
3,000,000 Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A)   2,935,070
1,100,000 MetLife, Inc., 10.75%, 8/1/39   1,406,080
  Total Insurance $12,279,262
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2323


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  Internet — 0.1%  
205,000 Expedia Group, Inc., 6.25%, 5/1/25 (144A) $    205,337
  Total Internet     $205,337
  Iron & Steel — 1.7%  
1,855,000 Carpenter Technology Corp., 7.625%, 3/15/30 $  1,857,319
2,235,000 TMS International Corp., 6.25%, 4/15/29 (144A)   1,848,355
  Total Iron & Steel   $3,705,674
  Leisure Time — 4.5%  
215,000 Carnival Corp., 7.625%, 3/1/26 (144A) $    209,149
EUR280,000 Carnival Corp., 7.625%, 3/1/26 (144A)      290,565
235,000 Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A)      251,983
EUR731,000 Carnival Plc, 1.00%, 10/28/29      490,373
1,295,000 NCL Corp., Ltd., 5.875%, 3/15/26 (144A)   1,195,600
2,435,000 NCL Corp., Ltd., 7.75%, 2/15/29 (144A)   2,259,990
360,000 NCL Finance, Ltd., 6.125%, 3/15/28 (144A)      317,700
745,000 Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A)      683,159
134,000 Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25 (144A)      141,453
1,360,000 Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27 (144A)   1,475,461
2,790,000 Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)   2,730,713
  Total Leisure Time $10,046,146
  Lodging — 0.3%  
725,000 Travel + Leisure Co., 6.625%, 7/31/26 (144A) $    705,425
  Total Lodging     $705,425
  Media — 3.7%  
2,500,000 CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32 (144A) $  2,000,000
118,000 Cengage Learning, Inc., 9.50%, 6/15/24 (144A)      118,098
2,200,000 CSC Holdings LLC, 4.625%, 12/1/30 (144A)   1,169,637
1,925,000 CSC Holdings LLC, 5.00%, 11/15/31 (144A)   1,031,754
1,057,000 Gray Television, Inc., 7.00%, 5/15/27 (144A)      909,020
3,530,000 McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A)   3,062,275
  Total Media   $8,290,784
The accompanying notes are an integral part of these financial statements.
24Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Principal
Amount
USD ($)
          Value
  Metal Fabricate/Hardware — 0.5%  
1,185,000 Park-Ohio Industries, Inc., 6.625%, 4/15/27 $  1,027,987
  Total Metal Fabricate/Hardware   $1,027,987
  Mining — 2.6%  
1,665,000 Coeur Mining, Inc., 5.125%, 2/15/29 (144A) $  1,428,674
375,000 First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A)      364,007
705,000 First Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A)      676,361
2,840,000 First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A)   2,826,316
692,000 Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A)     640,276
  Total Mining   $5,935,634
  Miscellaneous Manufacturing — 1.3%  
2,880,000 Trinity Industries, Inc., 7.75%, 7/15/28 (144A) $  2,898,000
  Total Miscellaneous Manufacturing   $2,898,000
  Oil & Gas — 16.4%  
2,430,000 Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) $  2,410,827
1,105,000 Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29 (144A)      993,632
2,140,000 Baytex Energy Corp., 8.50%, 4/30/30 (144A)   2,165,310
4,000,000 Baytex Energy Corp., 8.75%, 4/1/27 (144A)   4,062,501
180,000 Cenovus Energy, Inc., 6.75%, 11/15/39      179,562
925,000 CITGO Petroleum Corp., 8.375%, 1/15/29 (144A)      923,798
1,225,000 Civitas Resources, Inc., 8.375%, 7/1/28 (144A)   1,246,437
1,225,000 Civitas Resources, Inc., 8.75%, 7/1/31 (144A)   1,251,300
830,000 Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31 (144A)      730,237
833,000 International Petroleum Corp., 7.25%, 2/1/27 (144A)      778,022
870,000 Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A)      801,805
1,010,000 MEG Energy Corp., 5.875%, 2/1/29 (144A)      943,214
1,535,000 MEG Energy Corp., 7.125%, 2/1/27 (144A)   1,556,269
1,280,000 Murphy Oil Corp., 6.375%, 7/15/28   1,258,200
1,109,000 Nabors Industries, Ltd., 7.50%, 1/15/28 (144A)   1,025,257
2,000,000 Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A)   1,981,000
2,010,000 Occidental Petroleum Corp., 4.40%, 4/15/46   1,475,119
692,000 Petroleos Mexicanos, 6.70%, 2/16/32      513,581
579,000 Precision Drilling Corp., 6.875%, 1/15/29 (144A)      548,430
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2325


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  Oil & Gas — (continued)  
1,065,000 Seadrill Finance, Ltd., 8.375%, 8/1/30 (144A) $  1,084,298
2,269,000 Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A)   2,313,359
1,015,000 Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A)   1,015,000
2,265,000(g) Shelf Drilling Holdings, Ltd., 9.625%, 4/15/29 (144A)   2,241,528
885,000 Southwestern Energy Co., 4.75%, 2/1/32      759,585
285,000 Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A)      289,987
2,075,000 Tullow Oil Plc, 10.25%, 5/15/26 (144A)   1,803,175
1,705,000 Valaris, Ltd., 8.375%, 4/30/30 (144A)   1,706,279
1,000,000 YPF SA, 6.95%, 7/21/27 (144A)     802,264
  Total Oil & Gas $36,859,976
  Oil & Gas Services — 2.2%  
385,000 Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 4/1/28 (144A) $    358,444
2,583,000 Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A)   2,498,645
1,445,000 Enerflex, Ltd., 9.00%, 10/15/27 (144A)   1,426,938
703,000 USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27     681,525
  Total Oil & Gas Services   $4,965,552
  Packaging & Containers — 0.6%  
1,355,000 Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A) $  1,324,512
  Total Packaging & Containers   $1,324,512
  Pharmaceuticals — 2.5%  
2,750,000 Owens & Minor, Inc., 6.625%, 4/1/30 (144A) $  2,440,859
2,365,000 P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A)   1,726,450
579,000 Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A)      411,090
1,095,000 Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/29   1,109,305
1,300,000 Tricida, Inc., 3.50%, 5/15/27           —
1,300,000 Tricida, Inc., 3.50%, 5/15/27          —
  Total Pharmaceuticals   $5,687,704
  Pipelines — 7.1%  
1,737,466 Acu Petroleo Luxembourg S.a.r.l., 7.50%, 1/13/32 (144A) $  1,588,535
The accompanying notes are an integral part of these financial statements.
26Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Principal
Amount
USD ($)
          Value
  Pipelines — (continued)  
910,000 DCP Midstream Operating LP, 5.60%, 4/1/44 $    803,039
1,210,000 Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 5/15/25   1,185,885
1,060,000 Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A)      968,382
1,524,000(a) Energy Transfer LP, 8.651% (3 Month Term SOFR + 328 bps), 11/1/66   1,260,653
1,965,000(c)(f) Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps)   1,694,166
248,000 EnLink Midstream Partners LP, 5.05%, 4/1/45      186,235
270,000 EnLink Midstream Partners LP, 5.45%, 6/1/47      210,959
717,000 EnLink Midstream Partners LP, 5.60%, 4/1/44      595,110
770,000 Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27      742,233
421,000 Global Partners LP/GLP Finance Corp., 7.00%, 8/1/27      410,261
1,515,000 Harvest Midstream I LP, 7.50%, 9/1/28 (144A)   1,464,447
1,150,000 NuStar Logistics LP, 6.375%, 10/1/30   1,089,349
720,000 Venture Global LNG, Inc., 8.125%, 6/1/28 (144A)      712,903
1,355,000 Venture Global LNG, Inc., 8.375%, 6/1/31 (144A)   1,332,049
1,801,000 Williams Cos., Inc., 5.75%, 6/24/44   1,632,749
  Total Pipelines $15,876,955
  REITs — 1.4%  
2,275,000 MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31 $  1,420,669
230,000 Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A)      146,050
1,555,000 Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A)   1,523,049
  Total REITs   $3,089,768
  Retail — 0.3%  
798,000 Staples, Inc., 7.50%, 4/15/26 (144A) $    656,230
  Total Retail     $656,230
  Software — 0.8%  
2,245,000 AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A) $  1,877,959
  Total Software   $1,877,959
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2327


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  Telecommunications — 4.7%  
1,495,000 Altice France Holding SA, 6.00%, 2/15/28 (144A) $    739,167
1,169,000 Altice France Holding SA, 10.50%, 5/15/27 (144A)      729,083
270,000 Altice France SA, 5.125%, 1/15/29 (144A)      191,977
1,934,000 CommScope Technologies LLC, 6.00%, 6/15/25 (144A)   1,841,077
1,910,000 CommScope, Inc., 4.75%, 9/1/29 (144A)   1,404,890
119,296(h) Digicel International Finance Ltd/Digicel international Holdings, Ltd., 8.00%, 12/31/26 (144A)        5,368
3,080,000 Sprint LLC, 7.125%, 6/15/24   3,098,736
41,000 Sprint LLC, 7.625%, 3/1/26       42,137
3,135,000 Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A)   2,491,588
  Total Telecommunications $10,544,023
  Transportation — 2.8%  
2,640,000 Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) $  2,002,466
1,375,000 Danaos Corp., 8.50%, 3/1/28 (144A)   1,390,423
1,225,000 Rand Parent LLC, 8.50%, 2/15/30 (144A)   1,133,249
820,000 Seaspan Corp., 5.50%, 8/1/29 (144A)      657,972
1,240,000 Watco Cos. LLC/Watco Finance Corp., 6.50%, 6/15/27 (144A)   1,177,628
3,305,000(h) Western Global Airlines LLC, 10.375%, 8/15/25 (144A)       4,131
  Total Transportation   $6,365,869
  Trucking & Leasing — 0.3%  
690,000 Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/1/27 (144A) $    713,695
  Total Trucking & Leasing     $713,695
  Total Corporate Bonds
(Cost $286,909,963)
$268,602,385
The accompanying notes are an integral part of these financial statements.
28Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Shares           Value
  Convertible Preferred Stock — 0.4%
of Net Assets
 
  Banks — 0.4%  
752(f) Wells Fargo & Co., 7.50% $    838,480
  Total Banks     $838,480
  Total Convertible Preferred Stock
(Cost $950,539)
    $838,480
  Preferred Stock — 1.4% of Net Assets  
  Capital Markets — 0.0%  
2,144 B Riley Financial, Inc., 6.75%, 5/31/24 $     53,064
  Total Capital Markets      $53,064
  Financial Services — 1.4%  
3,000(c)(f) Compeer Financial ACA, 10.206% (3 Month USD LIBOR + 484 bps) (144A) $  3,014,753
  Total Financial Services   $3,014,753
  Internet — 0.0%  
129,055 MYT Holding LLC, 10.00%, 6/6/29 $     61,301
  Total Internet      $61,301
  Total Preferred Stock
(Cost $3,288,282)
  $3,129,118
  Right/Warrant — 0.0% of Net Assets  
  Trading Companies & Distributors — 0.0%  
GBP21,700(b) Avation Plc, 1/1/59 $     13,238
  Total Trading Companies & Distributors      $13,238
  Total Right/Warrant
(Cost $—)
     $13,238
Principal
Amount
USD ($)
           
  Insurance-Linked Securities — 6.2%
of Net Assets#
 
  Event Linked Bonds — 0.7%  
  Flood – U.S. — 0.3%  
250,000(a) FloodSmart Re, 17.276%, (3 Month U.S. Treasury Bill + 1,183 bps), 2/25/25 (144A) $    239,125
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2329


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  Flood – U.S. — (continued)  
250,000(a) FloodSmart Re, 19.026%, (3 Month U.S. Treasury Bill + 1,358 bps), 3/1/24 (144A) $    249,525
250,000(a) FloodSmart Re, 21.696%, (1 Month U.S. Treasury Bill + 1,625 bps), 3/11/26 (144A)     258,425
                $747,075
  Multiperil – U.S. — 0.3%  
250,000(a) Matterhorn Re, 10.595%, (SOFR + 525 bps), 3/24/25 (144A) $    243,600
250,000(a) Matterhorn Re, 13.095%, (SOFR + 775 bps), 3/24/25 (144A)      246,500
250,000(a) Residential Re 2021-2, 17.356%, (3 Month U.S. Treasury Bill + 1,191 bps), 12/6/25 (144A)     239,750
                $729,850
  Windstorm – U.S. — 0.1%  
250,000(a) Bonanza Re, 13.696%, (3 Month U.S. Treasury Bill + 825 bps), 1/8/26 (144A) $    251,375
  Total Event Linked Bonds   $1,728,300
Face
Amount
USD ($)
           
  Collateralized Reinsurance — 0.4%  
  Multiperil – Massachusetts — 0.2%  
350,000(b)(j)+ Portsalon Re 2022, 5/31/28 $    320,922
  Multiperil – U.S. — 0.1%  
250,000(b)(j)+ Ballybunion Re 2023, 12/31/28 $    271,038
  Multiperil – Worldwide — 0.1%  
250,000(b)(j)+ Amaranth Re 2023, 12/31/28 $    248,859
500,000(b)(j)+ Cypress Re 2017, 1/31/24           50
54,000(j)+ Limestone Re 2019-2B, 10/1/23 (144A)         457
                $249,366
  Total Collateralized Reinsurance     $841,326
  Reinsurance Sidecars — 5.1%  
  Multiperil – U.S. — 0.0%  
500,000(b)(k)+ Harambee Re 2018, 12/31/24 $         —
600,000(k)+ Harambee Re 2019, 12/31/24         720
                    $720
The accompanying notes are an integral part of these financial statements.
30Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Face
Amount
USD ($)
          Value
  Multiperil – Worldwide — 5.1%  
40,466(b)(k)+ Alturas Re 2022-2, 12/31/27 $      9,218
1,000,000(b)(j)+ Bantry Re 2022, 12/31/27      116,861
1,500,000(b)(j)+ Bantry Re 2023, 12/31/28   1,740,527
834,446(b)(j)+ Berwick Re 2019-1, 12/31/24      133,094
1,000,000(b)(j)+ Berwick Re 2022, 12/31/27       19,279
1,000,000(b)(j)+ Berwick Re 2023, 12/31/28   1,090,226
500,000(b)(j)+ Eccleston Re 2023, 11/30/28      585,183
750,000(b)(j)+ Gleneagles Re 2022, 12/31/27      370,743
1,063,659(b)(j)+ Gullane Re 2023, 12/31/28   1,256,103
499,318(b)(k)+ Lorenz Re 2019, 6/30/24        5,892
500,000(j)+ Merion Re 2018-2, 12/31/24       24,992
1,000,000(b)(j)+ Merion Re 2022-2, 12/31/27      948,112
1,250,000(b)(j)+ Pangaea Re 2023-1, 12/31/28   1,462,957
350,000(b)(j)+ Pangaea Re 2023-3, 5/31/29      378,006
20,000(b)(j)+ Sector Re V, 12/1/24 (144A)       34,920
30,000(a)(j)+ Sector Re V, 12/1/26 (144A)      140,076
1,000,000(b)(j)+ Sector Re V, 12/1/27 (144A)   1,209,000
250,000(j)+ Sussex Re 2020-1, 12/31/24           —
1,500,000(k)+ Thopas Re 2022, 12/31/27           —
1,596,147(b)(k)+ Thopas Re 2023, 12/31/28   1,895,744
253,645(b)(j)+ Woburn Re 2018, 12/31/24        5,031
244,914(b)(j)+ Woburn Re 2019, 12/31/24      42,390
             $11,468,354
  Total Reinsurance Sidecars $11,469,074
  Total Insurance-Linked Securities
(Cost $12,423,206)
$14,038,700
Principal
Amount
USD ($)
           
  Foreign Government Bond — 0.1% of
Net Assets
 
  Russia — 0.1%  
220,400(h)(l) Russian Government International Bond, 7.500%, 3/31/30 $    143,322
  Total Russia     $143,322
  Total Foreign Government Bond
(Cost $181,543)
    $143,322
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2331


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Principal
Amount
USD ($)
          Value
  U.S. Government and Agency
Obligations — 5.3% of Net Assets
 
12,000,000(e) U.S. Treasury Bills, 10/24/23 $ 11,961,307
  Total U.S. Government and Agency Obligations
(Cost $11,959,536)
$11,961,307
Shares            
  SHORT TERM INVESTMENTS — 1.8% of Net
Assets
 
  Open-End Fund — 1.8%  
3,956,867(m) Dreyfus Government Cash Management,
Institutional Shares, 5.22%
$  3,956,867
              $3,956,867
  TOTAL SHORT TERM INVESTMENTS
(Cost $3,956,867)
  $3,956,867
Number of
Contracts
Description Counterparty Amount Strike
Price
Expiration
Date
 
  Over The Counter (OTC) Currency Put Option Purchased — 0.0%  
3,150,000 Put EUR Call USD Citibank NA EUR 66,331 EUR 1.02 11/28/23 $4,477
  Total Over The Counter (OTC) Currency Put Option Purchased
(Premiums paid $ 66,331)
$4,477
  TOTAL OPTIONS PURCHASED
(Premiums paid $ 66,331)
$4,477
  TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 147.8%
(Cost $349,254,139)
$331,699,202
  Over The Counter (OTC) Currency Call Option Written — (0.0)%  
3,150,000 Call EUR Put USD Citibank NA EUR 66,331 EUR 1.10 11/28/23 $(3,573)
  Total Over The Counter (OTC) Currency Call Option Written
(Premiums received $66,331)
$(3,573)
  OTHER ASSETS AND LIABILITIES — (47.8)% $(107,229,819)
  net assets — 100.0% $224,465,810
             
bps Basis Points.
CMT Constant Maturity Treasury Index.
FREMF Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
LIBOR London Interbank Offered Rate.
The accompanying notes are an integral part of these financial statements.
32Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


SOFR Secured Overnight Financing Rate.
SOFR30A Secured Overnight Financing Rate 30 Day Average.
(144A) The resale of such security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers. At September 30, 2023, the value of these securities amounted to $245,505,092, or 109.4% of net assets.
(a) Floating rate note. Coupon rate, reference index and spread shown at September 30, 2023.
(b) Non-income producing security.
(c) The interest rate is subject to change periodically. The interest rate and/or reference index and spread shown at September 30, 2023.
(d) Security is priced as a unit.
(e) Security issued with a zero coupon. Income is recognized through accretion of discount.
(f) Security is perpetual in nature and has no stated maturity date.
(g) Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
(h) Security is in default.
(i) Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount.
(j) Issued as participation notes.
(k) Issued as preference shares.
(l) 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, 2023.
(m) Rate periodically changes. Rate disclosed is the 7-day yield at September 30, 2023.
* Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined 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 or SOFR, (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, 2023.
+ Security is valued using significant unobservable inputs (Level 3).
Amount rounds to less than 0.1%.
# Securities are restricted as to resale.
Restricted Securities Acquisition date Cost Value
Alturas Re 2022-2 4/11/2023 $5,098 $9,218
Amaranth Re 2023 1/27/2023 208,962 248,859
Ballybunion Re 2023 3/20/2023 250,000 271,038
Bantry Re 2022 1/28/2022 74,179 116,861
Bantry Re 2023 1/12/2023 1,500,000 1,740,527
Berwick Re 2019-1 12/31/2018 99,709 133,094
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2333


Schedule of Investments  |  9/30/23
(unaudited) (continued)
Restricted Securities Acquisition date Cost Value
Berwick Re 2022 12/28/2021 $17,879 $19,279
Berwick Re 2023 2/1/2023 921,704 1,090,226
Bonanza Re 1/6/2023 250,000 251,375
Cypress Re 2017 1/24/2017 1,681 50
Eccleston Re 2023 7/13/2023 500,000 585,183
FloodSmart Re 2/8/2022 249,209 249,525
FloodSmart Re 2/14/2022 250,000 239,125
FloodSmart Re 2/23/2023 250,000 258,425
Gleneagles Re 2022 1/18/2022 347,305 370,743
Gullane Re 2023 1/20/2023 1,063,659 1,256,103
Harambee Re 2018 12/19/2017 10,612
Harambee Re 2019 12/20/2018 720
Limestone Re 2019-2B 6/20/2018 359 457
Lorenz Re 2019 6/26/2019 83,093 5,892
Matterhorn Re 3/10/2022 250,000 243,600
Matterhorn Re 3/10/2022 250,000 246,500
Merion Re 2018-2 12/28/2017 24,992
Merion Re 2022-2 2/22/2022 1,000,000 948,112
Pangaea Re 2023-1 1/23/2023 1,250,000 1,462,957
Pangaea Re 2023-3 7/5/2023 350,000 378,006
Portsalon Re 2022 7/15/2022 283,022 320,922
Residential Re 2021-2 10/28/2021 250,000 239,750
Sector Re V 1/1/2020 472 34,920
Sector Re V 12/6/2021 140,076
Sector Re V 12/30/2022 1,000,000 1,209,000
Sussex Re 2020-1 1/23/2020
Thopas Re 2022 2/7/2022
Thopas Re 2023 2/15/2023 1,596,147 1,895,744
Woburn Re 2018 3/20/2018 76,185 5,031
Woburn Re 2019 1/30/2019 33,931 42,390
Total Restricted Securities     $14,038,700
% of Net assets     6.3%
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency
Purchased
In
Exchange for
Currency
Sold
Deliver Counterparty Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR 297,000 USD 323,189 Brown Brothers Harriman & Co. 11/21/23 $(8,471)
USD 743,562 GBP 605,000 Brown Brothers Harriman & Co. 12/14/23 5,009
The accompanying notes are an integral part of these financial statements.
34Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Currency
Purchased
In
Exchange for
Currency
Sold
Deliver Counterparty Settlement
Date
Unrealized
Appreciation
(Depreciation)
EUR 5,000,000 USD 5,311,499 HSBC Bank USA NA 12/18/23 $(4,832)
USD 5,974,308 EUR 5,332,500 State Street Bank & Trust Co. 10/24/23 330,552
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS $322,258
SWAP CONTRACTS
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION
Notional
Amount ($)(1)
Counterparty Reference
Obligation
/Index
Pay/
Receive(2)
Annual
Fixed Rate
Expiration
Date
Premiums
(Received)
Unrealized
Appreciation
(Depreciation)
Market
Value
988,000 JPMorgan Chase Bank NA United Airlines Holdings, Inc. Receive 5.00% 6/20/27 $(68,322) $79,730 $11,407
329,000 JPMorgan Chase Bank NA United Airlines Holdings, Inc. Receive 5.00% 6/20/27 (25,926) 29,724 3,799
433,000 JPMorgan Chase Bank NA United Airlines Holdings, Inc. Receive 5.00% 6/20/27 (34,140) 39,139 4,999
TOTAL OVER THE COUNTER (OTC) CREDIT
DEFAULT SWAP CONTRACTS – SELL PROTECTION
$(128,388) $148,593 $20,205
TOTAL SWAP CONTRACTS   $(128,388) $148,593 $20,205
   
(1) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event.
(2) Receives quarterly.
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
EUR — Euro
GBP — Great British Pound
IDR — Indonesian Rupiah
USD — United States Dollar
Purchases and sales of securities (excluding short-term investments) for the six months ended September 30, 2023, aggregated $53,406,668 and $55,210,956, respectively.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2335


Schedule of Investments  |  9/30/23
(unaudited) (continued)
At September 30, 2023, the net unrealized depreciation on investments based on cost for federal tax purposes of $350,420,875 was as follows:
Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $9,314,930
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (27,697,713)
Net unrealized depreciation $(18,382,783)
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 Adviser's own assumptions in determining fair value of investments). See Notes to Financial Statements — Note 1A.
The following is a summary of the inputs used as of September 30, 2023, in valuing the Fund's investments:
  Level 1 Level 2 Level 3 Total
Senior Secured Floating Rate Loan Interests $ $9,437,390 $ $9,437,390
Common Stocks        
Chemicals 2,083 2,083
Oil, Gas & Consumable Fuels 154 406 560
Passenger Airlines 738,527 738,527
Collateralized Mortgage Obligations 5,432,388 5,432,388
Commercial Mortgage-Backed Securities 7,779,280 7,779,280
Convertible Corporate Bonds 5,621,080 5,621,080
Corporate Bonds 268,602,385 268,602,385
Convertible Preferred Stock 838,480 838,480
Preferred Stock        
Capital Markets 53,064 53,064
All Other Preferred Stock 3,076,054 3,076,054
Right/Warrant 13,238 13,238
Insurance-Linked Securities        
Event Linked Bonds        
Collateralized Reinsurance        
Multiperil – Massachusetts 320,922 320,922
Multiperil – U.S. 271,038 271,038
The accompanying notes are an integral part of these financial statements.
36Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


  Level 1 Level 2 Level 3 Total
Multiperil – Worldwide $ $ $249,366 $249,366
Reinsurance Sidecars        
Multiperil – U.S. 720 720
Multiperil – Worldwide 11,468,354 11,468,354
All Other Insurance-Linked Securities 1,728,300 1,728,300
Foreign Government Bond 143,322 143,322
U.S. Government and Agency Obligations 11,961,307 11,961,307
Open-End Fund 3,956,867 3,956,867
Over The Counter (OTC) Currency Put Option Purchased 4,477 4,477
Total Investments in Securities $4,863,886 $313,786,389 $13,048,927 $331,699,202
Other Financial Instruments        
Credit Agreement(a) $ $(108,500,000) $ $(108,500,000)
Over The Counter (OTC) Currency Call Option Written (3,573) (3,573)
Net unrealized appreciation on forward foreign currency exchange contracts 322,258 322,258
Swap contracts, at value 20,205 20,205
Total Other Financial Instruments $ $(108,161,110) $ $(108,161,110)
(a) The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
  Common
Stocks
Insurance-
Linked
Securities
Total
Balance as of 3/31/23 $634,883 $10,623,431 $11,258,314
Realized gain (loss)(1) (409,491) (409,491)
Changed in unrealized appreciation (depreciation)(2) 103,644 1,525,732 1,629,376
Accrued discounts/premiums (197,244) (197,244)
Purchases 1,439,406 1,439,406
Sales (671,434) (671,434)
Transfers in to Level 3*
Transfers out of Level 3*
Balance as of 9/30/23 $738,527 $12,310,400 $13,048,927
(1) Realized gain (loss) on these securities is included in the realized gain (loss) from investments on the Statement of Operations.
(2) Unrealized appreciation (depreciation) on these securities is included in the change in unrealized appreciation (depreciation) from investments on the Statement of Operations.
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2337


Schedule of Investments  |  9/30/23
(unaudited) (continued)
* Transfers are calculated on the beginning of period values. During the six months ended September 30, 2023, 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, 2023: $1,332,009
The accompanying notes are an integral part of these financial statements.
38Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Statement of Assets and Liabilities  |  9/30/23 (unaudited) 
ASSETS:  
Investments in unaffiliated issuers, at value (cost $349,254,139) $331,699,202
Cash 36,622
Foreign currencies, at value (cost $305,377) 307,263
Swap contracts, at value (net premiums received $128,388) 20,205
Unrealized appreciation on forward foreign currency exchange contracts 335,561
Receivables —  
Investment securities sold 162,400
Interest 6,008,866
Other assets 7,083
Total assets $338,577,202
LIABILITIES:  
Payables —  
Credit agreement $108,500,000
Investment securities purchased 4,551,190
Directors' fees 345
Interest expense 590,858
Collateral due to broker for forwards 260,000
Written options outstanding (net premiums received $66,331) 3,573
Unrealized depreciation on forward foreign currency exchange contracts 13,303
Reserve for repatriation taxes 2,098
Management fees 21,785
Administrative expenses 5,485
Accrued expenses 162,755
Total liabilities $114,111,392
NET ASSETS:  
Paid-in capital $372,933,578
Distributable earnings (loss) (148,467,768)
Net assets $224,465,810
NET ASSET VALUE PER SHARE:  
No par value  
Based on $224,465,810/29,341,635 common shares $7.65
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23 39


Statement of Operations (unaudited) 
FOR THE SIX MONTHS ENDED 9/30/23
INVESTMENT INCOME:    
Interest from unaffiliated issuers (net of foreign taxes withheld $11,535) $13,875,751  
Dividends from unaffiliated issuers 487,487  
Total Investment Income   $14,363,238
EXPENSES:    
Management fees $996,571  
Administrative expenses 34,551  
Transfer agent fees 6,670  
Stockholder communications expense 39,306  
Custodian fees 2,938  
Professional fees 81,001  
Printing expense 13,860  
Officers' and Directors' fees 7,721  
Interest expense 3,425,575  
Miscellaneous 66,027  
Total expenses   $4,674,220
Net investment income   $9,689,018
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:    
Net realized gain (loss) on:    
Investments in unaffiliated issuers (net of foreign capital gains tax of $34) $(6,707,921)  
Forward foreign currency exchange contracts (290,292)  
Swap contracts 61,997  
Other assets and liabilities denominated in foreign currencies (20,026) $(6,956,242)
Change in net unrealized appreciation (depreciation) on:    
Investments in unaffiliated issuers $8,200,002  
Forward foreign currency exchange contracts 271,890  
Swap contracts 17,318  
Written options 77,515  
Other assets and liabilities denominated in foreign currencies 21,113 $8,587,838
Net realized and unrealized gain (loss) on investments   $1,631,596
Net increase in net assets resulting from operations   $11,320,614
The accompanying notes are an integral part of these financial statements.
40Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Statements of Changes in Net Assets
  Six Months
Ended
9/30/23
(unaudited)
Year
Ended
3/31/23
FROM OPERATIONS:    
Net investment income (loss) $9,689,018 $20,318,603
Net realized gain (loss) on investments (6,956,242) (9,368,199)
Change in net unrealized appreciation (depreciation) on investments 8,587,838 (28,686,218)
Net increase (decrease) in net assets resulting from operations $11,320,614 $(17,735,814)
DISTRIBUTIONS TO STOCKHOLDERS:    
($0.33 and $0.73 per share, respectively) $(9,756,094) $(21,272,685)
Total distributions to stockholders $(9,756,094) $(21,272,685)
Net increase (decrease) in net assets $1,564,520 $(39,008,499)
NET ASSETS:    
Beginning of period $222,901,290 $261,909,789
End of period $224,465,810 $222,901,290
  Six Months
Ended
9/30/23
Shares
(unaudited)
Six Months
Ended
9/30/23
Amount
(unaudited)
Year
Ended
3/31/23
Shares
Year
Ended
3/31/23
Amount
Fund Share Transaction        
Shares sold $— $—
Reinvestment of distributions
Net increase $— $—
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2341


Statement of Cash Flows (unaudited)
FOR THE SIX MONTHS ENDED 9/30/23 
Cash Flows From Operating Activities  
Net increase in net assets resulting from operations $11,320,614
Adjustments to reconcile net decrease in net assets resulting from operations to net cash, restricted cash and foreign currencies from operating activities:  
Purchases of investment securities $(52,648,786)
Proceeds from disposition and maturity of investment securities 59,386,869
Net purchases of short term investments (8,669,491)
Net accretion and amortization of discount/premium on investment securities (1,012,155)
Net realized loss on investments in unaffiliated issuers 6,707,921
Change in unrealized appreciation on investments in unaffiliated issuers (8,200,002)
Change in unrealized appreciation on forward foreign currency exchange contracts (271,890)
Changes in unrealized on swaps (17,318)
Change in unrealized depreciation on written options (77,515)
Decrease in interest receivable 325,284
Decrease in distributions paid in advance 1,687,144
Increase in other assets (6,961)
Increase in collateral due to broker for forwards 260,000
Increase in management fees payable 5,666
Increase in directors' fees payable 145
Decrease in administrative expenses payable (73)
Proceeds from swap contracts (17,276)
Decrease in accrued expenses payable (10,668)
Net cash, restricted cash and foreign currencies from operating activities $8,761,508
Cash Flows Used In Financing Activities:  
Borrowings received 2,000,000
Increase in interest expense payable 527,667
Distributions to stockholders (11,443,238)
Net cash flows used in financing activities $(8,915,571)
  $(154,063)
Cash, Restricted Cash and Foreign Currencies:  
Beginning of period* $497,948
End of period* $343,885
Cash Flow Information:  
Cash paid for interest $2,897,908
* The following table provides a reconciliation of cash, restricted cash and foreign currencies reported within the Statement of Assets and Liabilities that sum to the total of the same amounts shown in the Statement of Cash Flows:
  Six Months
Ended
9/30/23
Year Ended
3/31/23
Cash $36,622 $6,491
Foreign currenices, at value 307,263 491,457
Total cash, restricted cash and foreign currencies shown in the Statement of Cash Flows $343,885 $497,948
The accompanying notes are an integral part of these financial statements
42Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23


Financial Highlights  
  Six Months
Ended
9/30/23
(unaudited)
Year
Ended
3/31/23
Year
Ended
3/31/22
Year
Ended
3/31/21
Year
Ended
3/31/20
Year
Ended
3/31/19
Per Share Operating Performance            
Net asset value, beginning of period $7.60 $8.93 $9.57 $7.25 $9.91 $10.52
Increase (decrease) from investment operations:            
Net investment income (loss)(a) $0.33 $0.69 $0.80 $0.80 $0.81 $0.80
Net realized and unrealized gain (loss) on investments 0.05 (1.29) (0.61) 2.36 (2.66) (0.62)
Net increase (decrease) from investment operations $0.38 $(0.60) $0.19 $3.16 $(1.85) $0.18
Distributions to stockholders:            
Net investment income and previously undistributed net investment income $(0.33)* $(0.73)* $(0.83)* $(0.84)* $(0.81) $(0.79)
Total distributions $(0.33) $(0.73) $(0.83) $(0.84) $(0.81) $(0.79)
Net increase (decrease) in net asset value $0.05 $(1.33) $(0.64) $2.32 $(2.66) $(0.61)
Net asset value, end of period $7.65 $7.60 $8.93 $9.57 $7.25 $9.91
Market value end of period $6.71 $6.63 $8.12 $9.37 $6.42 $8.95
Total return at net asset value(b) 5.69%(c) (5.65)% 1.91% 46.08% (19.93)% 2.79%
Total return at market value(b) 6.26%(c) (9.49)% (5.35)% 61.52% (21.49)% 4.00%
Ratios to average net assets of stockholders:            
Total expenses plus interest expense(d) 4.17%(e) 2.88% 1.61% 1.60% 2.35% 2.41%
Net investment income available to stockholders 8.64%(e) 8.86% 8.45% 9.10% 8.17% 7.93%
Portfolio turnover rate 17%(c) 24% 38% 50% 36% 33%
Net assets, end of period (in thousands) $224,466 $222,901 $261,910 $279,865 $211,861 $289,556
Total amount of debt outstanding (in thousands) $108,500 $