SEC Form N-CSR filed by Pioneer High Income Fund Inc.

811-21043

742-7825

Annual Report  |  March 31, 2024 

Ticker Symbol: PHT

Portfolio Management Discussion	2
Portfolio Summary	8
Prices and Distributions	9
Performance Update	10
Schedule of Investments	11
Financial Statements	33
Notes to Financial Statements	39
Report of Independent Registered Public Accounting Firm	62
Additional Information (unaudited)	64
Updated Disclosures for the Fund (unaudited)	67
Investment Objectives, Principal Investment Strategies and Principal Risks	74
Effects of Leverage	106
Directors, Officers and Service Providers	108

Pioneer High Income Fund, Inc. |  | 

Q	How did the Fund perform during the 12-month period ended March 31, 2024?
A	Pioneer High Income Fund, Inc. returned 18.07% at net asset value (NAV) and 26.90% at market price during the 12-month period ended March 31, 2024. During the same 12-month period, the Fund’s benchmark, the ICE Bank of America US High Yield Index (the ICE BofA Index), returned 11.04% 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 12-month period, the average return at NAV of the 39 closed end funds in Morningstar’s High Yield Bond Closed End Funds category (which may or may not be leveraged) was 17.08%, while the same closed end fund Morningstar category’s average return at market price was 27.08%. The shares of the Fund were selling at a 6.24% discount to NAV on March 31, 2024. Comparatively, the Fund’s shares were selling at a discount to NAV of 12.76% on March 31, 2023. On March 31, 2024, the standardized 30-day SEC yield of the Fund’s shares was 7.32%*.
Q	Which of the Fund’s investment strategies contributed positively to the Fund’s benchmark-relative performance during the 12-month period?
A	The Fund carries leveraged exposure to the high yield corporate bond market, which proved additive to benchmark-relative returns during the 12-month period, driven by the market’s

*	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.

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	positive performance during the period. With respect to ratings categories, the Fund’s tilt toward lower quality issues within the high yield corporate bond market benefited benchmark relative results during the 12-month period, as non-rated issues and issues in the “CCC” ratings category outperformed higher-rated “BB” issues. In sector terms, the Fund's overweight allocations to the energy, transportation, insurance and financial services sectors contributed positively to the Fund’s benchmark-relative returns during the 12-month period. Finally, the Fund’s benchmark relative returns benefited from out-of-benchmark allocations to securitized assets, insurance-linked securities, and floating rate bank loans, as returns experienced by the Fund's holdings within those categories exceeded those of the broader high yield corporate bond market during the 12-month period.
Q	Which investment strategies detracted from the Fund’s benchmark-relative performance results during the 12-month period ended March 31, 2024?
A	The main factor that held back the performance of the portfolio was that the fund duration was shorter than the benchmark. As US Treasury yields and spreads fell, this held back the performance of the portfolio. We typically maintain a shorter duration to reduce volatility in the portfolio, as the leverage that the fund employs increases the volatility of the portfolio.
	In addition, underweight exposures to the retail, technology & electronics and media sectors were the largest detractors from benchmark-relative performance during the 12-month period. The individual securities that detracted most from the benchmark-relative performance during the period were within the insurance, telecommunications and transportation sectors.
Q	Did the Fund’s distributions** to stockholders change during the 12-month period ended March 31, 2024?
A	The Fund’s monthly distribution rate declined over the course of the 12-month period, beginning at $0.0575 per share, but ending at $0.0550 per share as of March 31, 2024. This was due to the increase in funding costs of the leverage as the Federal Reserve “(Fed)” raised rates.

**	Dividends/Distributions are not guaranteed.

Pioneer High Income Fund, Inc. |  | 

Q	How did the level of leverage in the Fund change during the 12-month period ended March 31, 2024?
A	The Fund employs leverage through a credit agreement. As of March 31, 2024, 31.1% 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 12-month period on April 1, 2023. During the 12-month period, the Fund increased the absolute amount of funds borrowed by a total of $2 million, to $108.5 million as of March 31, 2024. The change in the percentage of the Fund's total managed assets financed by leverage during the 12-month period was the result of an increase in the value of the Fund's total managed assets relative to the absolute amount of funds borrowed. The interest rate on the Fund's leverage increased by 98 basis points from March 31, 2023 to March 31, 2024.
Q	Did the Fund have any exposure to derivatives during the 12- month period ended March 31, 2024?
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 positive effect on benchmark-relative performance. This investment was made to hedge positions bought in non-dollar securities. In addition, the Fund’s small position in credit default swaps contributed modestly to relative returns.
Q	What is your investment outlook, and how is the Fund positioned heading into its new fiscal year?
A	While the US economy has held up better than we expected, we still have concerns. The main driver of growth was continued good employment conditions, fiscal easing and strong immigration. Despite that, company results have deteriorated, particularly for the small and medium-size companies that are typical of the high yield market. Economy wide, profits are down about 10% year on year. Defaults rates have risen to 5.8% in the first quarter, above the long term average.
	The Federal Reserve has held rates steady since last July, but indications from money supply, the yield curve and banks’ willingness to lend point to continued tightness in monetary

4

	conditions. Market conditions have offset this to a certain amount, although cost of funding for companies continues to rise. With less fiscal support going forward, this should start to degrade credit quality.
	We do not believe that the high yield market will perform as poorly as it has historically performed in a recession. First, credit quality is higher than it has been historically, with more BB (higher quality) and fewer CCC (lower quality) credits. Secondly, issuance has been focused on refinancing debt, rather than adding debt for acquisitions or other purposes.
	The very tight levels of spreads is a concern. Yields have risen, but spreads are in the tightest decile historically. They are pricing in defaults falling back to non-recessionary levels (2-3%) versus the above average levels we are currently experiencing. We expect defaults to fall, but do not expect them to fall that much until profits recover across the economy. We have reduced risk relative to recent periods. This will allow us to add risk if the market sells off to levels that price in some margin of error.
	The main focus of the portfolio continues to be income and the higher level of rates has helped. However, our cost of leverage has risen as well which constrains our ability to pay dividends. If the Fed were to ease, that would allow some flexibility, although it might be accompanied by a more difficult environment for high yield bonds. While the market has been “risk on” in the last year, we believe security selection will be more important going forward, and we’ve seen distressed securities struggle lately. Our team of analyst will focus on identifying mispriced securities to help the portfolio perform.

Pioneer High Income Fund, Inc. |  | 

6

Pioneer High Income Fund, Inc. |  | 

(As a percentage of total investments)*

(As a percentage of total investments)*
1.	Baytex Energy Corp., 8.75%, 4/1/27 (144A)	1.32%
2.	Hercules LLC, 6.50%, 6/30/29	1.31
3.	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A)	1.28
4.	Hanover Insurance Group, Inc., 7.625%, 10/15/25	1.22
5.	Liberty Mutual Group, Inc., 10.75% (3 Month Term SOFR + 738 bps), 6/15/58 (144A)	1.15
6.	McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A)	1.05
7.	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A)	1.03
8.	Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A)	1.02
9.	Sprint LLC, 7.125%, 6/15/24	0.97
10.	Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A)	0.96

*  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.

†

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Market Value per Share

	3/31/24	3/31/23
Market Value	$ 7.66	$ 6.63
Discount	(6.24) %	(12.76)%

Net Asset Value per Share

	3/31/24	3/31/23
Net Asset Value	$8.17	$7.60

	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains
4/1/23 – 3/31/24	$0.6625	$—	$—

	3/31/24	3/31/23
30-Day SEC Yield	7.32%	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 on Saturday, l on Monday and on Monday and Saturday. Net asset value and market value are published daily on the Fund's website at www.amundi.com/us.

Pioneer High Income Fund, Inc. |  | 

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 March 31, 2024)
Period	Net Asset Value (NAV)	Market Price	ICE BofA U.S. High Yield Index
10 Years	4.22%	1.22%	4.36%
5 Years	5.83	6.63	4.03
1 Year	18.07	26.90	11.04

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Principal Amount USD ($)						Value
	UNAFFILIATED ISSUERS — 143.4%
	Senior Secured Floating Rate Loan Interests — 1.5% of Net Assets
	Auto Parts & Equipment — 0.6%
1,382,756(a)	First Brands Group LLC, First Lien 2021 Term Loan, 10.574% (Term SOFR + 500 bps), 3/30/27					$   1,386,558
	Total Auto Parts & Equipment					$ 1,386,558
	Electric-Generation — 0.3%
719,107(a)	Generation Bridge Northeast LLC, Term Loan B, 8.826% (Term SOFR + 350 bps), 8/22/29					$      722,702
	Total Electric-Generation					$ 722,702
	Metal Processors & Fabrication — 0.2%
530,221(a)	Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 9.591% (Term SOFR + 400 bps), 10/12/28					$      528,896
	Total Metal Processors & Fabrication					$ 528,896
	Physical Practice Management — 0.4%
932,121(a)	Team Health Holdings, Inc., Extended Term Loan, 10.563% (Term SOFR + 525 bps), 3/2/27					$      829,588
	Total Physical Practice Management					$ 829,588
	Total Senior Secured Floating Rate Loan Interests (Cost $3,463,998)					$ 3,467,744

Shares
	Common Stocks — 0.3% of Net Assets
	Chemicals — 0.0% †
22	LyondellBasell Industries NV, Class A					$       2,250
	Total Chemicals					$ 2,250
	Communications Equipment — 0.0% †
2,630 +	Digicel International Finance Ltd.					$       9,205
	Total Communications Equipment					$ 9,205
	Diversified Telecommunication Services — 0.0% †
251,944	Atento S.A.					$            8
	Total Diversified Telecommunication Services					$ 8

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Shares						Value
	Oil, Gas & Consumable Fuels — 0.0% †
21(b)	Amplify Energy Corp.					$          139
8,027	Petroquest Energy, Inc.					405
	Total Oil, Gas & Consumable Fuels					$ 544
	Passenger Airlines — 0.3%
57,203	Grupo Aeromexico SAB de CV					$     796,565
	Total Passenger Airlines					$ 796,565
	Total Common Stocks (Cost $1,552,431)					$ 808,572

Principal Amount USD ($)
	Asset Backed Securities — 0.6% of Net Assets
1,500,000	Santander Bank Auto Credit-Linked Notes, Series 2023-B, Class F, 12.24%, 12/15/33 (144A)					$   1,497,236
	Total Asset Backed Securities (Cost $1,500,000)					$ 1,497,236
	Collateralized Mortgage Obligations—2.4% of Net Assets
710,000(a)	Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 11.32% (SOFR30A + 600 bps), 10/25/41 (144A)					$      749,039
120,000(a)	Fannie Mae Connecticut Avenue Securities, Series 2021-R02, Class 2B2, 11.52% (SOFR30A + 620 bps), 11/25/41 (144A)					126,400
430,000(a)	Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class B2, 13.12% (SOFR30A + 780 bps), 11/25/41 (144A)					468,619
450,000(a)	Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B2, 11.57% (SOFR30A + 625 bps), 9/25/41 (144A)					469,665
610,000(a)	Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class B2, 13.82% (SOFR30A + 850 bps), 2/25/42 (144A)					667,218

12

Principal Amount USD ($)						Value
	Collateralized Mortgage Obligations— (continued)
1,370,000(a)	Freddie Mac STACR Trust, Series 2019-DNA3, Class B2, 13.585% (SOFR30A + 826 bps), 7/25/49 (144A)					$   1,579,168
1,350,000(a)	STACR Trust, Series 2018-HRP2, Class B2, 15.935% (SOFR30A + 1,061 bps), 2/25/47 (144A)					1,655,737
	Total Collateralized Mortgage Obligations (Cost $5,235,483)					$ 5,715,846
	Commercial Mortgage-Backed Securities—3.1% of Net Assets
1,445,000(a)	Capital Funding Mortgage Trust, Series 2021-19, Class B, 20.54% (1 Month Term SOFR + 1,521 bps), 10/27/24 (144A)					$   1,437,573
1,072,751(c)	FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.60%, 10/25/27 (144A)					986,381
1,500,000(a)	FREMF Mortgage Trust, Series 2019-KS12, Class C, 12.334% (SOFR30A + 701 bps), 8/25/29					1,435,572
222,712(a)	FREMF Mortgage Trust, Series 2020-KF74, Class C, 11.684% (SOFR30A + 636 bps), 1/25/27 (144A)					201,517
318,304(a)	FREMF Mortgage Trust, Series 2020-KF83, Class C, 14.434% (SOFR30A + 911 bps), 7/25/30 (144A)					298,289
1,169,388(a)	Med Trust, Series 2021-MDLN, Class G, 10.689% (1 Month Term SOFR + 536 bps), 11/15/38 (144A)					1,167,196
2,500,000	Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A)					1,873,388
	Total Commercial Mortgage-Backed Securities (Cost $7,690,710)					$ 7,399,916
	Convertible Corporate Bonds — 2.4% of Net Assets
	Banks — 0.0% †
IDR 1,422,679,000	PT Bakrie & Brothers Tbk, 4/28/24					$        8,973
	Total Banks					$ 8,973

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Principal Amount USD ($)						Value
	Chemicals — 1.7%
4,000,000(d)	Hercules LLC, 6.50%, 6/30/29					$   4,155,282
	Total Chemicals					$ 4,155,282
	Entertainment — 0.7%
1,455,000(e)	DraftKings Holdings, Inc., 3/15/28					$   1,254,938
449,000	IMAX Corp., 0.50%, 4/1/26					417,031
	Total Entertainment					$ 1,671,969
	Total Convertible Corporate Bonds (Cost $4,959,363)					$ 5,836,224
	Corporate Bonds — 116.7% of Net Assets
	Advertising — 2.7%
2,090,000	Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A)					$   1,728,516
2,010,000	Stagwell Global LLC, 5.625%, 8/15/29 (144A)					1,825,295
3,000,000	Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A)					2,897,406
	Total Advertising					$ 6,451,217
	Aerospace & Defense — 1.8%
2,150,000	Bombardier, Inc., 6.00%, 2/15/28 (144A)					$   2,114,901
745,000	Bombardier, Inc., 7.125%, 6/15/26 (144A)					755,723
740,000	Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A)					807,182
666,000	Triumph Group, Inc., 9.00%, 3/15/28 (144A)					702,118
	Total Aerospace & Defense					$ 4,379,924
	Agriculture — 1.0%
2,795,000	Frigorifico Concepcion S.A., 7.70%, 7/21/28 (144A)					$   2,442,397
	Total Agriculture					$ 2,442,397
	Airlines — 6.0%
420,000	Allegiant Travel Co., 7.25%, 8/15/27 (144A)					$      417,764
355,000	Delta Air Lines, Inc., 7.375%, 1/15/26					366,107
1,632,573(a)	Gol Finance S.A., 15.827% (1 Month Term SOFR + 1,050 bps), 1/29/25 (144A)					1,752,826
3,255,000	Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A)					3,227,329
330,000	Latam Airlines Group S.A., 13.375%, 10/15/29 (144A)					381,081
897,000	Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27 (144A)					901,948

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Principal Amount USD ($)						Value
	Airlines — (continued)
2,460,000	Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A)					$   2,515,448
EUR 1,600,000	Transportes Aereos Portugueses S.A., 5.625%, 12/2/24 (144A)					1,717,529
2,360,000	VistaJet Malta Finance Plc/Vista Management Holding, Inc., 6.375%, 2/1/30 (144A)					1,739,611
1,470,000	VistaJet Malta Finance Plc/Vista Management Holding, Inc., 9.50%, 6/1/28 (144A)					1,249,960
	Total Airlines					$ 14,269,603
	Auto Manufacturers — 0.4%
1,035,000	JB Poindexter & Co., Inc., 8.75%, 12/15/31 (144A)					$   1,069,808
	Total Auto Manufacturers					$ 1,069,808
	Auto Parts & Equipment — 0.6%
1,285,000	Adient Global Holdings, Ltd., 8.25%, 4/15/31 (144A)					$   1,355,981
	Total Auto Parts & Equipment					$ 1,355,981
	Banks — 1.9%
600,000(c)(f)	Bank of America Corp., 6.50% (3 Month Term SOFR + 444 bps)					$      600,509
1,175,000	Freedom Mortgage Corp., 12.25%, 10/1/30 (144A)					1,292,246
675,000(c)(f)	Intesa Sanpaolo S.p.A., 7.70% (5 Year USD Swap Rate + 546 bps) (144A)					672,285
1,240,000(c)	Toronto-Dominion Bank, 8.125% (5 Year CMT Index + 408 bps), 10/31/82					1,300,578
545,000(c)(f)	UBS Group AG, 9.25% (5 Year CMT Index + 476 bps) (144A)					615,053
	Total Banks					$ 4,480,671
	Biotechnology — 0.3%
EUR 745,000	Cidron Aida Finco S.a.r.l., 5.00%, 4/1/28 (144A)					$      778,626
	Total Biotechnology					$ 778,626
	Building Materials — 2.2%
1,991,000	AmeriTex HoldCo Intermediate LLC, 10.25%, 10/15/28 (144A)					$   2,137,649
2,211,000	Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A)					1,970,783
1,140,000	Knife River Corp., 7.75%, 5/1/31 (144A)					1,193,405
	Total Building Materials					$ 5,301,837

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Principal Amount USD ($)						Value
	Chemicals — 8.2%
1,355,000	LSF11 A5 HoldCo LLC, 6.625%, 10/15/29 (144A)					$   1,220,094
EUR 885,000	Lune Holdings S.a.r.l., 5.625%, 11/15/28 (144A)					806,605
2,250,000	LYB Finance Co. BV, 8.10%, 3/15/27 (144A)					2,393,311
2,831,000	Mativ Holdings, Inc., 6.875%, 10/1/26 (144A)					2,810,511
470,000	Olin Corp., 9.50%, 6/1/25 (144A)					484,567
EUR 1,355,000	Olympus Water US Holding Corp., 9.625%, 11/15/28 (144A)					1,565,706
2,320,000	Olympus Water US Holding Corp., 9.75%, 11/15/28 (144A)					2,471,303
2,517,000	Rain Carbon, Inc., 12.25%, 9/1/29 (144A)					2,610,927
2,500,000	SCIL IV LLC/SCIL USA Holdings LLC, 5.375%, 11/1/26 (144A)					2,426,326
EUR 1,005,000	SCIL IV LLC/SCIL USA Holdings LLC, 9.50%, 7/15/28 (144A)					1,181,523
2,000,000	Tronox, Inc., 4.625%, 3/15/29 (144A)					1,793,872
	Total Chemicals					$ 19,764,745
	Commercial Services — 6.9%
1,645,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29 (144A)					$   1,415,398
1,905,000	Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A)					1,910,723
705,000	Champions Financing, Inc., 8.75%, 2/15/29 (144A)					738,591
2,116,000	Garda World Security Corp., 6.00%, 6/1/29 (144A)					1,893,913
2,059,000	Garda World Security Corp., 9.50%, 11/1/27 (144A)					2,063,954
319,000	Herc Holdings, Inc., 5.50%, 7/15/27 (144A)					313,318
1,470,000	Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A)					1,389,993
915,000	NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A)					865,684
4,155,000	Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A)					4,070,149
1,093,000	Sotheby's, 7.375%, 10/15/27 (144A)					1,017,672
862,000	Verscend Escrow Corp., 9.75%, 8/15/26 (144A)					864,421
	Total Commercial Services					$ 16,543,816

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Principal Amount USD ($)						Value
	Computers — 0.4%
980,000	NCR Voyix Corp., 5.00%, 10/1/28 (144A)					$      913,529
	Total Computers					$ 913,529
	Distribution/Wholesale — 1.6%
2,460,000	Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A)					$   2,448,751
1,325,000	Windsor Holdings III LLC, 8.50%, 6/15/30 (144A)					1,389,274
	Total Distribution/Wholesale					$ 3,838,025
	Diversified Financial Services — 10.8%
3,500,000(c)(f)	Air Lease Corp., 4.125% (5 Year CMT Index + 315 bps)					$   3,032,299
2,150,000	ASG Finance Designated Activity Co., 7.875%, 12/3/24 (144A)					2,111,386
811,000	Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A)					816,278
140,000(g)	Credito Real SAB de CV SOFOM ER, 8.00%, 1/21/28 (144A)					18,690
1,500,000(g)	Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/26 (144A)					200,250
185,000	Freedom Mortgage Holdings LLC, 9.25%, 2/1/29 (144A)					189,338
EUR 480,000	Garfunkelux Holdco 3 S.A., 6.75%, 11/1/25 (144A)					364,213
GBP 820,000	Garfunkelux Holdco 3 S.A., 7.75%, 11/1/25 (144A)					724,474
350,000	GGAM Finance, Ltd., 7.75%, 5/15/26 (144A)					356,125
1,805,000	GGAM Finance, Ltd., 8.00%, 6/15/28 (144A)					1,879,456
1,913,643(h)	Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A)					1,820,120
2,900,000	Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 8/15/28 (144A)					2,666,803
845,000	Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27 (144A)					833,012
1,210,000	OneMain Finance Corp., 7.875%, 3/15/30					1,248,201
2,320,000	OneMain Finance Corp., 9.00%, 1/15/29					2,461,780
365,000	PennyMac Financial Services, Inc., 7.875%, 12/15/29 (144A)					375,054
755,000	PHH Mortgage Corp., 7.875%, 3/15/26 (144A)					731,080
3,415,000	Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A)					3,275,278

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Principal Amount USD ($)						Value
	Diversified Financial Services — (continued)
1,051,000	United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A)					$      994,035
1,860,000	United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A)					1,808,428
	Total Diversified Financial Services					$ 25,906,300
	Electric — 1.0%
412,000	Cemig Geracao e Transmissao S.A., 9.25%, 12/5/24 (144A)					$      413,572
676,000	NRG Energy, Inc., 6.625%, 1/15/27					676,337
82,381	NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25 (144A)					81,557
1,045,000	Talen Energy Supply LLC, 8.625%, 6/1/30 (144A)					1,117,475
6,000	Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A)					5,908
	Total Electric					$ 2,294,849
	Electrical Components & Equipments — 1.6%
2,600,000	Energizer Holdings, Inc., 6.50%, 12/31/27 (144A)					$   2,585,955
750,000	WESCO Distribution, Inc., 7.125%, 6/15/25 (144A)					750,486
520,000	WESCO Distribution, Inc., 7.25%, 6/15/28 (144A)					530,887
	Total Electrical Components & Equipments					$ 3,867,328
	Energy-Alternate Sources — 0.1%
385,700(h)	SCC Power Plc, 8.00% (4.00% PIK or 4.00% Cash or 8.00% Cash), 12/31/28 (144A)					$      158,012
	Total Energy-Alternate Sources					$ 158,012
	Entertainment — 3.0%
395,000	International Game Technology Plc, 6.25%, 1/15/27 (144A)					$      397,856
208,000	International Game Technology Plc, 6.50%, 2/15/25 (144A)					208,685
1,910,000	Light & Wonder International, Inc., 7.00%, 5/15/28 (144A)					1,924,073
1,910,000	Light & Wonder International, Inc., 7.25%, 11/15/29 (144A)					1,960,743
EUR 755,000	Lottomatica S.p.A., 9.75%, 9/30/27 (144A)					871,481

18

Principal Amount USD ($)						Value
	Entertainment — (continued)
EUR 730,000	Lottomatica S.p.A./Roma, 7.125%, 6/1/28 (144A)					$      830,049
930,000	Mohegan Tribal Gaming Authority, 8.00%, 2/1/26 (144A)					910,014
	Total Entertainment					$ 7,102,901
	Food — 0.4%
531,000	Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 7.50%, 3/15/26 (144A)					$      540,360
315,000	Fiesta Purchaser, Inc., 7.875%, 3/1/31 (144A)					325,301
	Total Food					$ 865,661
	Healthcare-Services — 3.7%
1,014,000	Auna SAA, 10.00%, 12/15/29 (144A)					$   1,052,462
580,000	CHS/Community Health Systems, Inc., 5.625%, 3/15/27 (144A)					533,832
265,000	CHS/Community Health Systems, Inc., 6.00%, 1/15/29 (144A)					231,504
385,000	LifePoint Health, Inc., 5.375%, 1/15/29 (144A)					317,221
2,640,000	Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A)					2,626,019
1,406,000	Surgery Center Holdings, Inc., 10.00%, 4/15/27 (144A)					1,408,590
2,879,000	US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A)					2,771,849
	Total Healthcare-Services					$ 8,941,477
	Home Builders — 1.5%
1,155,000	Beazer Homes USA, Inc., 7.25%, 10/15/29					$   1,170,002
2,285,000	LGI Homes, Inc., 8.75%, 12/15/28 (144A)					2,410,979
	Total Home Builders					$ 3,580,981
	Household Products/Wares — 0.8%
2,050,000	Spectrum Brands, Inc., 3.875%, 3/15/31 (144A)					$   1,974,696
	Total Household Products/Wares					$ 1,974,696
	Insurance — 5.0%
3,800,000	Hanover Insurance Group, Inc., 7.625%, 10/15/25					$   3,886,304
3,075,000(c)	Liberty Mutual Group, Inc., 10.75% (3 Month Term SOFR + 738 bps), 6/15/58 (144A)					3,654,377

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Principal Amount USD ($)						Value
	Insurance — (continued)
2,677,000	Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A)					$   3,037,047
1,100,000	MetLife, Inc., 10.75%, 8/1/39					1,491,599
	Total Insurance					$ 12,069,327
	Internet — 0.1%
205,000	Expedia Group, Inc., 6.25%, 5/1/25 (144A)					$      205,896
	Total Internet					$ 205,896
	Iron & Steel — 2.7%
1,855,000	Carpenter Technology Corp., 7.625%, 3/15/30					$   1,913,711
2,580,000	Cleveland-Cliffs, Inc., 7.00%, 3/15/32 (144A)					2,614,057
2,235,000	TMS International Corp., 6.25%, 4/15/29 (144A)					2,039,975
	Total Iron & Steel					$ 6,567,743
	Leisure Time — 4.2%
215,000	Carnival Corp., 7.625%, 3/1/26 (144A)					$      217,528
EUR 280,000	Carnival Corp., 7.625%, 3/1/26 (144A)					307,515
235,000	Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A)					256,352
EUR 731,000	Carnival Plc, 1.00%, 10/28/29					616,472
1,295,000	NCL Corp., Ltd., 5.875%, 3/15/26 (144A)					1,278,360
2,435,000	NCL Corp., Ltd., 7.75%, 2/15/29 (144A)					2,528,202
965,000	NCL Corp., Ltd., 8.125%, 1/15/29 (144A)					1,021,149
360,000	NCL Finance, Ltd., 6.125%, 3/15/28 (144A)					355,506
745,000	Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A)					736,361
2,790,000	Viking Cruises, Ltd., 6.25%, 5/15/25 (144A)					2,791,222
	Total Leisure Time					$ 10,108,667
	Lodging — 1.6%
1,715,000	Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Esc, 6.625%, 1/15/32 (144A)					$   1,721,923
1,505,000(i)	MGM Resorts International, 6.50%, 4/15/32					1,500,024
725,000	Travel + Leisure Co., 6.625%, 7/31/26 (144A)					730,074
	Total Lodging					$ 3,952,021
	Media — 3.9%
2,500,000	CCO Holdings LLC/CCO Holdings Capital Corp., 4.75%, 2/1/32 (144A)					$   2,040,309
2,200,000	CSC Holdings LLC, 4.625%, 12/1/30 (144A)					1,117,191
1,925,000	CSC Holdings LLC, 5.00%, 11/15/31 (144A)					973,150
835,000	CSC Holdings LLC, 11.75%, 1/31/29 (144A)					836,303

20

Principal Amount USD ($)						Value
	Media — (continued)
1,057,000	Gray Television, Inc., 7.00%, 5/15/27 (144A)					$      983,043
3,530,000	McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A)					3,317,913
	Total Media					$ 9,267,909
	Metal Fabricate/Hardware — 0.5%
1,185,000	Park-Ohio Industries, Inc., 6.625%, 4/15/27					$   1,108,708
	Total Metal Fabricate/Hardware					$ 1,108,708
	Mining — 2.8%
2,340,000	Coeur Mining, Inc., 5.125%, 2/15/29 (144A)					$   2,210,802
705,000	First Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A)					675,929
2,840,000	First Quantum Minerals, Ltd., 8.625%, 6/1/31 (144A)					2,760,709
415,000	First Quantum Minerals, Ltd., 9.375%, 3/1/29 (144A)					429,905
692,000	Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A)					684,046
	Total Mining					$ 6,761,391
	Miscellaneous Manufacturing — 1.2%
2,880,000	Trinity Industries, Inc., 7.75%, 7/15/28 (144A)					$   2,957,509
	Total Miscellaneous Manufacturing					$ 2,957,509
	Oil & Gas — 16.2%
685,000	3R Lux SARL, 9.75%, 2/5/31 (144A)					$      716,956
2,430,000	Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A)					2,458,040
1,105,000	Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29 (144A)					1,053,541
1,890,000(i)	Baytex Energy Corp., 7.375%, 3/15/32 (144A)					1,909,294
2,140,000	Baytex Energy Corp., 8.50%, 4/30/30 (144A)					2,234,563
4,000,000	Baytex Energy Corp., 8.75%, 4/1/27 (144A)					4,175,000
755,000	Borr IHC, Ltd./Borr Finance LLC, 10.00%, 11/15/28 (144A)					784,102
555,000	Borr IHC, Ltd./Borr Finance LLC, 10.375%, 11/15/30 (144A)					577,200
180,000	Cenovus Energy, Inc., 6.75%, 11/15/39					198,327
925,000	CITGO Petroleum Corp., 8.375%, 1/15/29 (144A)					971,843
1,225,000	Civitas Resources, Inc., 8.375%, 7/1/28 (144A)					1,289,572
830,000	Civitas Resources, Inc., 8.625%, 11/1/30 (144A)					891,235
1,225,000	Civitas Resources, Inc., 8.75%, 7/1/31 (144A)					1,310,823
830,000	Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31 (144A)					807,027

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Principal Amount USD ($)						Value
	Oil & Gas — (continued)
1,330,000	Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A)					$   1,313,092
1,010,000	MEG Energy Corp., 5.875%, 2/1/29 (144A)					992,445
1,535,000	MEG Energy Corp., 7.125%, 2/1/27 (144A)					1,555,179
750,000	Murphy Oil Corp., 6.375%, 7/15/28					754,970
1,109,000	Nabors Industries, Ltd., 7.50%, 1/15/28 (144A)					1,040,150
2,000,000	Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A)					1,999,978
2,010,000	Occidental Petroleum Corp., 4.40%, 4/15/46					1,639,591
692,000	Petroleos Mexicanos, 6.70%, 2/16/32					575,497
579,000	Precision Drilling Corp., 6.875%, 1/15/29 (144A)					577,924
1,065,000	Seadrill Finance, Ltd., 8.375%, 8/1/30 (144A)					1,117,386
2,265,000	Shelf Drilling Holdings, Ltd., 9.625%, 4/15/29 (144A)					2,188,059
885,000	Southwestern Energy Co., 4.75%, 2/1/32					814,694
285,000	Transocean Titan Financing, Ltd., 8.375%, 2/1/28 (144A)					296,603
2,075,000	Tullow Oil Plc, 10.25%, 5/15/26 (144A)					1,973,166
1,705,000	Valaris, Ltd., 8.375%, 4/30/30 (144A)					1,758,764
1,000,000	YPF S.A., 6.95%, 7/21/27 (144A)					903,169
	Total Oil & Gas					$ 38,878,190
	Oil & Gas Services — 2.7%
385,000	Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 4/1/28 (144A)					$      380,933
2,583,000	Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A)					2,590,839
1,445,000	Enerflex, Ltd., 9.00%, 10/15/27 (144A)					1,484,692
703,000	USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27					704,673
1,290,000	USA Compression Partners LP/USA Compression Finance Corp., 7.125%, 3/15/29 (144A)					1,306,068
	Total Oil & Gas Services					$ 6,467,205
	Packaging & Containers — 0.6%
1,355,000	Owens-Brockway Glass Container, Inc., 7.25%, 5/15/31 (144A)					$   1,380,070
	Total Packaging & Containers					$ 1,380,070
	Pharmaceuticals — 2.6%
2,750,000	Owens & Minor, Inc., 6.625%, 4/1/30 (144A)					$   2,729,413
2,365,000	P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A)					1,974,775
579,000	Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A)					379,566

22

Principal Amount USD ($)						Value
	Pharmaceuticals — (continued)
1,095,000	Teva Pharmaceutical Finance Netherlands III BV, 7.875%, 9/15/29					$   1,175,383
2,600,000 +	Tricida, Inc., 5/15/27					—
	Total Pharmaceuticals					$ 6,259,137
	Pipelines — 6.6%
1,716,369	Acu Petroleo Luxembourg S.a.r.l., 7.50%, 1/13/32 (144A)					$   1,670,717
910,000	DCP Midstream Operating LP, 5.60%, 4/1/44					889,153
1,060,000	Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A)					1,034,021
1,524,000(a)	Energy Transfer LP, 8.586% (3 Month Term SOFR + 328 bps), 11/1/66					1,384,273
1,965,000(c)(f)	Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps)					1,918,402
248,000	EnLink Midstream Partners LP, 5.05%, 4/1/45					204,799
270,000	EnLink Midstream Partners LP, 5.45%, 6/1/47					234,976
717,000	EnLink Midstream Partners LP, 5.60%, 4/1/44					638,380
770,000	Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27					778,954
421,000	Global Partners LP/GLP Finance Corp., 7.00%, 8/1/27					421,238
1,515,000	Harvest Midstream I LP, 7.50%, 9/1/28 (144A)					1,536,105
1,150,000	NuStar Logistics LP, 6.375%, 10/1/30					1,157,436
215,000	Venture Global LNG, Inc., 8.125%, 6/1/28 (144A)					219,340
1,355,000	Venture Global LNG, Inc., 8.375%, 6/1/31 (144A)					1,397,370
505,000	Venture Global LNG, Inc., 9.50%, 2/1/29 (144A)					544,321
1,801,000	Williams Cos., Inc., 5.75%, 6/24/44					1,796,941
	Total Pipelines					$ 15,826,426
	REITs — 1.5%
2,275,000	MPT Operating Partnership LP/MPT Finance Corp., 3.50%, 3/15/31					$   1,562,060
365,000	Starwood Property Trust, Inc., 7.25%, 4/1/29 (144A)					367,905
230,000	Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A)					171,491
1,555,000	Uniti Group LP/Uniti Group Finance, Inc./CSL Capital LLC, 10.50%, 2/15/28 (144A)					1,612,113
	Total REITs					$ 3,713,569

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Principal Amount USD ($)						Value
	Retail — 0.8%
1,125,000	LCM Investments Holdings II LLC, 8.25%, 8/1/31 (144A)					$   1,176,927
798,000	Staples, Inc., 7.50%, 4/15/26 (144A)					778,825
	Total Retail					$ 1,955,752
	Software — 0.9%
2,245,000	AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A)					$   2,053,319
	Total Software					$ 2,053,319
	Telecommunications — 3.5%
1,495,000	Altice France Holding S.A., 6.00%, 2/15/28 (144A)					$      425,725
1,169,000	Altice France Holding S.A., 10.50%, 5/15/27 (144A)					437,412
270,000	Altice France S.A., 5.125%, 1/15/29 (144A)					184,897
1,910,000	CommScope, Inc., 4.75%, 9/1/29 (144A)					1,375,200
3,080,000	Sprint LLC, 7.125%, 6/15/24					3,085,276
41,000	Sprint LLC, 7.625%, 3/1/26					42,359
3,135,000	Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A)					2,901,664
	Total Telecommunications					$ 8,452,533
	Transportation — 2.4%
2,640,000	Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A)					$   2,345,586
1,375,000	Danaos Corp., 8.50%, 3/1/28 (144A)					1,403,189
820,000	Seaspan Corp., 5.50%, 8/1/29 (144A)					715,054
1,240,000	Watco Cos. LLC/Watco Finance Corp., 6.50%, 6/15/27 (144A)					1,225,632
	Total Transportation					$ 5,689,461
	Total Corporate Bonds (Cost $280,291,642)					$ 279,957,217

Shares
	Convertible Preferred Stock — 0.4% of Net Assets
	Banks — 0.4%
752(f)	Wells Fargo & Co., 7.50%					$     916,951
	Total Banks					$ 916,951
	Total Convertible Preferred Stock (Cost $950,539)					$ 916,951

24

Shares						Value
	Preferred Stock — 0.0% † of Net Assets
	Capital Markets — 0.0% †
382	B Riley Financial, Inc., 6.75%, 5/31/24					$       9,458
	Total Capital Markets					$ 9,458
	Internet — 0.0% †
129,055	MYT Holding LLC, 10.00%, 6/6/29					$      22,585
	Total Internet					$ 22,585
	Total Preferred Stock (Cost $244,989)					$ 32,043
	Right/Warrant — 0.0% † of Net Assets
	Trading Companies & Distributors — 0.0% †
GBP 21,700 (b)	Avation Plc, 1/1/59					$       4,108
	Total Trading Companies & Distributors					$ 4,108
	Total Right/Warrant (Cost $—)					$ 4,108

Principal Amount USD ($)
	Insurance-Linked Securities — 4.9% of Net Assets#
	Event Linked Bonds — 0.7%
	Flood – U.S. — 0.3%
250,000(a)	FloodSmart Re, 17.192%, (3 Month U.S. Treasury Bill + 1,183 bps), 2/25/25 (144A)					$     244,650
250,000(a)	FloodSmart Re, 19.362%, (3 Month U.S. Treasury Bill + 1,400 bps), 3/12/27 (144A)					249,125
250,000(a)	FloodSmart Re, 21.612%, (1 Month U.S. Treasury Bill + 1,625 bps), 3/11/26 (144A)					252,525
						$ 746,300
	Multiperil – U.S. — 0.3%
250,000(a)	Matterhorn Re, 10.615%, (SOFR + 525 bps), 3/24/25 (144A)					$     248,975
250,000(a)	Matterhorn Re, 13.115%, (SOFR + 775 bps), 3/24/25 (144A)					248,925
250,000(a)	Residential Re 2021-2, 17.342%, (3 Month U.S. Treasury Bill + 1,198 bps), 12/6/25 (144A)					236,525
						$ 734,425
	Windstorm – U.S. — 0.1%
250,000(a)	Bonanza Re, 13.612%, (3 Month U.S. Treasury Bill + 825 bps), 1/8/26 (144A)					$     253,225
	Total Event Linked Bonds					$ 1,733,950

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

Face Amount USD ($)						Value
	Collateralized Reinsurance — 0.2%
	Multiperil – Massachusetts — 0.1%
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					$      240,875
	Multiperil – Worldwide — 0.0% †
500,000(b)(j) +	Cypress Re 2017, 1/31/25					$           50
	Total Collateralized Reinsurance					$ 561,847
	Reinsurance Sidecars — 4.0%
	Multiperil – U.S. — 0.0% †
500,000(b)(k) +	Harambee Re 2018, 12/31/24					$           —
600,000(k) +	Harambee Re 2019, 12/31/24					1,080
						$ 1,080
	Multiperil – Worldwide — 4.0%
40,466(b)(k) +	Alturas Re 2022-2, 12/31/27					$        4,718
1,500,000(j) +	Bantry Re 2023, 12/31/28					34,072
1,500,000(j) +	Bantry Re 2024, 12/31/29					1,559,278
1,000,000(b)(j) +	Berwick Re 2024-1, 12/31/29					1,031,473
500,000(j) +	Eccleston Re 2023, 11/30/28					52,960
750,000(b)(j) +	Gleneagles Re 2022, 12/31/27					356,509
1,063,659(j) +	Gullane Re 2023, 12/31/28					29,374
1,000,000(j) +	Gullane Re 2024, 12/31/29					1,050,116
499,318(b)(k) +	Lorenz Re 2019, 6/30/24					4,644
1,000,000(b)(j) +	Merion Re 2022-2, 12/31/27					948,111
350,000(b)(j) +	Pangaea Re 2023-3, 5/31/29					402,053
500,000(j) +	Pangaea Re 2024-1, 12/31/29					516,680
20,000(b)(j) +	Sector Re V, 12/1/24 (144A)					36,656
2,357(j) +	Sector Re V, 12/1/27 (144A)					96,536
500,000(b)(j) +	Sector Re V, 12/1/28 (144A)					545,281
1,000,000(b)(j) +	Sector Re V, 12/1/28 (144A)					1,090,561
250,000(j) +	Sussex Re 2020-1, 12/31/24					325
1,500,000(k) +	Thopas Re 2022, 12/31/27					—
1,596,147(b)(k) +	Thopas Re 2023, 12/31/28					—
1,596,147(k) +	Thopas Re 2024, 12/31/29					1,677,391
244,914(b)(j) +	Woburn Re 2019, 12/31/24					41,003
						$ 9,477,741
	Total Reinsurance Sidecars					$ 9,478,821
	Total Insurance-Linked Securities (Cost $11,151,561)					$ 11,774,618

26

Principal Amount USD ($)						Value
	Foreign Government Bond — 0.1% of Net Assets
	Russia — 0.1%
161,820(g)(l)	Russian Government International Bond, 7.500%, 3/31/30					$     113,973
	Total Russia					$ 113,973
	Total Foreign Government Bond (Cost $140,447)					$ 113,973

Shares
	SHORT TERM INVESTMENTS — 11.0% of Net Assets
	Open-End Fund — 11.0%
26,476,361(m)	Dreyfus Government Cash Management, Institutional Shares, 5.20%					$  26,476,361
						$ 26,476,361
	TOTAL SHORT TERM INVESTMENTS (Cost $26,476,361)					$ 26,476,361
	TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 143.4% (Cost $343,657,524)					$ 344,000,809
	OTHER ASSETS AND LIABILITIES — (43.4)%					$ (104,150,638)
	net assets — 100.0%					$ 239,850,171

bps	Basis Points.
CMT	Constant Maturity Treasury Index.
FREMF	Freddie Mac Multifamily Fixed-Rate Mortgage Loans.
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 March 31, 2024, the value of these securities amounted to $255,287,614, or 106.4% of net assets.

(a)	Floating rate note. Coupon rate, reference index and spread shown at March 31, 2024.
(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 March 31, 2024.
(d)	Security is priced as a unit.

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

(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)	Security is in default.
(h)	Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount.
(i)	Securities purchased on a when-issued basis. Rates do not take effect until settlement date.
(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 March 31, 2024.
(m)	Rate periodically changes. Rate disclosed is the 7-day yield at March 31, 2024.
+	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	$ —	$ 4,718
Ballybunion Re 2023	3/20/2023	212,321	240,875
Bantry Re 2023	1/12/2023	—	34,072
Bantry Re 2024	2/1/2024	1,500,000	1,559,278
Berwick Re 2024-1	1/10/2024	1,000,000	1,031,473
Bonanza Re	1/6/2023	250,000	253,225
Cypress Re 2017	1/24/2017	1,681	50
Eccleston Re 2023	7/13/2023	—	52,960
FloodSmart Re	2/14/2022	250,000	244,650
FloodSmart Re	2/23/2023	250,000	252,525
FloodSmart Re	2/29/2024	250,000	249,125
Gleneagles Re 2022	1/18/2022	333,071	356,509
Gullane Re 2023	1/20/2023	—	29,374
Gullane Re 2024	2/14/2024	1,000,000	1,050,116
Harambee Re 2018	12/19/2017	10,612	—
Harambee Re 2019	12/20/2018	—	1,080
Lorenz Re 2019	6/26/2019	81,826	4,644
Matterhorn Re	3/10/2022	250,000	248,975
Matterhorn Re	3/10/2022	250,000	248,925
Merion Re 2022-2	2/22/2022	1,000,000	948,111
Pangaea Re 2023-3	7/5/2023	350,000	402,053
Pangaea Re 2024-1	2/27/2024	500,000	516,680
Portsalon Re 2022	7/15/2022	283,022	320,922
Residential Re 2021-2	10/28/2021	250,000	236,525
Sector Re V	1/1/2020	337	36,656
Sector Re V	12/30/2022	—	96,536
Sector Re V	12/4/2023	500,000	545,281
Sector Re V	12/29/2023	1,000,000	1,090,561

28

Restricted Securities	Acquisition date	Cost	Value
Sussex Re 2020-1	1/23/2020	$ —	$ 325
Thopas Re 2022	2/7/2022	—	—
Thopas Re 2023	2/15/2023	—	—
Thopas Re 2024	2/2/2024	1,596,147	1,677,391
Woburn Re 2019	1/30/2019	32,544	41,003
Total Restricted Securities			$11,774,618
% of Net assets			4.9%

Currency Purchased	In Exchange for	Currency Sold	Deliver	Counterparty	Settlement Date	Unrealized Appreciation (Depreciation)
EUR	5,000,000	USD	5,441,399	HSBC Bank USA NA	6/27/24	$(27,322)
EUR	297,000	USD	322,573	State Street Bank & Trust Co.	5/28/24	(1,378)
USD	5,832,062	EUR	5,332,500	State Street Bank & Trust Co.	4/24/24	73,069
USD	765,645	GBP	605,000	State Street Bank & Trust Co.	6/27/24	1,690
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS						$ 46,059

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	$ (59,129)	$134,681	$ 75,552
329,000	JPMorgan Chase Bank NA	United Airlines Holdings, Inc.	Receive	5.00%	6/20/27	(22,436)	47,595	25,159
433,000	JPMorgan Chase Bank NA	United Airlines Holdings, Inc.	Receive	5.00%	6/20/27	(29,547)	62,658	33,111
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION						$ (111,112)	$ 244,934	$ 133,822
TOTAL SWAP CONTRACTS						$(111,112)	$ 244,934	$133,822

(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.

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

EUR	— Euro
GBP	— Great British Pound
IDR	— Indonesian Rupiah
USD	— United States Dollar

Purchases and sales of securities (excluding short-term investments) for the year ended March 31, 2024, aggregated $91,773,518 and $101,678,718, respectively.

At March 31, 2024, the net unrealized depreciation on investments based on cost for federal tax purposes of $344,681,304 was as follows:

Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost	$ 13,551,168
Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value	(14,234,884)
Net unrealized depreciation	$ (683,716)

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 March 31, 2024 in valuing the Fund’s investments:

	Level 1	Level 2	Level 3	Total
Senior Secured Floating Rate Loan Interests	$ —	$ 3,467,744	$ —	$ 3,467,744
Common Stocks
Chemicals	2,250	—	—	2,250
Communications Equipment	—	—	9,205	9,205
Oil, Gas & Consumable Fuels	139	405	—	544
All Other Common Stocks	—	796,573	—	796,573
Asset Backed Securities	—	1,497,236	—	1,497,236
Collateralized Mortgage Obligations	—	5,715,846	—	5,715,846
Commercial Mortgage-Backed Securities	—	7,399,916	—	7,399,916
Convertible Corporate Bonds	—	5,836,224	—	5,836,224

30

	Level 1	Level 2	Level 3	Total
Corporate Bonds	$ —	$ 279,957,217	$ —*	$ 279,957,217
Convertible Preferred Stock	916,951	—	—	916,951
Preferred Stock
Capital Markets	9,458	—	—	9,458
Internet	—	22,585	—	22,585
Right/Warrant	4,108	—	—	4,108
Insurance-Linked Securities
Collateralized Reinsurance
Multiperil – Massachusetts	—	—	320,922	320,922
Multiperil – U.S.	—	—	240,875	240,875
Multiperil – Worldwide	—	—	50	50
Reinsurance Sidecars
Multiperil – U.S.	—	—	1,080	1,080
Multiperil – Worldwide	—	—	9,477,741	9,477,741
All Other Insurance-Linked Securities	—	1,733,950	—	1,733,950
Foreign Government Bond	—	113,973	—	113,973
Open-End Fund	26,476,361	—	—	26,476,361
Total Investments in Securities	$ 27,409,267	$ 306,541,669	$10,049,873	$ 344,000,809
Other Financial Instruments
Credit Agreement (a)	$ —	$(108,500,000)	$ —	$(108,500,000)
Net unrealized appreciation on forward foreign currency exchange contracts	—	46,059	—	46,059
OTC swap contracts, at value	—	133,822	—	133,822
Total Other Financial Instruments	$ —	$ (108,320,119)	$ —	$ (108,320,119)

(a)	The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes.
*	Securities valued at $0.

The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):

	Common Stocks	Corporate Bonds	Insurance- Linked Securities	Total
Balance as of 3/31/23	$ 634,883	$ —	$ 10,623,431	$ 11,258,314
Realized gain (loss) (1)	17,869	—	(378,323 )	(360,454 )
Changed in unrealized appreciation (depreciation) (2)	265,039	—	528,435	793,474
Accrued discounts/premiums	—	—	(5,912,732 )	(5,912,732 )
Purchases	2,386	—	8,535,553	8,537,939
Sales	(114,407 )	—	(3,355,696 )	(3,470,103 )

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Schedule of Investments  |  3/31/24 

	Common Stocks	Corporate Bonds	Insurance- Linked Securities	Total
Transfers in to Level 3*	—	—	—	—
Transfers out of Level 3*	(796,565 )	—	—	(796,565 )
Balance as of 3/31/24	$ 9,205	$—	$10,040,668	$10,049,873

(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.
*	Transfers are calculated on the beginning of period values. During the year ended March 31, 2024, a security valued at $796,565 was transferred out of Level 3 to Level 2, as there was significant observable inputs available to determine the value. There were no other transfers in or out of Level 3 during the period.
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at March 31, 2024:			$470,959

32

ASSETS:
Investments in unaffiliated issuers, at value (cost $343,657,524)	$ 344,000,809
Cash	1,249,842
Foreign currencies, at value (cost $594,347)	592,097
Swap contracts, at value (net premiums received $111,112)	133,822
Unrealized appreciation on forward foreign currency exchange contracts	74,759
Receivables —
Investment securities sold	336,800
Interest	6,189,072
Other assets	112
Total assets	$ 352,577,313
LIABILITIES:
Payables —
Credit agreement	$ 108,500,000
Investment securities purchased	3,381,127
Directors’ fees	583
Interest expense	590,216
Unrealized depreciation on forward foreign currency exchange contracts	28,700
Management fees	34,220
Administrative expenses	1,198
Accrued expenses	191,098
Total liabilities	$ 112,727,142
NET ASSETS:
Paid-in capital	$ 372,917,739
Distributable earnings (loss)	(133,067,568)
Net assets	$ 239,850,171
NET ASSET VALUE PER SHARE:
No par value
Based on $239,850,171/29,341,635 common shares	$ 8.17

The accompanying notes are an integral part of these financial statements.

Pioneer High Income Fund, Inc. |  | 

Statement of Operations

INVESTMENT INCOME:
Interest from unaffiliated issuers (net of foreign taxes withheld $11,604)	$ 26,900,564
Dividends from unaffiliated issuers	3,066,986
Total Investment Income		$ 29,967,550
EXPENSES:
Management fees	$ 2,015,344
Administrative expenses	61,643
Transfer agent fees	14,079
Stockholder communications expense	107,924
Custodian fees	6,366
Professional fees	193,868
Printing expense	10,170
Officers’ and Directors’ fees	16,591
Insurance expense	7,077
Interest expense	6,890,725
Miscellaneous	97,106
Total expenses		$ 9,420,893
Net investment income		$ 20,546,657
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on:
Investments in unaffiliated issuers (net of foreign capital gains tax of $34)	$(10,561,301)
Forward foreign currency exchange contracts	(118,948)
Swap contracts	123,509
Written options	66,331
Other assets and liabilities denominated in foreign currencies	86,902	$(10,403,507)
Change in net unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers	$ 26,098,224
Forward foreign currency exchange contracts	(4,309)
Swap contracts	113,659
Written options	14,757
Other assets and liabilities denominated in foreign currencies	22,233	$ 26,244,564
Net realized and unrealized gain (loss) on investments		$ 15,841,057
Net increase in net assets resulting from operations		$ 36,387,714

The accompanying notes are an integral part of these financial statements.

34

Statements of Changes in Net Assets

	Year Ended 3/31/24	Year Ended 3/31/23
FROM OPERATIONS:
Net investment income (loss)	$ 20,546,657	$ 20,318,603
Net realized gain (loss) on investments	(10,403,507)	(9,368,199)
Change in net unrealized appreciation (depreciation) on investments	26,244,564	(28,686,218)
Net increase (decrease) in net assets resulting from operations	$ 36,387,714	$ (17,735,814)
DISTRIBUTIONS TO COMMON STOCKHOLDERS:
($0.66 and $0.73 per share, respectively)	$ (19,438,833)	$ (21,272,685)
Total distributions to common stockholders	$ (19,438,833)	$ (21,272,685)
Net increase (decrease) in net assets	$ 16,948,881	$ (39,008,499)
NET ASSETS:
Beginning of year	$222,901,290	$261,909,789
End of year	$ 239,850,171	$222,901,290

	Year Ended 3/31/24 Shares	Year Ended 3/31/24 Amount	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. |  | 

Statement of Cash Flows

Cash Flows From Operating Activities
Net increase in net assets resulting from operations	$ 36,387,714
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	$ (87,086,316)
Proceeds from disposition and maturity of investment securities	105,953,106
Net purchases of short term investments	(19,302,457)
Net accretion and amortization of discount/premium on investment securities	(2,111,222)
Net realized loss on investments in unaffiliated issuers	10,561,301
Change in unrealized appreciation on investments in unaffiliated issuers	(26,098,224)
Change in unrealized depreciation on forward foreign currency exchange contracts	4,309
Changes in unrealized on swaps	(113,659)
Change in unrealized appreciation on written options	(14,757)
Decrease in interest receivable	145,078
Decrease in distributions paid in advance	1,687,144
Decrease in other assets	10
Increase in management fees payable	18,101
Increase in directors’ fees payable	383
Decrease in administrative expenses payable	(4,360)
Net realized gain on written options	(66,331)
Proceeds from swap contracts	(34,552)
Increase in accrued expenses payable	17,675
Net cash, restricted cash and foreign currencies from operating activities	$ 19,942,943
Cash Flows Used In Financing Activities:
Borrowings received	2,000,000
Increase in interest expense payable	527,025
Distributions to stockholders	(21,125,977)
Net cash flows used in financing activities	$ (18,598,952)
	$ 1,343,991
Cash, Restricted Cash and Foreign Currencies:
Beginning of year*	$ 497,948
End of year*	$ 1,841,939
Cash Flow Information:
Cash paid for interest	$ 6,363,700

*	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 such amounts shown in the Statement of Cash Flows:

	Year Ended 3/31/24	Year Ended 3/31/23
Cash	$1,249,842	$ 6,491
Foreign currenices, at value	592,097	491,457
Total cash, restricted cash and foreign currencies shown in the Statement of Cash Flows	$1,841,939	$497,948

The accompanying notes are an integral part of these financial statements

36

Financial Highlights

	Year Ended 3/31/24	Year Ended 3/31/23	Year Ended 3/31/22	Year Ended 3/31/21	Year Ended 3/31/20
Per Share Operating Performance
Net asset value, beginning of period	$ 7.60	$ 8.93	$ 9.57	$ 7.25	$ 9.91
Increase (decrease) from investment operations:
Net investment income (loss)(a)	$ 0.70	$ 0.69	$ 0.80	$ 0.80	$ 0.81
Net realized and unrealized gain (loss) on investments	0.53	(1.29)	(0.61)	2.36	(2.66)
Net increase (decrease) from investment operations	$ 1.23	$ (0.60)	$ 0.19	$ 3.16	$ (1.85)
Distributions to stockholders:
Net investment income and previously undistributed net investment income	$ (0.66)	$ (0.73)*	$ (0.83)*	$ (0.84)*	$ (0.81)
Total distributions	$ (0.66)	$ (0.73)	$ (0.83)	$ (0.84)	$ (0.81)
Net increase (decrease) in net asset value	$ 0.57	$ (1.33)	$ (0.64)	$ 2.32	$ (2.66)
Net asset value, end of period	$ 8.17	$ 7.60	$ 8.93	$ 9.57	$ 7.25
Market value end of period	$ 7.66	$ 6.63	$ 8.12	$ 9.37	$ 6.42
Total return at net asset value(b)	18.07%	(5.65)%	1.91%	46.08%	(19.93)%
Total return at market value(b)	26.90%	(9.49)%	(5.35)%	61.52%	(21.49)%
Ratios to average net assets of stockholders:
Total expenses plus interest expense(c)	4.14%	2.88%	1.61%	1.60%	2.35%
Net investment income available to stockholders	9.02%	8.86%	8.45%	9.10%	8.17%
Portfolio turnover rate	29%	24%	38%	50%	36%
Net assets, end of period (in thousands)	$239,850	$222,901	$261,910	$279,865	$211,861
Total amount of debt outstanding (in thousands)	$108,500	$106,500	$116,500	$123,000	$ 99,000
Asset coverage per $1,000 of indebtedness	$ 3,211	$ 3,093	$ 3,248	$ 3,275	$ 3,140

*	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. 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. 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)	Includes interest expense of 3.03%, 1.75%, 0.45%, 0.53% and 1.37%, respectively.

Pioneer High Income Fund, Inc. |  | 

Financial Highlights

38

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”).

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 maintain a comprehensive derivatives risk management program, appoint a derivatives risk manager and comply 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:

Pioneer High Income Fund, Inc. |  | 

A.	Security Valuation
	The net asset value of the Fund is computed once daily, on each day the New York Stock Exchange (“NYSE”) is open, as of the close of regular trading on the NYSE.
	Fixed income securities are valued by using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument. A pricing matrix is a means of valuing a debt security on the basis of current market prices for other debt securities, historical trading patterns in the market for fixed income securities and/or other factors. Non-U.S. debt securities that are listed on an exchange will be valued at the bid price obtained from an independent third party pricing service. When independent third party pricing services are unable to supply prices, or when prices or market quotations are considered to be unreliable, the value of that security may be determined using quotations from one or more broker-dealers.
	Loan interests are valued 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.
	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.
	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,

40

	prices are typically determined by independent third party pricing services using a variety of techniques and methods.
	The value of foreign securities is translated into U.S. dollars based on foreign currency exchange rate quotations supplied by a third party pricing source. Trading in non-U.S. equity securities is substantially completed each day at various times prior to the close of the NYSE. The values of such securities used in computing the net asset value of the Fund ’ s shares are determined as of such times. The Adviser may use a fair value model developed by an independent pricing service to value non-U.S. equity securities.
	Options contracts are generally valued at the mean between the last bid and ask prices on the principal exchange where they are traded. Over-the-counter (“OTC”) options and options on swaps (“swaptions”) are valued using prices supplied by independent pricing services, which consider such factors as market prices, market events, quotations from one or more brokers, Treasury spreads, yields, maturities and ratings, or may use a pricing matrix or other fair value methods or techniques to provide an estimated value of the security or instrument.
	Forward foreign currency exchange contracts are valued daily using the foreign exchange rate or, for longer term forward contract positions, the spot currency rate and the forward points on a daily basis, in each case provided by a third party pricing service. Contracts whose forward settlement date falls between two quoted days are valued by interpolation.
	Swap contracts, including interest rate swaps, caps and floors (other than centrally cleared swap contracts), are valued at the dealer 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.
	Shares of open-end registered investment companies (including money market mutual funds) are valued at such funds’ net asset value.
	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.

Pioneer High Income Fund, Inc. |  | 

	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
	Dividend income is recorded on the ex-dividend date, except that certain dividends from foreign securities where the ex-dividend date may have passed are recorded as soon as the Fund becomes aware of the ex-dividend data in the exercise of reasonable diligence.
	Interest income, including interest on income-bearing cash accounts, is recorded on the accrual basis. Dividend and interest income are reported net of unrecoverable foreign taxes withheld at the applicable country rates and net of income accrued on defaulted securities.
	Discounts and premiums on purchase prices of debt securities are accreted or amortized, respectively, daily, into interest income on an effective yield to maturity basis with a corresponding increase or decrease in the cost basis of the security. Premiums and discounts related to certain mortgage backed securities are amortized or accreted in proportion to the monthly paydowns.
	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.
	Principal amounts of mortgage-backed securities are adjusted for monthly paydowns. Premiums and discounts related to certain mortgage-backed securities are amortized or accreted in proportion to the monthly paydowns. All discounts/premiums on purchase prices of debt securities are accreted/amortized for financial reporting purposes over the life of the respective securities, and such accretion/amortization is included in interest income.
	Security transactions are recorded as of trade date. Gains and losses on sales of investments are calculated on the identified cost method for both financial reporting and federal income tax purposes.

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C.	Foreign Currency Translation
	The books and records of the Fund are maintained in U.S. dollars. Amounts denominated in foreign currencies are translated into U.S. dollars using current exchange rates.
	Net realized gains and losses on foreign currency transactions, if any, represent, among other things, the net realized gains and losses on foreign currency exchange contracts, disposition of foreign currencies and the difference between the amount of income accrued and the U.S. dollars actually received. Further, the effects of changes in foreign currency exchange rates on investments are not segregated on the Statement of Operations from the effects of changes in the market prices of those securities, but are included with the net realized and unrealized gain or loss on investments.
D.	Federal Income Taxes
	It is the Fund ’ s policy to comply with the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its net taxable income and net realized capital gains, if any, to its stockholders. Therefore, no provision for federal income taxes is required. As of March 31, 2024, the Fund did not accrue any interest or penalties with respect to uncertain tax positions, which, if applicable, would be recorded as an income tax expense on the Statement of Operations. Tax returns filed within the prior three years remain subject to examination by federal and state tax authorities.
	The amount and character of income and capital gain distributions to stockholders 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.
	At March 31, 2024, the Fund reclassified $15,839 to increase distributable earnings and $15,839 to decrease paid-in capital to reflect permanent book/tax differences. These adjustments have no impact on net assets or the results of operations.
	At March 31, 2024, the Fund was permitted to carry forward indefinitely $14,836,655 of short-term losses and $118,705,206 of long-term losses.

Pioneer High Income Fund, Inc. |  | 

The tax character of distributions paid during the years ended March 31, 2024 and March 31, 2023, was as follows:

	2024	2023
Distributions paid from:
Ordinary income	$19,438,833	$21,272,685
Total	$19,438,833	$21,272,685

The following shows the components of distributable earnings (losses) on a federal income tax basis at March 31, 2024:

	2024
Distributable earnings/(losses):
Undistributed ordinary income	$ 1,158,009
Capital loss carryforward	(133,541,861)
Net unrealized depreciation	(683,716)
Total	$(133,067,568)

The difference between book basis and tax basis unrealized 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, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, the book/tax differences in the accrual of income on securities in default, the Fund's preferred securities, adjustments relating to insurance-linked securities, the premium amortization on callable bonds, and adjustments related to perpetual bonds.

E.	Risks
	The value of securities held by the Fund may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic, political or regulatory conditions, recessions, the spread of infectious illness or other public health issues, inflation, changes in interest rates, armed conflict such as between Russia and Ukraine or in the Middle East, 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.
	The long-term impact of the COVID-19 pandemic and its subsequent variants on economies, markets, industries and individual issuers, are

44

	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.
	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.
	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.
	At times, the Fund’s investments may represent industries or industry sectors that are interrelated or have common risks, making the Fund more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.
	The 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 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

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	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.
	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.
	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.
	Russia launched a large-scale invasion of Ukraine on February 24, 2022. In response to the military action by Russia, various countries, including the U.S., the United Kingdom, and European Union issued broad-ranging economic sanctions against Russia and Belarus and certain companies

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	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.
	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.
	Certain securities in which the Fund invests, including floating rate loans, once sold, may not settle for an extended period (for example, several weeks or even longer). The Fund will not receive its sale proceeds until that time, which may constrain the Fund’s ability to meet its obligations. The Fund may invest in securities of issuers that are in default or that are in bankruptcy. The value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the issuer’s obligations or may be difficult to liquidate. No active trading market may exist for many floating rate loans, and many loans are subject to restrictions on resale. Any secondary market may be subject to irregular trading activity and extended settlement periods. There is less readily available, reliable information about most floating rate loans than is the case for many other types of securities. Normally, the Adviser will seek to avoid receiving material, nonpublic information about the issuer of a loan either held by, or considered for investment by, the Fund, and this decision could adversely affect the Fund's investment performance. Loans may not be considered “securities,” and

Pioneer High Income Fund, Inc. |  | 

	purchasers, such as the Fund, therefore may not be entitled to rely on the anti-fraud protections afforded by federal securities laws.
	The Fund may invest up to 50% of its total assets in illiquid securities. Illiquid securities are securities that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the securities.
	The 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.
	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 stockholders to effect share purchases or sales or receive distributions, loss of or unauthorized access to private stockholder 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
	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

48

	securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933.
	Disposal of restricted investments may involve negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund at March 31, 2024 are listed in the Schedule of Investments.
G.	Insurance-Linked Securities (“ILS”)
	The Fund invests in ILS. The Fund could lose a portion or all of the principal it has invested in an ILS, and the right to additional interest or dividend payments with respect to the security, upon the occurrence of one or more trigger events, as defined within the terms of an insurance-linked security. Trigger events, generally, are hurricanes, earthquakes, or other natural events of a specific size or magnitude that occur in a designated geographic region during a specified time period, and/or that involve losses or other metrics that exceed a specific amount. There is no way to accurately predict whether a trigger event will occur, and accordingly, ILS carry significant risk. The Fund is entitled to receive principal, and interest and/or dividend payments so long as no trigger event occurs of the description and magnitude specified by the instrument. In addition to the specified trigger events, ILS may expose the Fund to other risks, including but not limited to issuer (credit) default, adverse regulatory or jurisdictional interpretations and adverse tax consequences.
	The Fund’s investments in ILS may include event-linked bonds. ILS also may include special purpose vehicles (“SPVs”) or similar instruments structured to comprise a portion of a reinsurer’s catastrophe-oriented business, known as quota share instruments (sometimes referred to as reinsurance sidecars), or to provide reinsurance relating to specific risks to insurance or reinsurance companies through a collateralized instrument, known as collateralized reinsurance. Structured reinsurance investments also may include industry loss warranties (“ILWs”). A traditional ILW takes the form of a bilateral reinsurance contract, but there are also products that take the form of derivatives, collateralized structures, or exchange-traded instruments.
	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

Pioneer High Income Fund, Inc. |  | 

	Fund’s assets are placed at greater risk of loss than if the Adviser had more complete information. Structured reinsurance instruments generally will be considered illiquid securities by the Fund. These securities may be difficult to purchase, sell or unwind. Illiquid securities also may be difficult to value. If the Fund is forced to sell an illiquid asset, the Fund may be forced to sell at a loss.
H.	Purchased Options
	The Fund may purchase put and call options to seek to increase total return. Purchased call and put options entitle the Fund to buy and sell a specified number of shares or units of a particular security, currency or index at a specified price at a specific date or within a specific period of time. Upon the purchase of a call or put option, the premium paid by the Fund is included on the Statement of Assets and Liabilities as an investment. All premiums are marked-to-market daily, and any unrealized appreciation or depreciation is recorded on the Fund’s Statement of Operations. As the purchaser of an index option, the Fund has the right to receive a cash payment equal to any depreciation in the value of the index below the strike price of the option (in the case of a put) or equal to any appreciation in the value of the index over the strike price of the option (in the case of a call) as of the valuation date of the option. Premiums paid for purchased call and put options which have expired are treated as realized losses on investments on the Statement of Operations. Upon the exercise or closing of a purchased put option, the premium is offset against the proceeds on the sale of the underlying security or financial instrument in order to determine the realized gain or loss on investments. Upon the exercise or closing of a purchased call option, the premium is added to the cost of the security or financial instrument. The risk associated with purchasing options is limited to the premium originally paid.
	The average market value of purchased options contracts open during the year ended March 31, 2024 was $5,964. There were no open purchased options contracts at March 31, 2024.
I.	Option Writing
	The Fund may write put and covered call options to seek to increase total return. When an option is written, the Fund receives a premium and becomes obligated to purchase or sell the underlying security at a fixed 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

50

	option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains from investments on the Statement of Operations. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain on the Statement of Operations, or, if the premium is less than the amount paid for the closing purchase transaction, as a realized loss on the Statement of Operations. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has realized a gain or loss. The Fund as writer of an option bears the market risk of an unfavorable change in the price of the security underlying the written option.
	The average market value of written options for the year ended March 31, 2024 was $(27,995). There were no open written options contracts at March 31, 2024.
J.	Forward Foreign Currency Exchange Contracts
	The Fund may enter into forward foreign currency exchange contracts ("contracts") for the purchase or sale of a specific foreign currency at a fixed price on a future date. All contracts are marked-to-market daily at the applicable exchange rates, and any resulting unrealized appreciation or depreciation is recorded in the Fund's financial statements. The Fund records realized gains and losses at the time a contract is offset by entry into a closing transaction or extinguished by delivery of the currency. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of the contract and from unanticipated movements in the value of foreign currencies relative to the U.S. dollar (see Note 6).
	During the year ended March 31, 2024, the Fund had entered into various forward foreign currency exchange contracts that obligated the Fund to deliver or take delivery of currencies at specified future maturity dates. Alternatively, prior to the settlement date of a forward foreign currency exchange contract, the Fund may close out such contract by entering into an offsetting contract.
	The average market value of forward foreign currency exchange contracts open during the year ended March 31, 2024 was $6,327,009 and $7,106,979 for buys and sells, respectively. Open forward foreign currency exchange contracts outstanding at March 31, 2024 are listed in the Schedule of Investments.

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K.	Credit Default Swap Contracts
	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.
	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.
	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.
	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.
	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,

52

	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 is recorded as "Swaps collateral" on the Statement of Assets and Liabilities.
	The average notional values of credit default swap contracts buy protection and credit default swap contracts sell protection open during the year ended March 31, 2024 were $0 and $1,750,000, respectively. Open credit default swap contracts at March 31, 2024 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 Equiniti Trust Company, LLC, formerly known as 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.

Pioneer High Income Fund, Inc. |  | 

	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 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 year ended March 31, 2024, the Fund had no restricted cash presented on the Statement of Assets and Liabilities.

The Adviser manages the Fund’s portfolio. Management fees payable under the Fund's Investment Management Agreement with the Adviser are

54

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 year ended March 31, 2024, the management fee was 0.60% of the Fund’s average daily managed assets, which was equivalent to 0.88% 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 $34,220 in management fees payable to the Adviser at March 31, 2024.

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 officers compensation for his services as the Funds chief compliance officer. Amundi US pays the remaining portion of the chief compliance officers compensation. For the year ended March 31, 2024, the Fund paid $16,591 in Officers and Directors compensation, which is reflected on the Statement of Operations as Officers and Directors fees. At March 31, 2024, on its Statement of Assets and Liabilities, the Fund had a payable for Directors fees of $583 and a payable for administrative expenses of $1,198, which includes the payable for Officers compensation.

Equiniti Trust Company, LLC ("EQ"), formerly known as American Stock Transfer & Trust Company, serves as the transfer agent with respect to the Fund's common shares. The Fund pays EQ an annual fee as is agreed to from time to time by the Fund and EQ 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.

Pioneer High Income Fund, Inc. |  | 

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 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.

56

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 March 31, 2024.

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)
HSBC Bank USA NA	$ —	$ —	$ —	$ —	$ —
JPMorgan Chase Bank NA	133,822	—	—	—	133,822
State Street Bank & Trust Co.	74,759	(1,378)	—	—	73,381
Total	$208,581	$(1,378)	$—	$—	$207,703

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)
HSBC Bank USA NA	$27,322	$ —	$ —	$ —	$27,322
JPMorgan Chase Bank NA	—	—	—	—	—
State Street Bank & Trust Co.	1,378	(1,378)	—	—	—
Total	$28,700	$(1,378)	$—	$—	$27,322

(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.

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.

Pioneer High Income Fund, Inc. |  | 

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 March 31, 2024, was as follows:

Statement of Assets and Liabilities	Interest Rate Risk	Credit Risk	Foreign Exchange Rate Risk	Equity Risk	Commodity Risk
Assets
Unrealized appreciation on forward foreign currency exchange contracts	$ —	$ —	$74,759	$ —	$ —
OTC swap contracts, at value	—	133,822	—	—	—
Total Value	$—	$133,822	$74,759	$—	$—
Liabilities
Unrealized depreciation on forward foreign currency exchange contracts	$ —	$ —	$28,700	$ —	$ —
Total Value	$—	$ —	$28,700	$—	$—

58

The effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) on the Statement of Operations by risk exposure at March 31, 2024 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	$ —	$ —	$ (118,948)	$ —	$ —
Options purchased*	—	—	(66,331)	—	—
Options written	—	—	66,331	—	—
Swap contracts	—	123,509	—	—	—
Total Value	$—	$123,509	$(118,948)	$—	$—
Change in Net Unrealized Appreciation (Depreciation) on
Forward foreign currency exchange contracts	$ —	$ —	$ (4,309)	$ —	$ —
Options purchased**	—	—	46,015	—	—
Options written	—	—	14,757	—	—
Swap contracts	—	113,659	—	—	—
Total Value	$—	$113,659	$ 56,463	$—	$—