0001166258 false N-CSRS 0001166258 2023-04-01 2023-09-30 0001166258 2022-10-01 2023-03-31 0001166258 2019-03-31 0001166258 2020-03-31 0001166258 2021-03-31 0001166258 2022-03-31 0001166258 2023-03-31 0001166258 2023-09-30 iso4217:USDiso4217:USDxbrli:sharesxbrli:purexbrli:shares
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
visit us: www.amundi.com/us
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/231
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
|
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 |
$106,500 |
$116,500 |
$123,000 |
$99,000 |
$125,000 |
Asset coverage per $1,000 of indebtedness |
$3,069 |
$3,093 |
$3,248 |
$3,275 |
$3,140 |
$3,316 |
* |
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 on the average shares outstanding for the period 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. |
(c) |
Not annualized. |
The accompanying notes are an integral part of these financial statements.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2343
Financial Highlights (continued)
(d) |
Includes interest expense of 3.05%, 1.75%, 0.45%, 0.53%, 1.37% and 1.42%, respectively. |
(e) |
Annualized. |
The accompanying notes are an integral part of these financial statements.
44Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
Notes to Financial Statements | 9/30/23
(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 "1940 Act"). 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”).
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 contract modifications that occur during the period from March 12, 2020 through December 31, 2023. 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 required to comply with Rule 18f-4 under the 1940 Act, which governs the use of derivatives by registered investment companies. Rule 18f-4 permits funds to enter into derivatives transactions (as defined in Rule 18f-4) and certain other transactions notwithstanding the restrictions on the issuance of “senior securities” under Section 18 of the 1940 Act. Rule 18f-4 requires a fund to establish and mantain a comprehensive derivatives risk management program, appoint a derivatives
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risk manager and appoint with a relative or absolute limit on fund leverage risk calculated based on value-at-risk ("VaR") , unless the fund uses derivatives in only a limited manner (a "limited derivatives user"). The Fund is currently a limited derivatives user for purposes of Rule 18f-4..
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 |
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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. |
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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. |
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Loan interests are valued 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 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. |
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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 valuation models, or other fair value methods or techniques to provide an estimated value of the instrument. |
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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. |
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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 Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities. |
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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. |
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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. |
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Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer |
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quotations obtained from reputable International Swap Dealers Association members. Centrally cleared swaps are valued at the daily settlement price provided by the central clearing counterparty. |
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Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value. |
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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. The Adviser is designated as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. The Adviser’s fair valuation team is responsible for monitoring developments that may impact fair valued securities. |
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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 Adviser 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. |
B. |
Investment Income and Transactions |
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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. |
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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. |
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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. |
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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 |
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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. |
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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 |
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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. |
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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 |
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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 stockholders. Therefore, no provision for federal income taxes is required. As of September 30, 2023, 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. |
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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 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. |
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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, 2023 was as follows: |
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2023 |
Distributions paid from: |
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Ordinary income |
$21,272,685 |
Total |
$21,272,685 |
The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2023:
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2023 |
Distributable earnings/(losses): |
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Undistributed ordinary income |
$1,042,934 |
Capital loss carryforward |
(122,438,572) |
Other book/tax temporary differences |
(1,687,143) |
Net unrealized depreciation |
(26,949,507) |
Total |
$(150,032,288) |
The difference between book basis and tax basis unrealized appreciation/depreciation is primarily attributable to the mark to market on forward foreign currency exchange contracts and credit default swaps, the tax deferral of losses on wash sales, realization for tax purposes of unrealized gains on investments in passive foreign investment companies and the book/tax differences in the accrual of income on securities in default, the Fund's preferred securities, adjustments relating to insurance-linked securities and the premium amortization on callable bonds.
E. |
Risks |
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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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse 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. Inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance. |
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The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers, are not known. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following Russia's invasion of Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
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Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
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The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. |
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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. |
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The market prices of the Fund's fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. For example, if interest rates increase by 1%, the value of a Fund's portfolio with a portfolio duration of ten years would be expected to |
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decrease by 10%, all other things being equal. In recent years interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities. The maturity of a security may be significantly longer than its effective duration. A security's maturity and other features may be more relevant than its effective duration in determining the security's sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called "credit spread"). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up, or "widens," the value of the security will generally go down. |
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If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. |
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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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
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Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including |
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the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
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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 with respect to the issuer’s capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
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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 |
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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. |
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The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, has ceased publication of most LIBOR settings on a representative basis. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In the U.S., a common benchmark replacement is based on the SOFR published by the Federal Reserve Bank of New York, including certain spread adjustments and benchmark replacement conforming changes, although other benchmark replacements (without or without spread adjustments) may be used in certain transactions. The impact of the transition from LIBOR on the Fund's transactions and financial markets generally cannot yet be determined. The transition away from LIBOR may lead to increased volatility and illiquidity in markets for instruments that have relied on LIBOR and may adversely affect the Fund's performance. |
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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. |
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The Fund 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. |
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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 |
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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. |
F. |
Restricted Securities |
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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. |
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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, 2023 are listed in the Schedule of Investments. |
G. |
Insurance-Linked Securities (“ILS”) |
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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 |
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the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences. |
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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. |
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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 |
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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 |
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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. |
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The average market value of purchased options contracts open during the six months ended September 30, 2023 was $9,940. Open purchased options contracts at September 30, 2023 are listed in the Schedule of Investments. |
I. |
Option Writing |
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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 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. |
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The average market value of written options for the six months ended September 30, 2023 was $(46,658). Open written options contracts at September 30, 2023 are listed in the Schedule of Investments. |
J. |
Forward Foreign Currency Exchange Contracts |
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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 |
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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 6). |
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During the six months ended September 30, 2023, 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. |
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The average market value of forward foreign currency exchange contracts open during the six months ended September 30, 2023 was $6,677,213 and $7,449,097 for buys and sells, respectively. Open forward foreign currency exchange contracts outstanding at September 30, 2023 are listed in the Schedule of Investments. |
K. |
Credit Default Swap Contracts |
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A credit default swap is a contract between a buyer of protection and a seller of protection against a pre-defined credit event or an underlying reference obligation, which may be a single security or a basket or index of securities. The Fund may buy or sell credit default swap contracts to seek to increase the Fund's income, or to attempt to hedge the risk of default on portfolio securities. A credit default swap index is used to hedge risk or take a position on a basket of credit entities or indices. |
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As a seller of protection, the Fund would be required to pay the notional (or other agreed-upon) value of the referenced debt obligation to the counterparty in the event of a default by a U.S. or foreign corporate issuer of a debt obligation, which would likely result in a loss to the Fund. In return, the Fund would receive from the counterparty a periodic stream of payments during the term of the contract, provided that no event of default occurred. The maximum exposure of loss to the seller would be the notional value of the credit default swaps outstanding. If no default occurs, the Fund would keep the stream of payments and would have no payment obligation. The Fund may also buy credit default swap contracts in order to hedge against the risk of default of debt securities, in which case the Fund would function as the counterparty referenced above. |
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As a buyer of protection, the Fund makes an upfront or periodic payment to the protection seller in exchange for the right to receive a contingent payment. An upfront payment made by the Fund, as the protection buyer, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Periodic payments received or paid by the Fund are recorded as realized gains or losses on the Statement of Operations. |
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Credit default swap contracts are marked-to-market daily using valuations supplied by independent sources, and the change in value, if any, is recorded within the "Swap contracts, at value" line item on the Statement of Assets and Liabilities. Payments received or made as a result of a credit event or upon termination of the contract are recognized, net of the appropriate amount of the upfront payment, as realized gains or losses on the Statement of Operations. |
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Credit default swap contracts involving the sale of protection may involve greater risks than if the Fund had invested in the referenced debt instrument directly. Credit default swap contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. If the Fund is a protection buyer and no credit event occurs, it will lose its investment. If the Fund is a protection seller and a credit event occurs, the value of the referenced debt instrument received by the Fund, together with the periodic payments received, may be less than the amount the Fund pays to the protection buyer, resulting in a loss to the Fund. In addition, obligations under sell protection credit default swaps may be partially offset by net amounts received from settlement of buy protection credit default swaps entered into by the Fund for the same reference obligation with the same counterparty. |
|
Certain swap contracts that are cleared through a central clearinghouse are referred to as centrally cleared swaps. All payments made or received by the Fund are pursuant to a centrally cleared swap contract with the central clearing party rather than the original counterparty. Upon entering into a centrally cleared swap contract, the Fund is required to make an initial margin deposit, either in cash or in securities. The daily change in value on open centrally cleared contracts is recorded as "Variation margin for centrally cleared swap contracts" on the Statement of Assets and Liabilities. Cash received from or paid to the broker related to previous margin movement is held in a segregated account at the broker and is recorded as either "Due from broker for swaps" or "Due to broker for swaps" on the Statement of Assets and Liabilities. The amount of cash deposited with a broker as collateral at September 30, 2023 is recorded as "Swaps collateral" on the Statement of Assets and Liabilities. |
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2359
|
The average notional values of credit default swap contracts buy protection and credit default swap contracts sell protection open during the six months ended September 30, 2023 were $0 and $1,750,000, respectively. Open credit default swap contracts at September 30, 2023 are listed in the Schedule of Investments. |
L. |
Automatic Dividend Reinvestment Plan |
|
All stockholders 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. Stockholders may elect not to participate in the Plan. Stockholders 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 stockholders 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 stockholder's shares are held in the name of a brokerage firm, bank or other nominee, the stockholder can ask the firm or nominee to participate in the Plan on the stockholder's behalf. If the firm or nominee does not offer the Plan, dividends will be paid in cash to the stockholder of record. A firm or nominee may reinvest a stockholder'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 |
60Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
|
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 stockholders from any federal, state or local taxes which may be due on dividends paid in any taxable year. Stockholders holding Plan shares in a brokerage account may be able to transfer the shares to another broker and continue to participate in the Plan. |
M. |
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, 2023, 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 payable under the Fund's Investment Management Agreement with the Adviser and are calculated daily and paid monthly 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, 2023, the management fee was 0.60% (annualized) of the Fund’s average daily managed assets, which was equivalent to 0.89% (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. Reflected on the Statement of Assets and Liabilities is $21,785 in management fees payable to the Adviser at September 30, 2023.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2361
3. Compensation of Officers and Directors
The Fund pays an annual fee to its Directors. The Adviser reimburses the Fund for fees paid to the Interested Directors. Except for the chief compliance officer, the Fund does not pay any salary or other compensation to its officers. The Fund pays a portion of the chief compliance officer's compensation for his services as the Fund's chief compliance officer. Amundi US pays the remaining portion of the chief compliance officer's compensation. For the six months ended September 30, 2023, the Fund paid $7,721 in Officers' and Directors' compensation, which is reflected on the Statement of Operations as Officers' and Directors' fees. At September 30, 2023, on its Statement of Assets and Liabilities, the Fund had a payable for Directors' fees of $345 and a payable for administrative expenses of $5,485, which includes the payable for Officers' compensation.
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 stockholder 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 of 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
62Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
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 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.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2363
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, 2023.
Counterparty |
Derivative Assets Subject to Master Netting Agreement |
Derivatives Available for Offset |
Non-Cash Collateral Received (a) |
Cash Collateral Received (a) |
Net Amount of Derivative Assets (b) |
Brown Brothers Harriman & Co. |
$5,009 |
$(5,009) |
$— |
$— |
$— |
Citibank NA |
4,477 |
(3,573) |
— |
— |
904 |
HSBC Bank USA NA |
— |
— |
— |
— |
— |
JPMorgan Chase Bank NA |
20,205 |
— |
— |
— |
20,205 |
State Street Bank & Trust Co. |
330,552 |
— |
— |
(260,000) |
70,552 |
Total |
$360,243 |
$(8,582) |
$— |
$(260,000) |
$91,661 |
Counterparty |
Derivative Liabilities Subject to Master Netting Agreement |
Derivatives Available for Offset |
Non-Cash Collateral Pledged (a) |
Cash Collateral Pledged (a) |
Net Amount of Derivative Liabilities (c) |
Brown Brothers Harriman & Co. |
$8,471 |
$(5,009) |
$— |
$— |
$3,462 |
Citibank NA |
3,573 |
(3,573) |
— |
— |
— |
HSBC Bank USA NA |
4,832 |
— |
— |
— |
4,832 |
JPMorgan Chase Bank NA |
— |
— |
— |
— |
— |
State Street Bank & Trust Co. |
— |
— |
— |
— |
— |
Total |
$16,876 |
$(8,582) |
$— |
$— |
$8,294 |
(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.
64Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
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, 2023, was as follows:
Statement of Assets and Liabilities |
Interest Rate Risk |
Credit Risk |
Foreign Exchange Rate Risk |
Equity Risk |
Commodity Risk |
Assets |
|
|
|
|
|
Options purchased* |
$— |
$— |
$4,477 |
$— |
$— |
Unrealized appreciation on forward foreign currency exchange contracts |
— |
— |
335,561 |
— |
— |
Swap contracts, at value |
— |
20,205 |
— |
— |
— |
Total Value |
$— |
$20,205 |
$340,038 |
$— |
$— |
Liabilities |
|
|
|
|
|
Options written |
$— |
$— |
$3,573 |
$— |
$— |
Unrealized depreciation on forward foreign currency exchange contracts |
— |
— |
13,303 |
— |
— |
Total Value |
$— |
$— |
$16,876 |
$— |
$— |
|
|
* |
Reflects the market value of purchased option contracts (see Note 1H). These amounts are included in investments in unaffiliated issuers, at value, on the Statement of Assets and Liabilities. |
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2365
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, 2023 was as follows:
Statement of Operations |
Interest Rate Risk |
Credit Risk |
Foreign Exchange Rate Risk |
Equity Risk |
Commodity Risk |
Net Realized Gain (Loss) on |
|
|
|
|
|
Forward foreign currency exchange contracts |
$— |
$— |
$(290,292) |
$— |
$— |
Swap contracts |
— |
61,997 |
— |
— |
— |
Total Value |
$— |
$61,997 |
$(290,292) |
$— |
$— |
Change in Net Unrealized Appreciation (Depreciation) on |
|
|
|
|
|
Forward foreign currency exchange contracts |
$— |
$— |
$271,890 |
$— |
$— |
Options purchased* |
— |
— |
(15,839) |
— |
— |
Options written |
— |
— |
77,515 |
— |
— |
Swap contracts |
— |
17,318 |
— |
— |
— |
Total Value |
$— |
$17,318 |
$333,566 |
$— |
$— |
|
|
* |
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. Unfunded Loan Commitments
The Fund may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly unfunded. During the contractual period, the Fund is obliged to provide funding to the borrower upon demand. A fee is earned by the Fund on the unfunded loan commitment and is recorded as interest income on the Statement of Operations. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Footnote 1A and unrealized appreciation or depreciation, if any, is recorded on the Statement of Assets and Liabilities.
As of September 30, 2023, the Fund had no unfunded loan commitments outstanding.
8. 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, 2023 and the year ended March 31, 2023, were as follows:
|
9/30/23 |
3/31/23 |
Shares outstanding at beginning of period |
29,341,635 |
29,341,635 |
Shares outstanding at end of period |
29,341,635 |
29,341,635 |
66Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
9. 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, 2023, the Fund had a borrowing outstanding under the Credit Agreement totaling $108,500,000. The interest rate charged at September 30, 2023 was 6.24%. During the six months ended September 30, 2023, the average daily balance was $107,833,333 at an average interest rate of 6.18%. Interest expense of $3,425,575 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.
10. Shelf Offering
The Fund has an effective "shelf" registration statement, which became effective with the SEC on November 19, 2021. The shelf registration statement enables the Fund to issue up to $55,000,000 in proceeds through one or more public offerings. Shares may be offered at prices and terms to be set forth in one or more supplements to the Fund's prospectus included in the shelf registration statement. On January 18, 2022, the Fund filed a prospectus supplement relating to an at-the-market offering of the Fund's shares of common stock. Any proceeds raised through such offering will be used for investment purposes. For the years ended March 31, 2022 and March 31, 2023, and for the period ended September 30, 2023, no shares of common stock were issued in the shelf offering.
11. Subsequent Events
A monthly dividend was declared on October 4, 2023 from undistributed and accumulated net investment income of $0.55 per share payable October 31, 2023, to stockholders of record on October 18, 2023.
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2367
Additional Information (unaudited) | 9/30/23
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.
The percentages of the Fund’s ordinary income distributions that are exempt from nonresident alien (NRA) tax withholding resulting from qualified interest income was 100.00%.
Results of Annual Meeting of Stockholders
The Annual Meeting of Stockholders of Pioneer High Income Fund, Inc. was held on September 12, 2023. Following is a description of the proposal considered at the Meeting and the number of shares of Common Stock voted:
Proposal - To elect three Class III Directors of the Fund, each to serve until the third annual meeting following his or her election and until his or her successor is duly elected and qualifies:
Nominee |
Votes For |
Votes Against |
Votes Abstained |
Diane Durnin |
21,790,276 |
1,024,468 |
469,243 |
Benjamin M. Friedman |
20,651,187 |
2,187,258 |
445,541 |
Kenneth J. Taubes |
21,974,082 |
852,307 |
457,597 |
Each of Ms. Durnin, Dr. Friedman and Mr. Taubes received a majority of all of the votes entitled to be cast with respect to his or her election by the stockholders of the Fund, and was elected as a Director of the Fund.
In addition to Ms. Durnin, Dr. Friedman and Mr. Taubes, the other Directors of the Fund at the time of the Annual Meeting, John E. Baumgardner, Jr., Lisa M. Jones, Craig C. MacKay, Lorraine H. Monchak, Thomas J. Perna, Marguerite A. Piret and Fred J. Ricciardi, continue to serve as Directors of the Fund.
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.
Anti-takeover provisions. The Fund’s Charter and Bylaws include provisions that are designed to limit the ability of other entities or persons to acquire control of the Fund for short-term objectives, including by converting the Fund to open-end status or changing the composition of the Board, that may be detrimental to the Fund’s ability to achieve its primary investment objective of seeking to provide its common stockholders with a
68Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
high level of current income. These provisions include staggered terms of service for the Directors, advance notice requirements for stockholder proposals, and super-majority voting requirements for certain transactions with affiliates, open-ending the Fund or a merger, liquidation, asset sale or similar transaction. The Fund’s Bylaws also contain a provision providing that the Board of Directors has adopted a resolution to opt in the Fund to the provisions of the Maryland Control Share Acquisition Act (“MCSAA”). Such provisions may limit the ability of stockholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. There can be no assurance, however, that such provisions will be sufficient to deter activist investors that seek to cause the Fund to take actions that may not be aligned with the interests of long-term stockholders. Furthermore, the law is uncertain on the use of control share provisions. Courts have found that control share provisions in the by-laws of closed-end funds organized as Massachusetts business trusts are inconsistent with the 1940 Act. Courts have not yet considered a closed-end fund’s decision to opt in to a state’s control share statute similar to the Fund’s decision to opt in to the MCSAA. It is possible that a court could decide that the Fund’s decision to opt in to the MCSAA is inconsistent with the 1940 Act.
Exclusive forum provisions. The Fund’s Bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by the Fund’s stockholders and provide that claims relating to causes of action under the United States federal securities laws may only be brought in the United States District Court for the District of Maryland, Northern Division, which could limit stockholders’ ability to obtain a favorable judicial forum for disputes with the Fund or its directors, officers or the Fund’s agents, if any, and could discourage lawsuits against the Fund and its directors, officers and agents, if any.
The Fund’s Bylaws provide that, unless the Fund consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that court does not have jurisdiction, the United States District Court for the District of Maryland, Northern Division, will be the sole and exclusive forum for (a) any Internal Corporate Claim, as such term is defined in the MGCL, (b) any derivative action or proceeding brought on the Fund’s behalf (other than actions arising under federal securities laws), (c) any action asserting a claim of breach of any duty owed by any of the Fund’s directors, officers or other agents to the Fund or to the Fund’s stockholders, (d) any action asserting a claim against the Fund or any of the Fund’s directors, officers or other agents arising pursuant to any provision of the MGCL or the Fund’s Charter or Bylaws or (e) any other
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2369
action asserting a claim against the Fund or any of the Fund’s directors, officers or other agents that is governed by the internal affairs doctrine. Furthermore, the Fund’s Bylaws provide that, unless the Fund consents in writing to the selection of an alternative forum, the United States District Court for the District of Maryland, Northern Division shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any claim arising under the United States federal securities laws.
These exclusive forum provisions may limit the ability of the Fund’s stockholders to bring a claim in a judicial forum that such stockholders find favorable for disputes with the Fund or the Fund’s directors, officers, or agents, if any, which may discourage such lawsuits against the Fund and the Fund’s directors, officers, and agents, if any. Alternatively, if a court were to find the choice of forum provisions contained in the Fund’s Bylaws to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions, which could materially adversely affect the Fund’s business, financial condition, and operating results.
70Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
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 2023 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 2023, July 2023 and September 2023. 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 2023, 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 2023, 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 2023.
At a meeting held on September 19, 2023, 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 advised by independent counsel, unanimously approved the renewal of the investment
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2371
management agreement for another 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 considered the compliance services being provided to the Fund by Amundi US and how Amundi US has addressed any compliance issues during the past year. The Directors noted the substantial attention and high priority given by Amundi US’s senior management to the Pioneer Fund complex, including with respect to the increasing regulation to which the Pioneer Funds are subject.
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 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.
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
72Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
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 (both including and excluding investment-related expenses) was in the first 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 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
Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/2373
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 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.
74Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
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 $2.1 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 | 9/30/2375
Directors, Officers and Service Providers
Directors
Thomas J. Perna, Chairman
John E. Baumgardner, Jr.
Diane Durnin
Benjamin M. Friedman
Lisa M. Jones
Lorraine H. Monchak
Craig C. MacKay
Marguerite A. Piret
Fred J. Ricciardi
Kenneth J. Taubes
Officers
Lisa M. Jones, President and
Chief Executive Officer
Anthony J. Koenig, Jr., Treasurer
and Chief Financial and
Accounting Officer
Christopher J. Kelley, Secretary and
Chief Legal Officer
Investment Adviser and Administrator
Amundi Asset Management US, Inc.
Custodian and Sub-Administrator
The Bank of New York Mellon Corporation
Independent Registered Public Accounting Firm
Ernst & Young LLP
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 (1-800-225-6292). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is publicly available to shareowners at www.amundi.com/us. This information is also available on the Securities and Exchange Commission’s web site at www.sec.gov.
76Pioneer High Income Fund, Inc. | Semiannual Report | 9/30/23
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 Information1-800-710-0935
Or write to AST:
ForWrite to
General inquiries, lost dividend checks,American Stock
change of address, lost stock certificates,Transfer & Trust
stock transferOperations 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
Websitewww.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. Stockholders may view the filed Form N-PORT by visiting the Commission’s web site at https://www.sec.gov.
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 http://www.sec.gov.
Amundi Asset Management US, Inc.
60 State Street
Boston, MA 02109
www.amundi.com/us
© 2023 Amundi Asset Management US, Inc. 19432-17-1123
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.
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SECTION II - POLICY |
SERVICE CATEGORY |
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SERVICE CATEGORY DESCRIPTION |
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SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
I. AUDIT SERVICES |
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Services that are directly related to performing the independent audit of the Funds |
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• Accounting research assistance • SEC consultation, registration statements, and reporting • Tax accrual related matters • Implementation of new accounting standards • Compliance letters (e.g. rating agency letters) • Regulatory reviews and assistance regarding financial matters • Semi-annual reviews (if requested) • Comfort letters for closed end offerings |
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II. AUDIT-RELATED SERVICES |
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Services which are not prohibited under Rule 210.2-01(C)(4) (the “Rule”) and are related extensions of the audit services support the 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.) |
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• AICPA attest and agreed-upon procedures • Technology control assessments • Financial reporting control assessments • Enterprise security architecture assessment |
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AUDIT COMMITTEE APPROVAL POLICY |
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AUDIT COMMITTEE REPORTING POLICY |
• “One-time” pre-approval for the audit period for all pre-approved specific service subcategories. Approval of the independent auditors as auditors for a Fund shall constitute pre approval for these services. |
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• A summary of all such services and related fees reported at each regularly scheduled Audit Committee meeting. |
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• “One-time” pre-approval for the fund fiscal year within a specified dollar limit for all pre-approved specific service subcategories |
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• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
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• 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) • 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” |
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY |
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SERVICE CATEGORY DESCRIPTION |
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SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
III. TAX SERVICES |
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Services which are not prohibited by the Rule, if an officer of the Fund determines that using the Fund’s auditor to provide these services creates significant synergy in the form of efficiency, minimized disruption, or the ability to maintain a desired level of confidentiality. |
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• Tax planning and support • Tax controversy assistance • Tax compliance, tax returns, excise tax returns and support • Tax opinions |
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AUDIT COMMITTEE APPROVAL POLICY |
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AUDIT COMMITTEE REPORTING POLICY |
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• “One-time” pre-approval for the fund fiscal year within a specified dollar limit |
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• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
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• 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) |
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• 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” |
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY |
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SERVICE CATEGORY DESCRIPTION |
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SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES |
IV. OTHER SERVICES |
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Services which are not prohibited by the Rule, |
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• Business Risk Management support |
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A. SYNERGISTIC, UNIQUE QUALIFICATIONS |
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if an officer of the Fund 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. |
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• Other control and regulatory compliance projects |
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AUDIT COMMITTEE APPROVAL POLICY |
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AUDIT COMMITTEE REPORTING POLICY |
• “One-time” pre-approval for the fund fiscal year within a specified dollar limit |
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• A summary of all such services and related fees (including comparison to specified dollar limits) reported quarterly. |
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• 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) |
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• 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” |
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SECTION III - POLICY DETAIL, CONTINUED
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SERVICE CATEGORY |
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SERVICE CATEGORY DESCRIPTION |
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SPECIFIC PROHIBITED SERVICE SUBCATEGORIES |
PROHIBITED SERVICES |
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Services which result in the auditors losing independence status under the Rule. |
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1. Bookkeeping or other services related to the accounting records or financial statements of the audit client* |
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2. Financial information systems design and implementation* |
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3. Appraisal or valuation services, fairness* opinions, or contribution-in-kind reports |
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4. Actuarial services (i.e., setting actuarial reserves versus actuarial audit work)* |
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5. Internal audit outsourcing services* |
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6. Management functions or human resources |
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7. Broker or dealer, investment advisor, or investment banking services |
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8. Legal services and expert services unrelated to the audit |
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9. Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible |
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AUDIT COMMITTEE APPROVAL POLICY |
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AUDIT COMMITTEE REPORTING POLICY |
• These services are not to be performed with the exception of the(*) services that may be permitted if they would not be subject to audit procedures at the audit client (as defined in rule 2-01(f)(4)) level the firm providing the service. |
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• A summary of all services and related fees reported at each regularly scheduled Audit Committee meeting will serve as continual confirmation that has not provided any restricted services. |
GENERAL AUDIT COMMITTEE APPROVAL POLICY:
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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. |
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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. |
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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.
(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office
that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.
N/A
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:
(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;
N/A
(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;
N/A
(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;
N/A
(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant;
N/A
(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.
N/A
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 occurred during 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 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.
(b) Certifications pursuant to Rule 30a-2(b) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
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 7, 2023
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 7, 2023
By (Signature and Title)* /s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr., Managing Director, Chief Operations Officer & Treasurer of the Funds
Date December 7, 2023
* |
Print the name and title of each signing officer under his or her signature. |
CODE OF ETHICS
FOR
SENIOR OFFICERS
POLICY
This Code
of Ethics for Senior Officers (this Code) sets forth the policies, practices and values expected to be exhibited by Senior Officers of the Pioneer Funds (collectively, the Funds and each, a Fund). This Code does
not apply generally to officers and employees of service providers to the Funds, including Amundi Asset Management US, Inc., and Amundi Distributor US, Inc. (collectively, Amundi US), unless such officers and employees are also Senior
Officers.
The term Senior Officers shall mean the principal executive officer, principal financial officer, principal
accounting officer and controller of the Funds, although one person may occupy more than one such office. Each Senior Officer is identified by title in Exhibit A to this Code.
The Chief Compliance Officer (CCO) of the Pioneer Funds is primarily responsible for implementing and monitoring compliance with
this Code, subject to the overall supervision of the Board of Directors of the Funds (the Board). The CCO has the authority to interpret this Code and its applicability to particular situations. Any questions about this Code should be
directed to the CCO or his or her designee.
PURPOSE
The purposes of this Code are to:
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Promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships; |
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Promote full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files
with, or submits to, the Securities and Exchange Commission (SEC) and in other public communications made by the Fund; |
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Promote compliance with applicable laws and governmental rules and regulations; |
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Promote the prompt internal reporting of violations of the Code to an appropriate person or persons identified in
the Code; and |
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Establish accountability for adherence to the Code. |
Each Senior Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as
well as apparent conflicts of interest.
RESPONSIBILITIES OF SENIOR OFFICERS
Conflicts of Interest
A conflict of
interest occurs when a Senior Officers private interests interfere in any way or even appear to interfere with the interests of or his/her service to a Fund. A conflict can arise when a Senior Officer takes actions or has
interests that may make it difficult to perform his or her Fund work objectively and effectively. Conflicts of interest also arise when a Senior Officer or a member of his/her family receives improper personal benefits as a result of the Senior
Officers position with the Fund.
Certain conflicts of interest arise out of the relationships between Senior Officers and the Fund
and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the ICA), and the Investment Advisers Act of 1940, as amended (the IAA). For example, Senior Officers may not
individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as affiliated persons of the Funds. The Funds and Amundi US compliance programs
and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace such policies and procedures, and such conflicts fall outside of the parameters of this
Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise as a result of the contractual
relationship between the Fund and Amundi US because the Senior Officers are officers or employees of both. As a result, this Code recognizes that Senior Officers will, in the normal course of their duties (whether formally for a Fund or for Amundi
US, or for both), be involved in establishing policies and implementing decisions that will have different effects on Amundi US and the Fund. The participation of Senior Officers in such activities is inherent in the contractual relationship between
a Fund and Amundi US and is consistent with the performance by the Senior Officers of their duties as officers of the Fund and, if addressed in conformity with the provisions of the ICA and the IAA, will be deemed to have been handled ethically. In
addition, it is recognized by the Board that Senior Officers may also be officers of investment companies other than the Pioneer Funds.
Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions of the ICA or the IAA.
In reading the following examples of conflicts of interest under this Code, Senior Officers should keep in mind that such a list cannot ever be exhaustive or cover every possible scenario. It follows that the overarching principle is that the
personal interest of a Senior Officer should not be placed improperly before the interest of a Fund.
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Last revised January 2021 |
Each Senior Officer must:
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Not use his or her personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Senior Officer would benefit personally to the detriment of the Fund; |
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Not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Senior
Officer rather than the benefit of the Fund; and |
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Report at least annually any affiliations or other relationships that give rise to conflicts of interest.
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Any material conflict of interest situation should be approved by the CCO, his or her designee or the Board. Examples of
these include:
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Service as a director on the board of any public or private company; |
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The receipt of any gift with a value in excess of an amount established from time to time by Amundi US
Business Gift and Entertainment Policy from any single non-relative person or entity. Customary business lunches, dinners and entertainment at which both the Senior Officer and the giver are present, and
promotional items of insignificant value are exempt from this prohibition; |
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The receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; |
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Any ownership interest in, or any consulting or employment relationship with, any of a Funds service
providers other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and |
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A direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Senior Officers employment, such as compensation or equity ownership. |
Corporate Opportunities
Senior Officers
may not (a) take for themselves personally opportunities that are discovered through the use of a Funds property, information or position; (b) use a Funds property, information, or position for personal gain; or
(c) compete with a Fund. Senior Officers owe a duty to the Funds to advance their legitimate interests when the opportunity to do so arises.
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Last revised January 2021 |
Confidentiality
Senior Officers should maintain the confidentiality of information entrusted to them by the Funds, except when disclosure is authorized or
legally mandated. Confidential information includes all non-public information that might be of use to competitors, or harmful to the Funds, if disclosed.
Fair dealing with Fund shareholders, suppliers, and competitors
Senior Officers should endeavor to deal fairly with the Funds shareholders, suppliers, and competitors. Senior Officers should not take
unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any other unfair-dealing practice. Senior Officers should not knowingly misrepresent or cause others to
misrepresent facts about a Fund to others, whether within or outside the Fund, including to the Board, the Funds auditors or to governmental regulators and self-regulatory organizations.
Compliance with Law
Each Senior Officer
must not knowingly violate any law, rule and regulation applicable to his or her activities as an officer of the Funds. In addition, Senior Officers are responsible for understanding and promoting compliance with the laws, rules and regulations
applicable to his or her particular position and by persons under the Senior Officers supervision. Senior Officers should endeavor to comply not only with the letter of the law, but also with the spirit of the law.
Disclosure
Each Senior Officer should
familiarize himself or herself with the disclosure requirements generally applicable to the Funds. Each Senior Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers of the Funds and Amundi US
with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents a Fund files with, or submits to, the SEC and in other public communications made by the Funds.
INITIAL AND ANNUAL CERTIFICATIONS
Upon becoming a Senior Officer the Senior Officer is required to certify that he or she has received, read, and understands this Code. On an
annual basis, each Senior Officer must certify that he or she has complied with all of the applicable requirements of this Code.
ADMINISTRATION AND ENFORCEMENT OF THE CODE
Report of Violations
Amundi US relies on
each Senior Officer to report promptly if he or she knows of any conduct by a Senior Officer in violation of this Code. All violations or suspected violations of this Code must be reported to the CCO or a member of Amundi US Legal and
Compliance Department. Failure to do so is itself a violation of this Code.
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Last revised January 2021 |
Investigation of Violations
Upon notification of a violation or suspected violation, the CCO or other members of Amundi US Compliance Department will take all
appropriate action to investigate the potential violation reported. If, after such investigation, the CCO believes that no violation has occurred, the CCO and Compliance Department is not required to take no further action. Any matter the CCO
believes is a violation will be reported to the Independent Directors. If the Independent Directors concur that a violation has occurred, they will inform and make a recommendation to the full Board. The Board shall be responsible for determining
appropriate action. The Funds, their officers and employees, will not retaliate against any Senior Officer for reports of potential violations that are made in good faith and without malicious intent.
The CCO or his or her designee is responsible for applying this Code to specific situations in which questions are presented under it and has
the authority to interpret this Code in any particular situation. The CCO or his or her designee shall make inquiries regarding any potential conflict of interest.
Violations and Sanctions
Compliance with
this Code is expected and violations of its provisions will be taken seriously and could result in disciplinary action. In response to violations of the Code, the Board may impose such sanctions as it deems appropriate within the scope of its
authority over Senior Officers, including termination as an officer of the Funds.
Waivers from the Code
The Independent Directors will consider any approval or waiver sought by any Senior Officer.
The Independent Directors will be responsible for granting waivers, as appropriate. Any change to or waiver of this Code will, to the extent
required, be disclosed as provided by SEC rules.
OTHER POLICIES AND PROCEDURES
This Code shall be the sole Code of Ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and
forms applicable to registered investment companies thereunder. The Funds and Amundi US Codes of Ethics under Rule 17j-1 under the ICA and Rule 204A-1 of the
IAA are separate requirements applying to the Senior Officers and others, and are not a part of this Code. To the extent any other policies and procedures of the Funds or Amundi US overlap or conflict with the provisions of the Code, they are
superseded by this Code.
SCOPE OF RESPONSIBILITIES
A Senior Officers responsibilities under this Code are limited to Fund matters over which the Senior Officer has direct responsibility or
control, matters in which the Senior Officer routinely participates, and matters with which the Senior Officer is otherwise involved. In addition, a Senior Officer is responsible for matters of which the Senior Officer has actual knowledge.
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Last revised January 2021 |
AMENDMENTS
This Code other than Exhibit A may not be amended except in a writing that is specifically approved or ratified by a majority vote of the
Board, including a majority of the Independent Directors.
CONFIDENTIALITY
All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected
accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and their counsel, or to Amundi US Legal and Compliance Department.
INTERNAL USE
This Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Fund, as to any
fact, circumstance, or legal conclusion.
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Last revised January 2021 |
EXHIBIT A SENIOR OFFICERS OF
THE PIONEER FUNDS (EFFECTIVE AS OF AUGUST 14, 2008)
President (Principal Executive Officer)
Treasurer (Principal Financial Officer)
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Code of Ethics for Senior Officers |
CERTIFICATION PURSUANT TO RULE 30a-2(a)
UNDER THE 1940 ACT AND SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Lisa M.
Jones, certify that:
1. I have reviewed this report on Form N-CSR of Pioneer High Income Fund, Inc;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of
1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report
is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to
be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by
this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5.
The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to
adversely affect the registrants ability to record, process, summarize, and report financial information; and
b. Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
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Date: December 7, 2023 |
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/s/ Lisa M. Jones |
Lisa M. Jones |
President and Chief Executive Officer |
CERTIFICATION PURSUANT TO RULE 30a-2(a)
UNDER THE 1940 ACT AND SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Anthony J.
Koenig, Jr., certify that:
1. I have reviewed this report on Form N-CSR of Pioneer High Income Fund, Inc;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrants other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the
registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed
under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be
designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
d. Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by
this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and
5.
The registrants other certifying officer and I have disclosed to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions):
a. All significant deficiencies in the design or operation of internal controls over financial reporting which are reasonably likely to
adversely affect the registrants ability to record, process, summarize, and report financial information; and
b. Any fraud, whether
or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting.
Date: December 7, 2023
/s/ Anthony J. Koenig, Jr
Anthony J. Koenig, Jr.
Managing Director, Chief Operations
Officer & Treasurer of the Funds
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED
PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
I, Lisa M. Jones, certify that, to
the best of my knowledge:
1. The Form N-CSR (the Report) of Pioneer High Income Fund, Inc fully complies for the
period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and
2. The
information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.
Date: December 7, 2023
/s/ Lisa M. Jones
Lisa M. Jones
President and Chief Executive Officer
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended,
and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.
A signed original of this written
statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED
PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY
ACT OF 2002
I, Anthony J. Koenig, Jr., certify
that, to the best of my knowledge:
1. The Form N-CSR (the Report) of Pioneer High Income Fund, Inc fully complies
for the period covered by the Report with the requirements of Section 13(a) or 15 (d), as applicable, of the Securities Exchange Act of 1934; and
2.
The information contained in the Report fairly presents, in all material respects, the financial condition and results of the operations of the Fund.
Date: December 7, 2023
/s/ Anthony J. Koenig, Jr.
Anthony J. Koenig, Jr.
Managing Director, Chief Operations Officer & Treasurer of the Funds
This certification is being furnished pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended,
and 18 U.S.C. section 1350 and is not being filed as part of the Report with the Securities and Exchange Commission.
A signed original of this written
statement required by section 906 has been provided to the Fund and will be retained by the Fund and furnished to the Securities Exchange Commission or its staff upon request.
v3.23.3
N-2 - USD ($)
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6 Months Ended |
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Sep. 30, 2023 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Mar. 31, 2020 |
Mar. 31, 2019 |
Cover [Abstract] |
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Entity Central Index Key |
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0001166258
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Amendment Flag |
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false
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Document Type |
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N-CSRS
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Entity Registrant Name |
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Pioneer High Income Fund, Inc.
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Financial Highlights [Abstract] |
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Senior Securities Amount |
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$ 108,500
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$ 106,500
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$ 116,500
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$ 123,000
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$ 99,000
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$ 125,000
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Senior Securities Coverage per Unit |
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$ 3,069
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$ 3,093
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$ 3,248
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$ 3,275
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$ 3,140
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$ 3,316
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General Description of Registrant [Abstract] |
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Investment Objectives and Practices [Text Block] |
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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.
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Risk [Text Block] |
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E. |
Risks |
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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, armed conflict including Russia's military invasion of Ukraine, sanctions against Russia, other nations or individuals or companies and possible countermeasures, lack of liquidity in the bond markets or adverse 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. Inflation and interest rates have increased and may rise further. These circumstances could adversely affect the value and liquidity of the Fund's investments and negatively impact the Fund's performance. |
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The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers, are not known. Some sectors of the economy and individual issuers have experienced or may experience particularly large losses. Periods of extreme volatility in the financial markets, reduced liquidity of many instruments, increased government debt, inflation, and disruptions to supply chains, consumer demand and employee availability, may continue for some time. Following Russia's invasion of Ukraine, Russian securities lost all, or nearly all, their market value. Other securities or markets could be similarly affected by past or future political, geopolitical or other events or conditions. |
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Governments and central banks, including the U.S. Federal Reserve, 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 consequences of high public debt, including its future impact on the economy and securities markets, may not be known for some time. |
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The U.S. and other countries are periodically involved in disputes over trade and other matters, which may result in tariffs, investment restrictions and adverse impacts on affected companies and securities. For example, the U.S. has imposed tariffs and other trade barriers on Chinese exports, has restricted sales of certain categories of goods to China, and has established barriers to investments in China. Trade disputes may adversely affect the economies of the U.S. and its trading partners, as well as companies directly or indirectly affected and financial markets generally. If the political climate between the U.S. and China does not improve or continues to deteriorate, if China were to attempt unification of Taiwan by force, or if other geopolitical conflicts develop or get worse, economies, markets and individual securities may be severely affected both regionally and globally, and the value of the Fund's assets may go down. |
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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. |
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The market prices of the Fund's fixed income securities may fluctuate significantly when interest rates change. The value of your investment will generally go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. For example, if interest rates increase by 1%, the value of a Fund's portfolio with a portfolio duration of ten years would be expected to |
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decrease by 10%, all other things being equal. In recent years interest rates and credit spreads in the U.S. have been at historic lows. The U.S. Federal Reserve has raised certain interest rates, and interest rates may continue to go up. A general rise in interest rates could adversely affect the price and liquidity of fixed income securities. The maturity of a security may be significantly longer than its effective duration. A security's maturity and other features may be more relevant than its effective duration in determining the security's sensitivity to other factors affecting the issuer or markets generally, such as changes in credit quality or in the yield premium that the market may establish for certain types of securities (sometimes called "credit spread"). In general, the longer its maturity the more a security may be susceptible to these factors. When the credit spread for a fixed income security goes up, or "widens," the value of the security will generally go down. |
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If an issuer or guarantor of a security held by the Fund or a counterparty to a financial contract with the Fund defaults on its obligation to pay principal and/or interest, has its credit rating downgraded or is perceived to be less creditworthy, or the credit quality or value of any underlying assets declines, the value of your investment will typically decline. Changes in actual or perceived creditworthiness may occur quickly. The Fund could be delayed or hindered in its enforcement of rights against an issuer, guarantor or counterparty. |
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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, military conflicts and sanctions, terrorism, sustained economic downturns, financial instability, less liquid trading markets, extreme price volatility, currency risks, reduction of government or central bank support, inadequate accounting standards, tariffs, tax disputes or other tax burdens, nationalization or expropriation of assets and the imposition of adverse governmental laws, arbitrary application of laws and regulations or lack of rule of law and investment and repatriation restrictions. Lack of information and less market regulation also may affect the value of these securities. Withholding and other non-U.S. taxes may decrease the Fund’s return. Non-U.S. issuers may be located in parts of the world that have historically been prone to natural disasters. Investing in depositary receipts is subject to many of the same risks as investing directly in non-U.S. issuers. Depositary receipts may involve higher expenses and may trade at a discount (or premium) to the underlying security. |
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Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including |
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the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies and individuals. Since then, Russian securities have lost all, or nearly all, their market value, and many other issuers, securities and markets have been adversely affected. The United States and other countries may impose sanctions on other countries, companies and individuals in light of Russia’s military invasion. The extent and duration of the military action or future escalation of such hostilities, the extent and impact of existing and future sanctions, market disruptions and volatility, and the result of any diplomatic negotiations cannot be predicted. These and any related events could have a significant impact on the value and liquidity of certain Fund investments, on Fund performance and the value of an investment in the Fund, particularly with respect to securities and commodities, such as oil, natural gas and food commodities, as well as other sectors with exposure to Russian issuers or issuers in other countries affected by the invasion, and are likely to have collateral impacts on market sectors globally. |
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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 with respect to the issuer’s capacity to pay interest and repay principal. These securities involve greater risk of loss, are subject to greater price volatility, and may be less liquid and more difficult to value, especially during periods of economic uncertainty or change, than higher rated debt securities. |
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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 |
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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. |
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The Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR (London Interbank Offered Rate) or SOFR (Secured Overnight Financing Rate). ICE Benchmark Administration, the administrator of LIBOR, has ceased publication of most LIBOR settings on a representative basis. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies. In the U.S., a common benchmark replacement is based on the SOFR published by the Federal Reserve Bank of New York, including certain spread adjustments and benchmark replacement conforming changes, although other benchmark replacements (without or without spread adjustments) may be used in certain transactions. The impact of the transition from LIBOR on the Fund's transactions and financial markets generally cannot yet be determined. The transition away from LIBOR may lead to increased volatility and illiquidity in markets for instruments that have relied on LIBOR and may adversely affect the Fund's performance. |
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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. |
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The Fund 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. |
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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.
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Share Price [Table Text Block] |
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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 | 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.
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Share Price |
[1] |
$ 6.71
|
6.63
|
|
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|
|
NAV Per Share |
[1] |
$ 7.65
|
$ 7.60
|
|
|
|
|
Latest Premium (Discount) to NAV [Percent] |
[1] |
(12.29%)
|
(12.76%)
|
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|
|
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Capital Stock, Long-Term Debt, and Other Securities [Abstract] |
|
|
|
|
|
|
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Outstanding Security, Authorized [Shares] |
|
1,000,000,000
|
|
|
|
|
|
Outstanding Security, Held [Shares] |
|
29,341,635
|
29,341,635
|
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X |
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