Pioneer High Income Fund, Inc.
Schedule of Investments | December 31, 2022
Ticker Symbol: PHT |
Schedule of Investments | 12/31/22
(unaudited)
Principal Amount USD ($) | Value | |||||
UNAFFILIATED ISSUERS — 146.0% | ||||||
Senior Secured Floating Rate Loan Interests — 4.0% of Net Assets*(a) | ||||||
Auto Parts & Equipment — 0.6% | ||||||
1,400,575 | First Brands Group LLC, First Lien 2021 Term Loan, 8.368% (Term SOFR + 500 bps), 3/30/27 | $ 1,334,048 | ||||
Total Auto Parts & Equipment | $1,334,048 | |||||
Metal Processors & Fabrication — 0.5% | ||||||
1,125,750 | Grinding Media, Inc. (Molycop, Ltd.), First Lien Initial Term Loan, 8.765% (LIBOR + 400 bps), 10/12/28 | $ 1,052,576 | ||||
Total Metal Processors & Fabrication | $1,052,576 | |||||
Oil-Field Services — 2.0% | ||||||
4,280,551 | ProFrac Holdings II, LLC, Term Loan, 11.105% (Term SOFR + 725 bps), 3/4/25 | $ 4,430,370 | ||||
Total Oil-Field Services | $4,430,370 | |||||
Physical Practice Management — 0.3% | ||||||
945,449 | Team Health Holdings, Inc., Extended Term Loan, 9.573% (Term SOFR + 525 bps), 3/2/27 | $ 717,360 | ||||
Total Physical Practice Management | $717,360 | |||||
Telecom Services — 0.6% | ||||||
1,556,100 | Patagonia Holdco LLC, Amendment No.1 Term Loan, 9.96% (Term SOFR + 575 bps), 8/1/29 | $ 1,248,770 | ||||
Total Telecom Services | $1,248,770 | |||||
Total Senior Secured Floating Rate Loan Interests (Cost $8,886,153) | $8,783,124 | |||||
Shares | ||||||
Common Stocks — 0.5% of Net Assets | ||||||
Airlines — 0.2% | ||||||
57,203(b) | Grupo Aeromexico SAB de CV | $ 475,055 | ||||
Total Airlines | $475,055 | |||||
Chemicals — 0.0%† | ||||||
22 | LyondellBasell Industries NV, Class A | $ 1,827 | ||||
Total Chemicals | $1,827 | |||||
Oil, Gas & Consumable Fuels — 0.3% | ||||||
21(b) | Amplify Energy Corp. | $ 185 |
1Pioneer High Income Fund, Inc. | | 12/31/22
Shares | Value | |||||
Oil, Gas & Consumable Fuels — (continued) | ||||||
802,650(b) | PetroQuest Energy, Inc. | $ 341,126 | ||||
12,271(b) | Summit Midstream Partners LP | 204,680 | ||||
Total Oil, Gas & Consumable Fuels | $545,991 | |||||
Total Common Stocks (Cost $1,786,157) | $1,022,873 | |||||
Principal Amount USD ($) | ||||||
Collateralized Mortgage Obligations—2.1% of Net Assets | ||||||
710,000(a) | Connecticut Avenue Securities Trust, Series 2021-R01, Class 1B2, 9.928% (SOFR30A + 600 bps), 10/25/41 (144A) | $ 642,896 | ||||
120,000(a) | Fannie Mae Connecticut Avenue Securities, Series 2021-R02, Class 2B2, 10.128% (SOFR30A + 620 bps), 11/25/41 (144A) | 101,115 | ||||
430,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-DNA7, Class B2, 11.728% (SOFR30A + 780 bps), 11/25/41 (144A) | 364,139 | ||||
450,000(a) | Freddie Mac STACR REMIC Trust, Series 2021-HQA3, Class B2, 10.178% (SOFR30A + 625 bps), 9/25/41 (144A) | 358,481 | ||||
610,000(a) | Freddie Mac STACR REMIC Trust, Series 2022-DNA2, Class B2, 12.428% (SOFR30A + 850 bps), 2/25/42 (144A) | 500,349 | ||||
1,370,000(a) | Freddie Mac STACR Trust, Series 2019-DNA3, Class B2, 12.539% (1 Month USD LIBOR + 815 bps), 7/25/49 (144A) | 1,381,943 | ||||
1,350,000(a) | STACR Trust, Series 2018-HRP2, Class B2, 14.889% (1 Month USD LIBOR + 1,050 bps), 2/25/47 (144A) | 1,416,587 | ||||
Total Collateralized Mortgage Obligations (Cost $5,246,279) | $4,765,510 | |||||
Commercial Mortgage-Backed Securities—3.9% of Net Assets | ||||||
485,000(a) | Capital Funding Mortgage Trust, Series 2020-9, Class B, 19.02% (1 Month USD LIBOR + 1,490 bps), 11/15/23 (144A) | $ 476,638 | ||||
605,000(a) | Capital Funding Mortgage Trust, Series 2021-8, Class B, 16.87% (1 Month USD LIBOR + 1,310 bps), 6/22/23 (144A) | 605,000 |
Pioneer High Income Fund, Inc. | | 12/31/222
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Commercial Mortgage-Backed Securities—(continued) | ||||||
1,500,000(a) | Capital Funding Mortgage Trust, Series 2021-19, Class B, 19.33% (1 Month USD LIBOR + 1,521 bps), 11/6/23 (144A) | $ 1,459,676 | ||||
1,163,406(c) | FREMF Mortgage Trust, Series 2019-KJ24, Class B, 7.60%, 10/25/27 (144A) | 1,057,545 | ||||
1,500,000(a) | FREMF Mortgage Trust, Series 2019-KS12, Class C, 11.042% (1 Month USD LIBOR + 690 bps), 8/25/29 | 1,347,012 | ||||
315,852(a) | FREMF Mortgage Trust, Series 2020-KF74, Class C, 10.392% (1 Month USD LIBOR + 625 bps), 1/25/27 (144A) | 287,561 | ||||
676,339(a) | FREMF Mortgage Trust, Series 2020-KF83, Class C, 13.142% (1 Month USD LIBOR + 900 bps), 7/25/30 (144A) | 626,709 | ||||
1,175,000(a) | Med Trust, Series 2021-MDLN, Class G, 9.568% (1 Month USD LIBOR + 525 bps), 11/15/38 (144A) | 1,060,501 | ||||
2,500,000 | Wells Fargo Commercial Mortgage Trust, Series 2015-C28, Class E, 3.00%, 5/15/48 (144A) | 1,719,348 | ||||
Total Commercial Mortgage-Backed Securities (Cost $9,334,937) | $8,639,990 | |||||
Convertible Corporate Bonds — 2.2% of Net Assets | ||||||
Banks — 0.0%† | ||||||
IDR1,422,679,000^ | PT Bakrie & Brothers Tbk, 2/15/23 | $ 14,256 | ||||
Total Banks | $14,256 | |||||
Chemicals — 1.7% | ||||||
4,000,000(d) | Hercules LLC, 6.50%, 6/30/29 | $ 3,659,561 | ||||
Total Chemicals | $3,659,561 | |||||
Entertainment — 0.4% | ||||||
655,000(e) | DraftKings Holdings, Inc., 3/15/28 | $ 405,117 | ||||
449,000 | IMAX Corp., 0.50%, 4/1/26 | 378,692 | ||||
Total Entertainment | $783,809 | |||||
Internet — 0.0%† | ||||||
135,000 | Perficient, Inc., 0.125%, 11/15/26 | $ 104,288 | ||||
Total Internet | $104,288 |
3Pioneer High Income Fund, Inc. | | 12/31/22
Principal Amount USD ($) | Value | |||||
Pharmaceuticals — 0.0%† | ||||||
1,300,000(f) | Tricida, Inc., 3.50%, 5/15/27 | $ 117,000 | ||||
Total Pharmaceuticals | $117,000 | |||||
REITs — 0.1% | ||||||
235,000 | Summit Hotel Properties, Inc., 1.50%, 2/15/26 | $ 200,690 | ||||
Total REITs | $200,690 | |||||
Total Convertible Corporate Bonds (Cost $5,543,504) | $4,879,604 | |||||
Corporate Bonds — 118.3% of Net Assets | ||||||
Advertising — 2.3% | ||||||
2,090,000 | Clear Channel Outdoor Holdings, Inc., 7.50%, 6/1/29 (144A) | $ 1,534,624 | ||||
900,000 | Clear Channel Outdoor Holdings, Inc., 7.75%, 4/15/28 (144A) | 657,008 | ||||
2,010,000 | Stagwell Global LLC, 5.625%, 8/15/29 (144A) | 1,657,406 | ||||
1,445,000 | Summer BC Bidco B LLC, 5.50%, 10/31/26 (144A) | 1,172,531 | ||||
Total Advertising | $5,021,569 | |||||
Aerospace & Defense — 2.3% | ||||||
2,150,000 | Bombardier, Inc., 6.00%, 2/15/28 (144A) | $ 1,988,148 | ||||
960,000 | Bombardier, Inc., 7.125%, 6/15/26 (144A) | 931,406 | ||||
1,210,000 | Howmet Aerospace, Inc., 6.875%, 5/1/25 | 1,241,666 | ||||
740,000 | Spirit AeroSystems, Inc., 9.375%, 11/30/29 (144A) | 778,998 | ||||
210,000 | Triumph Group, Inc., 8.875%, 6/1/24 (144A) | 213,675 | ||||
Total Aerospace & Defense | $5,153,893 | |||||
Airlines — 5.7% | ||||||
420,000 | Allegiant Travel Co., 7.25%, 8/15/27 (144A) | $ 399,488 | ||||
355,000 | Delta Air Lines, Inc., 7.375%, 1/15/26 | 362,718 | ||||
3,255,000 | Grupo Aeromexico SAB de CV, 8.50%, 3/17/27 (144A) | 2,874,951 | ||||
330,000 | Latam Airlines Group SA, 13.375%, 10/15/29 (144A) | 336,019 | ||||
1,242,080 | Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27 (144A) | 1,234,878 | ||||
3,960,000 | Pegasus Hava Tasimaciligi AS, 9.25%, 4/30/26 (144A) | 3,891,888 |
Pioneer High Income Fund, Inc. | | 12/31/224
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Airlines — (continued) | ||||||
1,375,000 | Spirit Loyalty Cayman, Ltd./Spirit IP Cayman, Ltd., 8.00%, 9/20/25 (144A) | $ 1,382,054 | ||||
EUR2,000,000 | Transportes Aereos Portugueses SA, 5.625%, 12/2/24 (144A) | 2,022,497 | ||||
Total Airlines | $12,504,493 | |||||
Auto Manufacturers — 0.8% | ||||||
1,735,000 | JB Poindexter & Co., Inc., 7.125%, 4/15/26 (144A) | $ 1,674,275 | ||||
Total Auto Manufacturers | $1,674,275 | |||||
Auto Parts & Equipment — 0.7% | ||||||
1,798,000 | Dealer Tire LLC/DT Issuer LLC, 8.00%, 2/1/28 (144A) | $ 1,582,012 | ||||
Total Auto Parts & Equipment | $1,582,012 | |||||
Banks — 2.9% | ||||||
600,000(c)(g) | Bank of America Corp., 6.50% (3 Month USD LIBOR + 417 bps) | $ 591,799 | ||||
700,000(c)(g) | Credit Suisse Group AG, 7.50% (5 Year USD Swap Rate + 460 bps) (144A) | 609,000 | ||||
1,931,000 | Freedom Mortgage Corp., 8.125%, 11/15/24 (144A) | 1,776,520 | ||||
1,680,000 | Freedom Mortgage Corp., 8.25%, 4/15/25 (144A) | 1,511,122 | ||||
675,000(c)(g) | Intesa Sanpaolo S.p.A., 7.70% (5 Year USD Swap Rate + 546 bps) (144A) | 612,439 | ||||
1,240,000(c) | Toronto-Dominion Bank, 8.125% (5 Year CMT Index + 408 bps), 10/31/82 | 1,289,600 | ||||
Total Banks | $6,390,480 | |||||
Biotechnology — 0.3% | ||||||
EUR745,000 | Cidron Aida Finco S.a.r.l., 5.00%, 4/1/28 (144A) | $ 679,856 | ||||
Total Biotechnology | $679,856 | |||||
Building Materials — 1.6% | ||||||
470,000 | Cornerstone Building Brands, Inc., 6.125%, 1/15/29 (144A) | $ 330,993 | ||||
424,000 | Koppers, Inc., 6.00%, 2/15/25 (144A) | 402,800 | ||||
815,000 | Oscar AcquisitionCo LLC/Oscar Finance, Inc., 9.50%, 4/15/30 (144A) | 731,381 | ||||
2,062,000 | Patrick Industries, Inc., 7.50%, 10/15/27 (144A) | 2,000,199 | ||||
Total Building Materials | $3,465,373 |
5Pioneer High Income Fund, Inc. | | 12/31/22
Principal Amount USD ($) | Value | |||||
Chemicals — 4.6% | ||||||
910,000 | Braskem Idesa SAPI, 6.99%, 2/20/32 (144A) | $ 649,575 | ||||
1,355,000 | LSF11 A5 HoldCo LLC, 6.625%, 10/15/29 (144A) | 1,119,381 | ||||
EUR885,000 | Lune Holdings S.a.r.l., 5.625%, 11/15/28 (144A) | 773,408 | ||||
2,250,000 | LYB Finance Co. BV, 8.10%, 3/15/27 (144A) | 2,450,604 | ||||
831,000 | Mativ Holdings, Inc., 6.875%, 10/1/26 (144A) | 733,358 | ||||
470,000 | Olin Corp., 9.50%, 6/1/25 (144A) | 496,690 | ||||
2,316,000 | Rain CII Carbon LLC/CII Carbon Corp., 7.25%, 4/1/25 (144A) | 2,134,194 | ||||
2,030,000 | Tronox, Inc., 4.625%, 3/15/29 (144A) | 1,687,437 | ||||
Total Chemicals | $10,044,647 | |||||
Commercial Services — 7.1% | ||||||
495,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.00%, 6/1/29 (144A) | $ 359,251 | ||||
350,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 6.625%, 7/15/26 (144A) | 320,250 | ||||
1,905,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp., 9.75%, 7/15/27 (144A) | 1,657,350 | ||||
790,000 | Atento Luxco 1 SA, 8.00%, 2/10/26 (144A) | 418,700 | ||||
2,116,000 | Garda World Security Corp., 6.00%, 6/1/29 (144A) | 1,719,352 | ||||
2,059,000 | Garda World Security Corp., 9.50%, 11/1/27 (144A) | 1,983,057 | ||||
319,000 | Herc Holdings, Inc., 5.50%, 7/15/27 (144A) | 297,547 | ||||
1,470,000 | Neptune Bidco US, Inc., 9.29%, 4/15/29 (144A) | 1,385,475 | ||||
915,000 | NESCO Holdings II, Inc., 5.50%, 4/15/29 (144A) | 800,625 | ||||
1,760,000 | PECF USS Intermediate Holding III Corp., 8.00%, 11/15/29 (144A) | 1,143,454 | ||||
4,155,000 | Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28 (144A) | 3,781,715 | ||||
1,093,000 | Sotheby's, 7.375%, 10/15/27 (144A) | 1,024,829 | ||||
862,000 | Verscend Escrow Corp., 9.75%, 8/15/26 (144A) | 844,510 | ||||
Total Commercial Services | $15,736,115 | |||||
Computers — 1.2% | ||||||
1,810,000(h) | Diebold Nixdorf, Inc., 8.50% (8.50% PIK or 12.50% PIK or 8.50% Cash), 10/15/26 (144A) | $ 1,781,565 | ||||
180,250 | Diebold Nixdorf, Inc., 9.375%, 7/15/25 (144A) | 121,669 | ||||
980,000 | NCR Corp., 5.00%, 10/1/28 (144A) | 835,483 | ||||
Total Computers | $2,738,717 |
Pioneer High Income Fund, Inc. | | 12/31/226
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Diversified Financial Services — 9.0% | ||||||
2,150,000 | ASG Finance Designated Activity Co., 7.875%, 12/3/24 (144A) | $ 2,053,250 | ||||
1,275,606(h) | Avation Capital SA, 8.25% (9.00% PIK or 8.25% Cash), 10/31/26 (144A) | 1,001,351 | ||||
4,055,000 | Bread Financial Holdings, Inc., 7.00%, 1/15/26 (144A) | 3,527,850 | ||||
140,000(f) | Credito Real SAB de CV SOFOM ER, 8.00%, 1/21/28 (144A) | 3,500 | ||||
1,500,000(f) | Credito Real SAB de CV SOFOM ER, 9.50%, 2/7/26 (144A) | 35,625 | ||||
EUR480,000 | Garfunkelux Holdco 3 SA, 6.75%, 11/1/25 (144A) | 409,640 | ||||
GBP820,000 | Garfunkelux Holdco 3 SA, 7.75%, 11/1/25 (144A) | 770,242 | ||||
2,225,479(h) | Global Aircraft Leasing Co., Ltd., 6.50% (7.25% PIK or 6.50% Cash), 9/15/24 (144A) | 1,891,657 | ||||
1,130,000 | Jefferies Finance LLC/JFIN Co.-Issuer Corp., 5.00%, 8/15/28 (144A) | 921,775 | ||||
1,020,000 | Nationstar Mortgage Holdings, Inc., 5.125%, 12/15/30 (144A) | 787,784 | ||||
845,000 | Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27 (144A) | 756,275 | ||||
160,000 | OneMain Finance Corp., 6.625%, 1/15/28 | 147,333 | ||||
755,000 | PHH Mortgage Corp., 7.875%, 3/15/26 (144A) | 670,692 | ||||
3,415,000 | Provident Funding Associates LP/PFG Finance Corp., 6.375%, 6/15/25 (144A) | 2,971,050 | ||||
1,051,000 | United Wholesale Mortgage LLC, 5.50%, 4/15/29 (144A) | 836,050 | ||||
1,860,000 | United Wholesale Mortgage LLC, 5.75%, 6/15/27 (144A) | 1,601,258 | ||||
1,705,000 | VistaJet Malta Finance Plc/XO Management Holding, Inc., 7.875%, 5/1/27 (144A) | 1,538,157 | ||||
Total Diversified Financial Services | $19,923,489 | |||||
Electric — 1.4% | ||||||
825,000 | Cemig Geracao e Transmissao SA, 9.25%, 12/5/24 (144A) | $ 845,707 | ||||
1,010,000(c) | Enel S.p.A., 8.75% (5 Year USD Swap Rate + 588 bps), 9/24/73 (144A) | 1,010,837 | ||||
676,000 | NRG Energy, Inc., 6.625%, 1/15/27 | 670,288 |
7Pioneer High Income Fund, Inc. | | 12/31/22
Principal Amount USD ($) | Value | |||||
Electric — (continued) | ||||||
462,360 | NSG Holdings LLC/NSG Holdings, Inc., 7.75%, 12/15/25 (144A) | $ 447,333 | ||||
6,000 | Vistra Operations Co. LLC, 5.625%, 2/15/27 (144A) | 5,692 | ||||
Total Electric | $2,979,857 | |||||
Electrical Components & Equipments — 0.6% | ||||||
750,000 | WESCO Distribution, Inc., 7.125%, 6/15/25 (144A) | $ 759,384 | ||||
520,000 | WESCO Distribution, Inc., 7.25%, 6/15/28 (144A) | 526,747 | ||||
Total Electrical Components & Equipments | $1,286,131 | |||||
Energy-Alternate Sources — 0.1% | ||||||
198,783(h) | SCC Power Plc, 4.00% (4.00% PIK or 4.00% Cash), 5/17/32 (144A) | $ 5,930 | ||||
366,982(h) | SCC Power Plc, 8.00% (4.00% PIK & 4.00% Cash or 8.00% Cash), 12/31/28 (144A) | 126,976 | ||||
Total Energy-Alternate Sources | $132,906 | |||||
Engineering & Construction — 1.2% | ||||||
2,708,229 | Artera Services LLC, 9.033%, 12/4/25 (144A) | $ 2,256,198 | ||||
475,000 | Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 2/1/26 (144A) | 433,032 | ||||
Total Engineering & Construction | $2,689,230 | |||||
Entertainment — 4.9% | ||||||
2,264,138 | AMC Entertainment Holdings, Inc., 10.00%, 6/15/26 (144A) | $ 916,976 | ||||
EUR247,360 | Cirsa Finance International S.a.r.l., 6.25%, 12/20/23 (144A) | 262,237 | ||||
380,000 | International Game Technology Plc, 4.125%, 4/15/26 (144A) | 354,409 | ||||
395,000 | International Game Technology Plc, 6.25%, 1/15/27 (144A) | 392,038 | ||||
208,000 | International Game Technology Plc, 6.50%, 2/15/25 (144A) | 209,267 | ||||
EUR755,000 | Lottomatica S.p.A., 9.75%, 9/30/27 (144A) | 836,476 | ||||
1,880,000 | Mohegan Tribal Gaming Authority, 8.00%, 2/1/26 (144A) | 1,758,345 | ||||
705,000 | Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/1/30 (144A) | 595,513 | ||||
1,910,000 | Scientific Games International, Inc., 7.00%, 5/15/28 (144A) | 1,821,968 |
Pioneer High Income Fund, Inc. | | 12/31/228
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Entertainment — (continued) | ||||||
1,910,000 | Scientific Games International, Inc., 7.25%, 11/15/29 (144A) | $ 1,833,600 | ||||
2,035,000 | SeaWorld Parks & Entertainment, Inc., 5.25%, 8/15/29 (144A) | 1,771,872 | ||||
Total Entertainment | $10,752,701 | |||||
Environmental Control — 0.4% | ||||||
766,000 | Tervita Corp., 11.00%, 12/1/25 (144A) | $ 823,503 | ||||
Total Environmental Control | $823,503 | |||||
Food — 1.7% | ||||||
531,000 | Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC, 7.50%, 3/15/26 (144A) | $ 542,225 | ||||
1,043,000 | FAGE International SA/FAGE USA Dairy Industry, Inc., 5.625%, 8/15/26 (144A) | 967,529 | ||||
2,795,000 | Frigorifico Concepcion SA, 7.70%, 7/21/28 (144A) | 2,256,962 | ||||
Total Food | $3,766,716 | |||||
Forest Products & Paper — 2.2% | ||||||
2,035,000 | Mercer International, Inc., 5.125%, 2/1/29 | $ 1,701,280 | ||||
3,290,000 | Sylvamo Corp., 7.00%, 9/1/29 (144A) | 3,131,470 | ||||
Total Forest Products & Paper | $4,832,750 | |||||
Healthcare-Products — 0.8% | ||||||
1,809,000 | Varex Imaging Corp., 7.875%, 10/15/27 (144A) | $ 1,796,645 | ||||
Total Healthcare-Products | $1,796,645 | |||||
Healthcare-Services — 3.6% | ||||||
975,000 | Auna SAA, 6.50%, 11/20/25 (144A) | $ 808,405 | ||||
580,000 | CHS/Community Health Systems, Inc., 5.625%, 3/15/27 (144A) | 497,327 | ||||
265,000 | CHS/Community Health Systems, Inc., 6.00%, 1/15/29 (144A) | 221,667 | ||||
580,000 | Legacy LifePoint Health LLC, 6.75%, 4/15/25 (144A) | 545,832 | ||||
385,000 | LifePoint Health, Inc., 5.375%, 1/15/29 (144A) | 217,563 | ||||
2,640,000 | Prime Healthcare Services, Inc., 7.25%, 11/1/25 (144A) | 2,230,812 | ||||
1,406,000 | Surgery Center Holdings, Inc., 10.00%, 4/15/27 (144A) | 1,430,605 |
9Pioneer High Income Fund, Inc. | | 12/31/22
Principal Amount USD ($) | Value | |||||
Healthcare-Services — (continued) | ||||||
1,645,000 | US Acute Care Solutions LLC, 6.375%, 3/1/26 (144A) | $ 1,459,812 | ||||
2,500,000 | US Renal Care, Inc., 10.625%, 7/15/27 (144A) | 543,750 | ||||
Total Healthcare-Services | $7,955,773 | |||||
Home Builders — 1.3% | ||||||
475,000 | Beazer Homes USA, Inc., 6.75%, 3/15/25 | $ 458,286 | ||||
1,155,000 | Beazer Homes USA, Inc., 7.25%, 10/15/29 | 1,027,354 | ||||
1,680,000 | Brookfield Residential Properties, Inc./Brookfield Residential US LLC, 4.875%, 2/15/30 (144A) | 1,309,841 | ||||
Total Home Builders | $2,795,481 | |||||
Housewares — 0.1% | ||||||
250,000 | CD&R Smokey Buyer, Inc., 6.75%, 7/15/25 (144A) | $ 214,530 | ||||
Total Housewares | $214,530 | |||||
Insurance — 5.7% | ||||||
3,800,000 | Hanover Insurance Group, Inc., 7.625%, 10/15/25 | $ 3,977,926 | ||||
3,075,000(c) | Liberty Mutual Group, Inc., 10.75% (3 Month USD LIBOR + 712 bps), 6/15/58 (144A) | 3,972,961 | ||||
3,000,000 | Liberty Mutual Insurance Co., 7.697%, 10/15/97 (144A) | 3,240,137 | ||||
1,100,000 | MetLife, Inc., 10.75%, 8/1/39 | 1,459,359 | ||||
Total Insurance | $12,650,383 | |||||
Internet — 0.7% | ||||||
1,410,000 | Cogent Communications Group, Inc., 7.00%, 6/15/27 (144A) | $ 1,381,698 | ||||
205,000 | Expedia Group, Inc., 6.25%, 5/1/25 (144A) | 206,738 | ||||
Total Internet | $1,588,436 | |||||
Iron & Steel — 1.9% | ||||||
1,855,000 | Carpenter Technology Corp., 7.625%, 3/15/30 | $ 1,859,428 | ||||
205,000 | Mineral Resources, Ltd., 8.00%, 11/1/27 (144A) | 209,617 | ||||
865,000 | Mineral Resources, Ltd., 8.50%, 5/1/30 (144A) | 876,703 | ||||
1,860,000 | TMS International Corp., 6.25%, 4/15/29 (144A) | 1,330,383 | ||||
Total Iron & Steel | $4,276,131 | |||||
Leisure Time — 4.2% | ||||||
215,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | $ 170,408 | ||||
EUR280,000 | Carnival Corp., 7.625%, 3/1/26 (144A) | 240,680 | ||||
285,000 | Carnival Corp., 10.50%, 2/1/26 (144A) | 286,356 |
Pioneer High Income Fund, Inc. | | 12/31/2210
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Leisure Time — (continued) | ||||||
235,000 | Carnival Holdings Bermuda, Ltd., 10.375%, 5/1/28 (144A) | $ 241,253 | ||||
EUR731,000 | Carnival Plc, 1.00%, 10/28/29 | 316,912 | ||||
1,295,000 | NCL Corp., Ltd., 5.875%, 3/15/26 (144A) | 1,017,184 | ||||
2,435,000 | NCL Corp., Ltd., 7.75%, 2/15/29 (144A) | 1,832,435 | ||||
360,000 | NCL Finance, Ltd., 6.125%, 3/15/28 (144A) | 265,760 | ||||
745,000 | Royal Caribbean Cruises, Ltd., 5.50%, 4/1/28 (144A) | 594,543 | ||||
380,000 | Royal Caribbean Cruises, Ltd., 11.50%, 6/1/25 (144A) | 407,550 | ||||
1,360,000 | Royal Caribbean Cruises, Ltd., 11.625%, 8/15/27 (144A) | 1,365,753 | ||||
2,790,000 | Viking Cruises, Ltd., 6.25%, 5/15/25 (144A) | 2,531,925 | ||||
Total Leisure Time | $9,270,759 | |||||
Lodging — 1.4% | ||||||
315,000 | Hyatt Hotels Corp., 5.625%, 4/23/25 | $ 312,569 | ||||
390,000 | Hyatt Hotels Corp., 6.00%, 4/23/30 | 381,508 | ||||
1,700,000 | MGM Resorts International, 6.00%, 3/15/23 | 1,693,965 | ||||
725,000 | Travel + Leisure Co., 6.625%, 7/31/26 (144A) | 709,240 | ||||
Total Lodging | $3,097,282 | |||||
Machinery-Construction & Mining — 0.4% | ||||||
955,000 | Terex Corp., 5.00%, 5/15/29 (144A) | $ 858,306 | ||||
Total Machinery-Construction & Mining | $858,306 | |||||
Media — 3.5% | ||||||
480,000 | Audacy Capital Corp., 6.75%, 3/31/29 (144A) | $ 83,140 | ||||
2,050,000 | Cengage Learning, Inc., 9.50%, 6/15/24 (144A) | 1,955,187 | ||||
2,200,000 | CSC Holdings LLC, 4.625%, 12/1/30 (144A) | 1,215,795 | ||||
825,000 | CSC Holdings LLC, 5.00%, 11/15/31 (144A) | 460,928 | ||||
1,057,000 | Gray Television, Inc., 7.00%, 5/15/27 (144A) | 937,337 | ||||
3,530,000 | McGraw-Hill Education, Inc., 8.00%, 8/1/29 (144A) | 2,919,195 | ||||
55,000 | Univision Communications, Inc., 7.375%, 6/30/30 (144A) | 52,564 | ||||
Total Media | $7,624,146 | |||||
Metal Fabricate/Hardware — 0.4% | ||||||
1,185,000 | Park-Ohio Industries, Inc., 6.625%, 4/15/27 | $ 805,018 | ||||
Total Metal Fabricate/Hardware | $805,018 | |||||
Mining — 1.7% | ||||||
940,000 | Arconic Corp., 6.125%, 2/15/28 (144A) | $ 881,969 |
11Pioneer High Income Fund, Inc. | | 12/31/22
Principal Amount USD ($) | Value | |||||
Mining — (continued) | ||||||
1,665,000 | Coeur Mining, Inc., 5.125%, 2/15/29 (144A) | $ 1,299,410 | ||||
375,000 | First Quantum Minerals, Ltd., 6.875%, 3/1/26 (144A) | 355,133 | ||||
705,000 | First Quantum Minerals, Ltd., 6.875%, 10/15/27 (144A) | 661,447 | ||||
692,000 | Hudbay Minerals, Inc., 6.125%, 4/1/29 (144A) | 626,641 | ||||
Total Mining | $3,824,600 | |||||
Oil & Gas — 16.0% | ||||||
2,430,000 | Aethon United BR LP/Aethon United Finance Corp., 8.25%, 2/15/26 (144A) | $ 2,410,429 | ||||
1,105,000 | Ascent Resources Utica Holdings LLC/ARU Finance Corp., 5.875%, 6/30/29 (144A) | 985,251 | ||||
4,000,000 | Baytex Energy Corp., 8.75%, 4/1/27 (144A) | 4,069,880 | ||||
624,000 | Cenovus Energy, Inc., 6.75%, 11/15/39 | 647,439 | ||||
2,085,000 | Colgate Energy Partners III LLC, 7.75%, 2/15/26 (144A) | 2,022,533 | ||||
2,135,000 | Harbour Energy Plc, 5.50%, 10/15/26 (144A) | 1,913,216 | ||||
830,000 | Hilcorp Energy I LP/Hilcorp Finance Co., 6.00%, 2/1/31 (144A) | 715,924 | ||||
833,000 | International Petroleum Corp., 7.25%, 2/1/27 (144A) | 766,360 | ||||
870,000 | Kosmos Energy, Ltd., 7.75%, 5/1/27 (144A) | 725,411 | ||||
1,010,000 | MEG Energy Corp., 5.875%, 2/1/29 (144A) | 952,455 | ||||
1,535,000 | MEG Energy Corp., 7.125%, 2/1/27 (144A) | 1,565,534 | ||||
1,280,000 | Murphy Oil Corp., 6.375%, 7/15/28 | 1,232,057 | ||||
305,000 | Nabors Industries, Inc., 7.375%, 5/15/27 (144A) | 295,452 | ||||
1,109,000 | Nabors Industries, Ltd., 7.50%, 1/15/28 (144A) | 1,014,620 | ||||
2,000,000 | Neptune Energy Bondco Plc, 6.625%, 5/15/25 (144A) | 1,942,016 | ||||
2,010,000 | Occidental Petroleum Corp., 4.40%, 4/15/46 | 1,569,850 | ||||
2,560,000 | Parkland Corp., 4.625%, 5/1/30 (144A) | 2,118,400 | ||||
692,000 | Petroleos Mexicanos, 6.70%, 2/16/32 | 543,391 | ||||
579,000 | Precision Drilling Corp., 6.875%, 1/15/29 (144A) | 539,053 | ||||
2,269,000 | Shelf Drilling Holdings, Ltd., 8.25%, 2/15/25 (144A) | 1,962,685 | ||||
1,015,000 | Shelf Drilling Holdings, Ltd., 8.875%, 11/15/24 (144A) | 994,700 | ||||
885,000 | Southwestern Energy Co., 4.75%, 2/1/32 | 756,312 | ||||
1,720,000 | Tap Rock Resources LLC, 7.00%, 10/1/26 (144A) | 1,599,772 | ||||
2,075,000 | Tullow Oil Plc, 10.25%, 5/15/26 (144A) | 1,664,150 |
Pioneer High Income Fund, Inc. | | 12/31/2212
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Oil & Gas — (continued) | ||||||
1,750,000 | Vermilion Energy, Inc., 6.875%, 5/1/30 (144A) | $ 1,597,020 | ||||
1,000,000 | YPF SA, 6.95%, 7/21/27 (144A) | 708,420 | ||||
Total Oil & Gas | $35,312,330 | |||||
Oil & Gas Services — 2.2% | ||||||
385,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.25%, 4/1/28 (144A) | $ 352,280 | ||||
2,583,000 | Archrock Partners LP/Archrock Partners Finance Corp., 6.875%, 4/1/27 (144A) | 2,465,898 | ||||
1,445,000 | Enerflex, Ltd., 9.00%, 10/15/27 (144A) | 1,441,019 | ||||
703,000 | USA Compression Partners LP/USA Compression Finance Corp., 6.875%, 9/1/27 | 657,305 | ||||
Total Oil & Gas Services | $4,916,502 | |||||
Packaging & Containers — 0.6% | ||||||
1,600,000 | OI European Group BV, 4.75%, 2/15/30 (144A) | $ 1,401,120 | ||||
Total Packaging & Containers | $1,401,120 | |||||
Pharmaceuticals — 1.6% | ||||||
1,376,000(f) | Endo Dac/Endo Finance LLC/Endo Finco, Inc., 9.50%, 7/31/27 (144A) | $ 192,640 | ||||
965,000 | P&L Development LLC/PLD Finance Corp., 7.75%, 11/15/25 (144A) | 781,650 | ||||
579,000 | Par Pharmaceutical, Inc., 7.50%, 4/1/27 (144A) | 440,025 | ||||
2,080,000 | Teva Pharmaceutical Finance Netherlands III BV, 2.80%, 7/21/23 | 2,033,200 | ||||
Total Pharmaceuticals | $3,447,515 | |||||
Pipelines — 7.6% | ||||||
1,770,000 | Acu Petroleo Luxembourg S.a.r.l., 7.50%, 1/13/32 (144A) | $ 1,611,580 | ||||
910,000 | DCP Midstream Operating LP, 5.60%, 4/1/44 | 848,461 | ||||
1,175,000(c) | DCP Midstream Operating LP, 5.85% (3 Month USD LIBOR + 385 bps), 5/21/43 (144A) | 1,146,236 | ||||
1,210,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 6.75%, 5/15/25 | 1,162,919 | ||||
1,060,000 | Delek Logistics Partners LP/Delek Logistics Finance Corp., 7.125%, 6/1/28 (144A) | 956,120 | ||||
1,524,000(a) | Energy Transfer LP, 7.457% (3 Month USD LIBOR + 302 bps), 11/1/66 | 1,176,680 | ||||
1,965,000(c)(g) | Energy Transfer LP, 7.125% (5 Year CMT Index + 531 bps) | 1,640,775 | ||||
248,000 | EnLink Midstream Partners LP, 5.05%, 4/1/45 | 187,941 | ||||
270,000 | EnLink Midstream Partners LP, 5.45%, 6/1/47 | 216,878 |
13Pioneer High Income Fund, Inc. | | 12/31/22
Principal Amount USD ($) | Value | |||||
Pipelines — (continued) | ||||||
717,000 | EnLink Midstream Partners LP, 5.60%, 4/1/44 | $ 591,358 | ||||
770,000 | Genesis Energy LP/Genesis Energy Finance Corp., 8.00%, 1/15/27 | 727,319 | ||||
421,000 | Global Partners LP/GLP Finance Corp., 7.00%, 8/1/27 | 399,793 | ||||
1,515,000 | Harvest Midstream I LP, 7.50%, 9/1/28 (144A) | 1,445,977 | ||||
1,150,000 | NuStar Logistics LP, 6.375%, 10/1/30 | 1,063,364 | ||||
1,850,000 | ONEOK, Inc., 6.875%, 9/30/28 | 1,879,962 | ||||
1,801,000 | Williams Cos., Inc., 5.75%, 6/24/44 | 1,714,683 | ||||
Total Pipelines | $16,770,046 | |||||
REITs — 1.7% | ||||||
230,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 6.00%, 1/15/30 (144A) | $ 145,539 | ||||
3,676,000 | Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC, 7.875%, 2/15/25 (144A) | 3,557,975 | ||||
Total REITs | $3,703,514 | |||||
Retail — 1.4% | ||||||
1,240,000 | AAG FH LP/AAG FH Finco, Inc., 9.75%, 7/15/24 (144A) | $ 1,190,400 | ||||
1,365,000 | LCM Investments Holdings II LLC, 4.875%, 5/1/29 (144A) | 1,093,076 | ||||
275,000 | SRS Distribution, Inc., 6.125%, 7/1/29 (144A) | 222,343 | ||||
798,000 | Staples, Inc., 7.50%, 4/15/26 (144A) | 686,823 | ||||
Total Retail | $3,192,642 | |||||
Software — 1.0% | ||||||
2,245,000 | AthenaHealth Group, Inc., 6.50%, 2/15/30 (144A) | $ 1,654,413 | ||||
1,350,000 | Rackspace Technology Global, Inc., 5.375%, 12/1/28 (144A) | 588,413 | ||||
Total Software | $2,242,826 | |||||
Telecommunications — 5.6% | ||||||
1,495,000 | Altice France Holding SA, 6.00%, 2/15/28 (144A) | $ 882,486 | ||||
1,169,000 | Altice France Holding SA, 10.50%, 5/15/27 (144A) | 891,363 | ||||
270,000 | Altice France SA, 5.125%, 1/15/29 (144A) | 203,016 | ||||
1,934,000 | CommScope Technologies LLC, 6.00%, 6/15/25 (144A) | 1,759,940 | ||||
910,000 | CommScope, Inc., 4.75%, 9/1/29 (144A) | 733,642 |
Pioneer High Income Fund, Inc. | | 12/31/2214
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Telecommunications — (continued) | ||||||
119,296 | Digicel International Finance Ltd/Digicel international Holdings, Ltd., 8.00%, 12/31/26 (144A) | $ 52,490 | ||||
298,833 | Digicel International Finance Ltd/Digicel international Holdings, Ltd., 8.75%, 5/25/24 (144A) | 256,996 | ||||
181,792(h) | Digicel International Finance Ltd/Digicel international Holdings, Ltd., 13.00% (7.00% PIK or 6.00% Cash), 12/31/25 (144A) | 93,623 | ||||
1,050,000 | GoTo Group, Inc., 5.50%, 9/1/27 (144A) | 564,713 | ||||
1,620,000 | Maxar Technologies, Inc., 7.75%, 6/15/27 (144A) | 1,681,937 | ||||
3,080,000 | Sprint LLC, 7.125%, 6/15/24 | 3,140,183 | ||||
41,000 | Sprint LLC, 7.625%, 3/1/26 | 43,145 | ||||
2,385,000 | Windstream Escrow LLC/Windstream Escrow Finance Corp., 7.75%, 8/15/28 (144A) | 1,943,358 | ||||
Total Telecommunications | $12,246,892 | |||||
Transportation — 3.6% | ||||||
2,640,000 | Carriage Purchaser, Inc., 7.875%, 10/15/29 (144A) | $ 1,874,400 | ||||
1,375,000 | Danaos Corp., 8.50%, 3/1/28 (144A) | 1,320,000 | ||||
820,000 | Seaspan Corp., 5.50%, 8/1/29 (144A) | 621,396 | ||||
1,500,000 | Seaspan Corp., 6.50%, 4/29/26 (144A) | 1,470,000 | ||||
1,240,000 | Watco Cos. LLC/Watco Finance Corp., 6.50%, 6/15/27 (144A) | 1,178,000 | ||||
2,055,000 | Western Global Airlines LLC, 10.375%, 8/15/25 (144A) | 1,543,163 | ||||
Total Transportation | $8,006,959 | |||||
Trucking & Leasing — 0.3% | ||||||
690,000 | Fortress Transportation and Infrastructure Investors LLC, 9.75%, 8/1/27 (144A) | $ 691,725 | ||||
Total Trucking & Leasing | $691,725 | |||||
Total Corporate Bonds (Cost $288,356,072) | $260,868,274 | |||||
15Pioneer High Income Fund, Inc. | | 12/31/22
Shares | Value | |||||
Convertible Preferred Stock — 0.5% of Net Assets | ||||||
Banks — 0.5% | ||||||
895(g) | Wells Fargo & Co., 7.50% | $ 1,060,575 | ||||
Total Banks | $1,060,575 | |||||
Total Convertible Preferred Stock (Cost $1,131,293) | $1,060,575 | |||||
Preferred Stock — 1.4% of Net Assets | ||||||
Capital Markets — 0.0%† | ||||||
2,144 | B Riley Financial, Inc., 6.75%, 5/31/24 | $ 52,313 | ||||
Total Capital Markets | $52,313 | |||||
Diversified Financial Services — 1.3% | ||||||
3,000(c)(g) | Compeer Financial ACA, 6.75% (3 Month USD LIBOR + 458 bps) (144A) | $ 2,910,000 | ||||
Total Diversified Financial Services | $2,910,000 | |||||
Internet — 0.1% | ||||||
129,055 | MYT Holding LLC, 10.00%, 6/6/29 | $ 83,886 | ||||
Total Internet | $83,886 | |||||
Total Preferred Stock (Cost $3,288,282) | $3,046,199 | |||||
Rights/Warrants — 0.0%† of Net Assets | ||||||
Aerospace & Defense — 0.0%† | ||||||
GBP21,700(b) | Avation Plc, 1/1/59 | $ 7,870 | ||||
Total Aerospace & Defense | $7,870 | |||||
Metals & Mining — 0.0%† | ||||||
1,819,798(i) | ANR, Inc., 3/31/23 | $ 13,649 | ||||
Total Metals & Mining | $13,649 | |||||
Total Rights/Warrants (Cost $—) | $21,519 | |||||
Pioneer High Income Fund, Inc. | | 12/31/2216
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | ||||||
Insurance-Linked Securities — 5.4% of Net Assets# | |||||||
Event Linked Bonds — 0.5% | |||||||
Inland Flood – U.S. — 0.2% | |||||||
250,000(a) | FloodSmart Re, 15.593%, (3 Month U.S. Treasury Bill + 1,125 bps), 2/25/25 (144A) | $ 232,500 | |||||
250,000(a) | FloodSmart Re, 17.923%, (3 Month U.S. Treasury Bill + 1,358 bps), 3/1/24 (144A) | 225,000 | |||||
$457,500 | |||||||
Multiperil – U.S. — 0.3% | |||||||
250,000(a) | Matterhorn Re, 9.572%, (SOFR + 532 bps), 3/24/25 (144A) | $ 215,175 | |||||
250,000(a) | Matterhorn Re, 12.072%, (SOFR + 775 bps), 3/24/25 (144A) | 213,425 | |||||
250,000(a) | Residential Reinsurance Re 2021, 16.253%, (3 Month U.S. Treasury Bill + 1,191 bps), 12/6/25 (144A) | 217,350 | |||||
$645,950 | |||||||
Total Event Linked Bonds | $1,103,450 |
Face Amount USD ($) | ||||||
Collateralized Reinsurance — 0.5% | ||||||
Multiperil – Massachusetts — 0.1% | ||||||
350,000(j)+ | Portsalon Re 2022, 5/31/28 | $ 320,922 | ||||
Multiperil – Worldwide — 0.4% | ||||||
250,000(j)+ | Amaranth Re 2022, 12/31/27 | $ 253,914 | ||||
250,000(j)+ | Aureolin Re 2022, 3/31/28 | 239,977 | ||||
350,000(j)+ | Celadon Re 2022, 3/31/28 | 337,095 | ||||
500,000(b)(j)+ | Cypress Re 2017, 1/31/23 | 50 | ||||
54,000(j)+ | Limestone Re, 3/1/23 (144A) | — | ||||
$831,036 | ||||||
Total Collateralized Reinsurance | $1,151,958 | |||||
Reinsurance Sidecars — 4.4% | ||||||
Multiperil – U.S. — 0.0%† | ||||||
500,000(b)(k)+ | Harambee Re 2018, 12/31/24 | $ — | ||||
600,000(k)+ | Harambee Re 2019, 12/31/24 | 720 | ||||
$720 |
17Pioneer High Income Fund, Inc. | | 12/31/22
Face Amount USD ($) | Value | ||||||
Multiperil – Worldwide — 4.4% | |||||||
3,037(k)+ | Alturas Re 2019-2, 3/10/23 | $ 914 | |||||
24,550(k)+ | Alturas Re 2019-3, 9/12/23 | 304 | |||||
162,311(j)+ | Alturas Re 2020-1A, 3/10/23 (144A) | 6,152 | |||||
29,558(k)+ | Alturas Re 2020-2, 3/10/23 | 4,318 | |||||
1,000,000(b)(j)+ | Bantry Re 2022, 12/31/27 | 1,042,682 | |||||
1,167,977(b)(j)+ | Berwick Re 2018-1, 12/31/24 | 90,285 | |||||
834,446(b)(j)+ | Berwick Re 2019-1, 12/31/24 | 133,094 | |||||
1,000,000(b)(j)+ | Berwick Re 2022, 12/31/27 | 1,001,400 | |||||
750,000(b)(j)+ | Gleneagles Re 2022, 12/31/27 | 773,438 | |||||
1,000,000(b)(j)+ | Gullane Re 2022, 12/31/27 | 1,063,659 | |||||
499,318(b)(k)+ | Lorenz Re 2019, 6/30/23 | 899 | |||||
500,000(b)(j)+ | Merion Re 2018-2, 12/31/24 | 75,700 | |||||
1,000,000(b)(j)+ | Merion Re 2022-2, 12/31/27 | 948,111 | |||||
500,000(b)(j)+ | Pangaea Re 2018-1, 12/31/24 | 10,527 | |||||
409,624(b)(j)+ | Pangaea Re 2019-1, 2/1/23 | 8,536 | |||||
735,313(b)(j)+ | Pangaea Re 2019-3, 7/1/23 | 26,450 | |||||
1,250,000(b)(j)+ | Pangaea Re 2022-1, 12/31/27 | 1,335,913 | |||||
350,000(b)(j)+ | Pangaea Re 2022-3, 5/31/28 | 359,204 | |||||
20,000(j)+ | Sector Re V, 12/1/24 (144A) | 33,374 | |||||
30,000(j)+ | Sector Re V, 12/1/26 (144A) | 32,083 | |||||
1,000,000(j)+ | Sector Re V, 12/1/27 (144A) | 1,000,000 | |||||
250,000(j)+ | Sussex Re 2020-1, 12/31/24 | 375 | |||||
1,500,000(b)(k)+ | Thopas Re 2022, 12/31/27 | 1,621,050 | |||||
500,000(j)+ | Versutus Re 2018, 12/31/24 | 800 | |||||
441,274(j)+ | Versutus Re 2019-A, 12/31/24 | — | |||||
58,727(j)+ | Versutus Re 2019-B, 12/31/24 | — | |||||
253,645(b)(j)+ | Woburn Re 2018, 12/31/24 | 8,078 | |||||
244,914(b)(j)+ | Woburn Re 2019, 12/31/24 | 46,563 | |||||
$9,623,909 | |||||||
Total Reinsurance Sidecars | $9,624,629 | ||||||
Industry Loss Warranties — 0.0%† | |||||||
Windstorm – U.S. — 0.0%† | |||||||
250,000(j)+ | Ballylifin Re 2022, 5/31/28 | $ 1,150 | |||||
Total Industry Loss Warranties | $1,150 | ||||||
Total Insurance-Linked Securities (Cost $12,206,228) | $11,881,187 | ||||||
Pioneer High Income Fund, Inc. | | 12/31/2218
Schedule of Investments | 12/31/22
(unaudited) (continued)
Principal Amount USD ($) | Value | |||||
Foreign Government Bonds — 1.0% of Net Assets | ||||||
Mexico — 0.9% | ||||||
MXN38,420,700 | Mexican Bonos, 8.000%, 12/7/23 | $ 1,923,016 | ||||
Total Mexico | $1,923,016 | |||||
Russia — 0.1% | ||||||
382,800(l) | Russian Government International Bond, 7.500%, 3/31/30 | $ 247,337 | ||||
Total Russia | $247,337 | |||||
Total Foreign Government Bonds (Cost $2,332,848) | $2,170,353 | |||||
Shares | ||||||
SHORT TERM INVESTMENTS — 6.7% of Net Assets | ||||||
Open-End Fund — 6.7% | ||||||
14,790,773(m) | Dreyfus Government Cash Management, Institutional Shares, 4.19% | $ 14,790,773 | ||||
$14,790,773 | ||||||
TOTAL SHORT TERM INVESTMENTS (Cost $14,790,773) | $14,790,773 |
Number of Contracts | Description | Counterparty | Amount | Strike Price | Expiration Date | |
Over The Counter (OTC) Currency Put Options Purchased — 0.0%† | ||||||
3,150,000 | Put EUR Call USD | Citibank NA | EUR 66,331 | EUR 1.02 | 11/28/23 | $36,296 |
3,300,000 | Put EUR Call USD | JPMorgan Chase Bank NA | EUR 55,259 | EUR 0.99 | 1/23/23 | 73 |
Total Over The Counter (OTC) Currency Put Options Purchased (Premiums paid $ 121,590) | $36,369 | |||||
TOTAL OPTIONS PURCHASED (Premiums paid $ 121,590) | $36,369 | |||||
TOTAL INVESTMENTS IN UNAFFILIATED ISSUERS — 146.0% (Cost $353,024,116) | $321,966,350 |
19Pioneer High Income Fund, Inc. | | 12/31/22
Number of Contracts | Description | Counterparty | Amount | Strike Price | Expiration Date | Value |
Over The Counter (OTC) Currency Call Option Written — (0.1%) | ||||||
(3,150,000) | Call EUR Put USD | Citibank NA | EUR 66,331 | EUR 1.10 | 11/28/23 | $(86,262) |
(3,300,000) | Call EUR Put USD | JPMorgan Chase Bank NA | EUR 55,259 | EUR 1.06 | 1/23/23 | (49,628) |
Total Over The Counter (OTC) Currency Call Option Written (Premiums received $(121,590)) | $(135,890) | |||||
OTHER ASSETS AND LIABILITIES — (45.9)% | $(101,247,196) | |||||
net assets — 100.0% | $220,583,264 | |||||
bps | Basis Points. |
CMT | Constant Maturity Treasury Index. |
FREMF | Freddie Mac Multifamily Fixed-Rate Mortgage Loans. |
LIBOR | London Interbank Offered Rate. |
SOFR | Secured Overnight Financing Rate. |
SOFR30A | Secured Overnight Financing Rate 30 Day Average. |
(144A) | Security is exempt from registration under Rule 144A of the Securities Act of 1933. Such securities may be resold normally to qualified institutional buyers in a transaction exempt from registration. At December 31, 2022, the value of these securities amounted to $237,481,797, or 107.7% of net assets. |
(a) | Floating rate note. Coupon rate, reference index and spread shown at December 31, 2022. |
(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 December 31, 2022. |
(d) | Security is priced as a unit. |
(e) | Security issued with a zero coupon. Income is recognized through accretion of discount. |
(f) | Security is in default. |
(g) | Security is perpetual in nature and has no stated maturity date. |
(h) | Payment-in-kind (PIK) security which may pay interest in the form of additional principal amount. |
(i) | ANR, Inc., 3/31/23 warrants are exercisable into 1,819,798 shares. |
(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 December 31, 2022. |
(m) | Rate periodically changes. Rate disclosed is the 7-day yield at December 31, 2022. |
Pioneer High Income Fund, Inc. | | 12/31/2220
Schedule of Investments | 12/31/22
(unaudited) (continued)
* | Senior secured floating rate loan interests in which the Fund invests generally pay interest at rates that are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally (i) the lending rate offered by one or more major European banks, such as LIBOR or SOFR, (ii) the prime rate offered by one or more major United States banks, (iii) the rate of a certificate of deposit or (iv) other base lending rates used by commercial lenders. The interest rate shown is the rate accruing at December 31, 2022. |
† | Amount rounds to less than 0.1%. |
^ | Security is valued using fair value methods. |
+ | Security is valued using significant unobservable inputs (Level 3). |
# | Securities are restricted as to resale. |
Restricted Securities | Acquisition date | Cost | Value |
Alturas Re 2019-2 | 12/19/2018 | $3,037 | $914 |
Alturas Re 2019-3 | 6/26/2019 | 24,550 | 304 |
Alturas Re 2020-1A | 12/27/2019 | 162,311 | 6,152 |
Alturas Re 2020-2 | 1/1/2020 | 29,558 | 4,318 |
Amaranth Re 2022 | 1/21/2022 | 221,062 | 253,914 |
Aureolin Re 2022 | 5/5/2022 | 224,500 | 239,977 |
Ballylifin Re 2022 | 7/15/2022 | 203,625 | 1,150 |
Bantry Re 2022 | 1/28/2022 | 1,000,000 | 1,042,682 |
Berwick Re 2018-1 | 1/10/2018 | 170,602 | 90,285 |
Berwick Re 2019-1 | 12/31/2018 | 99,709 | 133,094 |
Berwick Re 2022 | 12/28/2021 | 1,000,000 | 1,001,400 |
Celadon Re 2022 | 9/13/2022 | 297,710 | 337,095 |
Cypress Re 2017 | 1/24/2017 | 1,681 | 50 |
FloodSmart Re | 2/8/2022 | 248,044 | 225,000 |
FloodSmart Re | 2/14/2022 | 250,000 | 232,500 |
Gleneagles Re 2022 | 1/18/2022 | 750,000 | 773,438 |
Gullane Re 2022 | 2/14/2022 | 1,000,000 | 1,063,659 |
Harambee Re 2018 | 12/19/2017 | 10,612 | — |
Harambee Re 2019 | 12/20/2018 | — | 720 |
Limestone Re | 6/20/2018 | 359 | — |
Lorenz Re 2019 | 6/26/2019 | 109,503 | 899 |
Matterhorn Re | 3/10/2022 | 250,000 | 215,175 |
Matterhorn Re | 3/10/2022 | 250,000 | 213,425 |
Merion Re 2018-2 | 12/28/2017 | 20,576 | 75,700 |
Merion Re 2022-2 | 2/22/2022 | 1,000,000 | 948,111 |
Pangaea Re 2018-1 | 12/26/2017 | 71,503 | 10,527 |
Pangaea Re 2019-1 | 1/9/2019 | 4,301 | 8,536 |
Pangaea Re 2019-3 | 7/25/2019 | 22,059 | 26,450 |
Pangaea Re 2022-1 | 1/7/2022 | 1,250,000 | 1,335,913 |
Pangaea Re 2022-3 | 6/15/2022 | 350,000 | 359,204 |
Portsalon Re 2022 | 7/15/2022 | 283,022 | 320,922 |
Residential Reinsurance Re 2021 | 10/28/2021 | 250,000 | 217,350 |
21Pioneer High Income Fund, Inc. | | 12/31/22
Restricted Securities | Acquisition date | Cost | Value |
Sector Re V | 1/1/2020 | $579 | $33,374 |
Sector Re V | 12/6/2021 | 30,000 | 32,083 |
Sector Re V | 12/30/2022 | 1,000,000 | 1,000,000 |
Sussex Re 2020-1 | 1/23/2020 | — | 375 |
Thopas Re 2022 | 2/7/2022 | 1,500,000 | 1,621,050 |
Versutus Re 2018 | 1/31/2018 | — | 800 |
Versutus Re 2019-A | 1/28/2019 | — | — |
Versutus Re 2019-B | 12/24/2018 | — | — |
Woburn Re 2018 | 3/20/2018 | 79,220 | 8,078 |
Woburn Re 2019 | 1/30/2019 | 38,105 | 46,563 |
Total Restricted Securities | $11,881,187 | ||
% of Net assets | 5.4% |
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS
Currency Purchased | In Exchange for | Currency Sold | Deliver | Counterparty | Settlement Date | Unrealized Appreciation (Depreciation) |
USD | 788,741 | GBP | 635,000 | Brown Brothers Harriman & Co. | 3/23/23 | $19,473 |
EUR | 730,000 | USD | 781,711 | HSBC Bank USA NA | 3/24/23 | 4,276 |
EUR | 1,330,000 | USD | 3,362,500 | State Street Bank & Trust Co. | 1/26/23 | (197,728) |
EUR | 4,340,000 | USD | 4,659,299 | State Street Bank & Trust Co. | 3/24/23 | 13,553 |
NOK | 7,300,000 | EUR | 692,873 | State Street Bank & Trust Co. | 1/10/23 | 3,227 |
USD | 1,305,786 | EUR | 1,248,000 | State Street Bank & Trust Co. | 2/17/23 | (34,674) |
TOTAL FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS | $(191,873) |
SWAP CONTRACTS
OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION
Notional Amount ($)(1) | Counterparty | Reference Obligation /Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums (Received) | Unrealized Appreciation (Depreciation) | Market Value |
988,000 | JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | Receive | 5.00% | 6/20/27 | $(82,037) | $16,045 | $(65,992) |
Pioneer High Income Fund, Inc. | | 12/31/2222
Schedule of Investments | 12/31/22
(unaudited) (continued)
Notional Amount ($)(1) | Counterparty | Reference Obligation /Index | Pay/ Receive(2) | Annual Fixed Rate | Expiration Date | Premiums (Received) | Unrealized Appreciation (Depreciation) | Market Value |
329,000 | JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | Receive | 5.00% | 6/20/27 | $(31,130) | $9,155 | $(21,975) |
433,000 | JPMorgan Chase Bank NA | United Airlines Holdings, Inc. | Receive | 5.00% | 6/20/27 | (40,993) | 12,072 | (28,921) |
TOTAL OVER THE COUNTER (OTC) CREDIT DEFAULT SWAP CONTRACTS – SELL PROTECTION | $(154,160) | $37,272 | $(116,888) | |||||
TOTAL SWAP CONTRACTS | $(154,160) | $37,272 | $(116,888) |
(1) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay upon occurrence of a credit event. |
(2) | Receives quarterly. |
Principal amounts are denominated in U.S. dollars (“USD”) unless otherwise noted.
EUR | — Euro |
GBP | — Great British Pound |
IDR | — Indonesian Rupiah |
MXN | — Mexican Peso |
NOK | — Norwegian Krone |
USD | — United States Dollar |
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.). |
Level 3 | – | significant unobservable inputs (including the Adviser's own assumptions in determining fair value of investments). |
23Pioneer High Income Fund, Inc. | | 12/31/22
The following is a summary of the inputs used as of December 31, 2022, in valuing the Fund's investments:
Level 1 | Level 2 | Level 3 | Total | |
Senior Secured Floating Rate Loan Interests | $— | $8,783,124 | $— | $8,783,124 |
Common Stocks | ||||
Airlines | — | 475,055 | — | 475,055 |
Chemicals | 1,827 | — | — | 1,827 |
Oil, Gas & Consumable Fuels | 204,865 | 341,126 | — | 545,991 |
Collateralized Mortgage Obligations | — | 4,765,510 | — | 4,765,510 |
Commercial Mortgage-Backed Securities | — | 8,639,990 | — | 8,639,990 |
Convertible Corporate Bonds | — | 4,879,604 | — | 4,879,604 |
Corporate Bonds | — | 260,868,274 | — | 260,868,274 |
Convertible Preferred Stock | 1,060,575 | — | — | 1,060,575 |
Preferred Stock | ||||
Capital Markets | 52,313 | — | — | 52,313 |
All Other Preferred Stock | — | 2,993,886 | — | 2,993,886 |
Rights/Warrants | ||||
Metals & Mining | — | 13,649 | — | 13,649 |
Aerospace & Defense | 7,870 | — | — | 7,870 |
Insurance-Linked Securities | ||||
Collateralized Reinsurance | ||||
Multiperil – Massachusetts | — | — | 320,922 | 320,922 |
Multiperil – Worldwide | — | — | 831,036 | 831,036 |
Reinsurance Sidecars | ||||
Multiperil – U.S. | — | — | 720 | 720 |
Multiperil – Worldwide | — | — | 9,623,909 | 9,623,909 |
Industry Loss Warranties | ||||
Windstorm – U.S. | — | — | 1,150 | 1,150 |
All Other Insurance-Linked Securities | — | 1,103,450 | — | 1,103,450 |
Foreign Government Bonds | — | 2,170,353 | — | 2,170,353 |
Open-End Fund | 14,790,773 | — | — | 14,790,773 |
Over The Counter (OTC) Currency Put Options Purchased | — | 36,369 | — | 36,369 |
Total Investments in Securities | $16,118,223 | $295,070,390 | $10,777,737 | $321,966,350 |
Pioneer High Income Fund, Inc. | | 12/31/2224
Schedule of Investments | 12/31/22
(unaudited) (continued)
Level 1 | Level 2 | Level 3 | Total | |
Other Financial Instruments | ||||
Credit Agreement(a) | $— | $(106,500,000) | $— | $(106,500,000) |
Over The Counter (OTC) Currency Call Option Written | — | (135,890) | — | (135,890) |
Net unrealized depreciation on forward foreign currency exchange contracts | — | (191,873) | — | (191,873) |
Swap contracts, at value | — | (116,888) | — | (116,888) |
Total Other Financial Instruments | $— | $(106,944,651) | $— | $(106,944,651) |
(a) | The Fund may hold liabilities in which the fair value approximates the carrying amount for financial statement purposes. |
The following is a reconciliation of assets valued using significant unobservable inputs (Level 3):
Common Stocks | Insurance- Linked Securities | Total | |
Balance as of 3/31/22 | $104,409 | $10,009,688 | $10,114,097 |
Realized gain (loss) | (78,112) | (249,512) | (327,624) |
Changed in unrealized appreciation (depreciation) | 69,061 | 292,924 | 361,985 |
Accrued discounts/premiums | — | (81,332) | (81,332) |
Purchases | — | 2,358,857 | 2,358,857 |
Sales | (95,358) | (1,552,888) | (1,648,246) |
Transfers in to Level 3* | — | — | — |
Transfers out of Level 3* | — | — | — |
Balance as of 12/31/22 | $— | $10,777,737 | $10,777,737 |
* | Transfers are calculated on the beginning of period values. During the nine months ended December 31, 2022, there were no transfers in or out of Level 3. | ||
Net change in unrealized appreciation (depreciation) of Level 3 investments still held and considered Level 3 at December 31, 2022: | $53,746 |
25Pioneer High Income Fund, Inc. | | 12/31/22